This afternoon, the markets are up, in a continuation of the trend that started earlier in the day. The S&P 500 has in the last few hours retested its February highs. This follows increased optimism that the U.S could be returning to pre-crisis normalcy. The optimism is twofold. On one hand, biopharma has over the past month hinted to a vaccine coming soon.
Russia has already approved its vaccine which makes such a possibility come even closer. There is also the fact that States that were most affected by the pandemic are starting to reopen. Today, the governor of New York has announced that gyms can reopen provided that they do so in a restricted manner. This increased optimism in the markets has seen stocks that have shown resilience during the pandemic rally. Such stocks are likely to show more strength as normalcy returns. Most of them have reported strong Q2 results. Among the top performers this afternoon are as below:
Lifeway Foods Inc [NASDAQ: LWAY]
Lifeway Foods Inc is a top gainer this afternoon and is up by 23%. This follows the release of strong Q2 results. The company reported an 8% increase in net sales when compared with a similar quarter in Q2 of 2019. The gross profits as a percentage of net sales also increased by 410 points from 23.6% in 2019, to 27.7% in Q2 of 2020.
The company attributed this to better milk prices during the COVID-19 period. Commenting on the results, CEO Julie Smolyansky stated the company had benefited from strong consumer demand both through the company’s e-commerce and retail. The CEO also added that the results also pointed to the company’s strength and resilience despite the pandemic. The CEO also added that the company will continue to meet clients’ needs. As overall market sentiment improves, this stock will be in a position to keep gaining.
Altisource Asset Management Corporation [NYSE: AAMC]
This is another top performer this afternoon and is up by 30%. This upside momentum follows the company’s release of strong Q2 results. The company announced that rental income from its front yards stood at $55.1 million, or a year-on-year increase of 6.9%.
The company also announced that it had successfully negotiated an agreement with Front Yard in a $54 million deal. Commenting on the results, CEO Indroneel Chatterjee said that the company was happy with the performance so far. He added that the company had made progress in the design of the business to take advantage of the emergent opportunities. This is likely to see it keep gaining in the near-term.