Equity markets have fallen sharply today all over the world. In the U.S, key indices are all in the red pointing to a potentially weak close to the week. In pre-market trading, the NASDAQ is down by 2%, the S&P 500 by 1.55%, and the Dow Jones by 1.46%.
This follows news that the U.S president had tested positive for COVID-19. The president announced via twitter that together with his wife, they had tested positive for the virus and that they had started quarantine. This has thrown the markets into a spin as it indicates just how serious and unrelenting the virus is. It is also noteworthy that the number of infections continues to rise globally, and some countries have returned to strict lockdown measures shortly after easing them up.
The number of deaths continues to rise too and recently crossed the one million mark. This points to a prolonged period of a disrupted global economy that could remain unstable until a vaccine is found. The worst part is that the news of the president contracting the virus has come just weeks to an election after a highly emotive campaign. However, even as overall market momentum points to weakness, there are stocks that are braving the selloff and doing quite well. Some of the pre-market gainers that could outperform the market today are as below:
Nano-X Imaging Ltd [NASDAQ: NNOX]
Nano-X Imaging Ltd is quite strong pre-market and is up by over 25%. This follows news that the company would do a live demonstration of its new imaging system at the RSNA 2020, between November 29th and December 5th. The company’s demonstration will incorporate a tech section for the company’s first commercial digital X-Ray that would be followed by a demonstration of the system handling both 2D and 3D procedures. The CEO said that they were excited about the demonstration as it exposed the growing depth of the company’s technology.
Xtant Medical Holdings [NYSE: XTNT]
Xtant Medical Holdings Inc is another top performer this morning and is up by over 100% in performer this morning. This follows the company’s announcement that it had completed its debt restructuring process. The company stated that the goal of the restructuring is to cut down on total debt and help the company access the capital markets for future growth.
Lonestar Resources U.S Inc [NASDAQ: LONE]
Lonestar Resources U.S Inc is another top gainer today and is up by over 100%. This comes despite a downgrade of the company by Moody’s to D-PD after it filed for bankruptcy.