The markets are mixed today, after yesterday’s huge slump. It was the largest slump in over two months and saw billions of dollars wiped off the market.
Apple, which has been a top performer in recent months shed off over $150 billion in value. The massive drop in value is a combination of multiple factors. One of them is yesterday’s data that showed that the private sector was not adding jobs as quickly as most investors were expecting.
This has reinforced a long-held believe that the stock markets at the moment do not reflect the true state of the U.S economy. This has created panic and could possibly see further correction until the government takes proactive measures to breathe new life into the economy.
There is also the fact that analysts have started calling for caution. For instance, analysts at Citi have told their investors to focus more on the value of growth.
This further affirms the fear that markets are overvalued at current prices. However, this does not mean that stock fundamentals are bad, only that at current prices, they are not justified. For instance, in just under 3 months, stocks like Apple and Tesla have gained by 30 to 50%.
While they are fundamentally strong companies, there hasn’t been a major change in fundamentals that can justify this rally. Despite the fear and cautious optimism that have gripped the market, there are several stocks that are gaining upside momentum this morning. Some of the stocks that are gaining pre-market are as below:
PolyMet Mining Corp [NYSE: PLM]
PolyMet Mining Corp is a top performer this morning and is up by over 18%. This follows news that the court had found that the company’s water permit to have been issued in accordance with set procedures. In his ruling, the judge rejected allegations that the company took part in systemic efforts to hid administrative records.
DPW Holdings Inc [NYSE: DPW]
This is another top performer this morning and is up by over 40%. This follows the company’s announcement that its Coolisys Power business unit will be partnering with other companies to test its new electric vehicle. The tests will include charging solutions that have a range of 150 miles and can be fully charged in just 30 minutes. This is a big deal as the electric vehicle charging market is expected to hit a value of $27.7 billion by the year 2027.
I-Mab [NASDAQ: IMAB]
I-Mab is in the green this morning and is up by close to 10% pre-market. This follows the company’s announcement that it has entered into a strategic partnership with AbbVie for immune-oncology therapy. Under the deal, I-MAB will receive an upfront pay of $180 million.