U.S Equities are headed for a weak start to the day in tandem with the price movements across the Atlantic. The NASDAQ and the Dow are down by over 1% pre-market, while the S&P 500 is down by over 0.50% and losing. This follows the increasing COVID-19 numbers that have seen major European economies such as France fall back to strict lockdown measures.
The situation is made worse by the fact that the U.S is entering an election week where two candidates with completely different approaches to everything from the economy to the handling of the COVID-19 pandemic are competing.
This may have seen investors exit risky assets in anticipation of the elections. The markets have also been greatly affected by the fact that there hasn’t been a stimulus deal that is widely expected to breathe life into the economy. The deal was expected to materialize weeks ago, but it is yet to come through adding an extra layer of uncertainty to the markets.
Despite the prevailing market conditions, there are stocks that are braving the selloff and doing extremely well pre-market. The top performers range from those doing stock splits to biotech stocks that have recently announced big news. Some of the top performers this morning are as below:
Jianpu Technology Inc [NYSE: JT]
Jianpu Technology Inc was a top performer yesterday and closed the day with gains of 734%. It has sustained that momentum pre-market and is currently up by close to 20%. The upside is driven by the company’s share ratio changes that are coming into effect today. The company is changing the ratio of its class A shares from two ADS to shares and effecting a new system of one ADS to 20 class A shares. To shareholders, the change is the same as a 1 for 8 reverse stock split and the same has reflected in this stock’s price action.
Miragen Therapeutics Inc [NASDAQ: MGEN]
Miragen Therapeutics Inc was in the green yesterday and looks set to continue with that momentum today. The stock is up by over 15% pre-market. These gains come after the company announced that it was acquiring Viridian Therapeutics Inc. a deal that will give the company access to the VRDN-001 monoclonal antibody.
Equillium Inc [NASDAQ: EQ]
Equillium Inc is a top performer pre-market and is up by over 28%. This follows the company’s announcement that it had received FDA clearance for an IND for its phase 3 trial for a COVID-19 treatment called EQUINOX. This is exciting given that the world is experiencing a second wave of the deadly disease.