It’s a mixed day in the equity markets with the S&P index sinking in the red in pre-market trading. The NASDAQ and the Dow are also oscillating between positive and negative territory too, an indicator of market indirection. This comes amidst falling bank profits due to the COVID-19 pandemic. One bank that has released weak quarterly results is Bank of America. The bank’s Q3 net income to 0.51 cents per share, from profits of $0.56 in a similar quarter in 2019. Total revenues also dropped by 10.8% to stand at $20.34 billion. The bank’s net interest income also fell by 16.9% and missed consensus estimates of $10.24 billion. The company has attributed this to the pandemic and has created jitters in the market on the massive impact of COVID-19 on the economy. On top of that, hopes of a vaccine have been dashed after Johnson & Johnson stopped its vaccine trials after one person developed an unexplained illness. While this is likely to affect the market negatively, the markets are likely to show some strength due to the hopes of a stimulus package, hence the mixed scenario. Despite the mixed market sentiment, there are stocks that stand to perform quite well in the day. Some of the high potential stocks to watch today are as below:
Medalist Diversified REIT Inc [NASDAQ: MDRR]
Medalist Diversified REIT Inc is a top performer pre-market and is up by over 100%. This follows the company’s announcement that it was giving a cash dividend for its series A preferred stock. The dividend will be paid on the 26th of October 2020 to all series A stock held by the 23rd of October. This has created buying pressure in this stock as investors move to buy the stock ahead of the upcoming dividend.
Xcel Brands Inc [NASDAQ: XELB]
Xcel Brands Inc is a top performer this morning and is up by over 30%. This momentum is largely driven by insider buying that happened on 8th, October 2020. On that date, the CEO purchase 4k shares at $0.75. Weeks earlier, one of the company’s directors had purchased 10k share at $0.72. This means insiders are confident in the company’s fundamentals.
Allscripts Healthcare Solutions Inc [NASDAQ: MDRX]
Allscripts Healthcare Solutions Inc is in the green pre-market and is up by over 30%. This follows the company’s announcement that it planned to sell Careport Health. The company has announced that it would be selling CarePort business for $1.3 billion.