The markets are down this morning and look set to close the week in the red. This follows the continued uncertainty in the U.S election. The situation has been complicated by the fact that the president has discredited the vote, setting the stage for a prolonged electioneering period.
However, there is a possibility that the markets could turn positive in the day, driven by the direction that the votes are taking. So far, the election seems to be leaning towards a Biden win with the results indicating that he could be headed for a win in Georgia, a key battleground state.
As it gets clearer on the direction that the vote could go, the markets could rally in adjustment to the same. A win for Biden would possibly mean a much bigger stimulus package to bail out an economy that has been badly hit by the COVID-19 pandemic. Besides the elections, analysts have underpinned the Fed as the key factor to the markets going into 2021.
The Fed has indicated that it would do everything possible to support the economy. Under the prevailing conditions, there are stocks that are doing pretty well and are likely to outperform the market in the day. Some of the stocks making big moves pre-market and could gain through the day are as below:
Aurora Cannabis Inc [NYSE:ACB]
Aurora Cannabis is one of the top performers this morning and looks set to extend yesterday’s gains. This follows expectations of more U.S states legalizing weed. Earlier in the week, voters in several states including Montana, Arizona, Mississippi, and Arizona voted to have more favorable laws towards marijuana. This means that the market for marijuana companies will only get bigger going into the future, and the price action is moving to reflect the same.
GoPro Inc [NASDAQ: GPRO]
GoPro Inc is another top performer this morning and is up by over 19%. This comes after the company released better than expected Q3 results.
The company’s quarterly earnings came in at $0.20 per share, much higher than the analyst consensus estimates of $0.06. Revenues also increased to $280.51 million, compared to the $131.17 million that it reported in Q3 of 2019. These results could see this stock gain all through the day.
Conduent Incorporated [NASDAQ: CNDT]
Conduent Incorporated is up by over 10% pre-market. This follows the company’s release of strong Q3 results and the announcement of new business deals. The company reported that in the quarter, its total contract signings totaled to $468 million, an increase of 100% compared to the previous year.