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Stocks to Watch as Markets Rally on Election Day

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The markets are up this morning as the U.S goes to the election. The NASDAQ is up by 0.65% while the S&P 500 and the Dow are all up by over 1%. This is an indicator that the markets have factored in a win by either of the candidates. If Joe Biden wins and the democrats win both houses, the markets anticipate that this could lead to a huge stimulus package that could reignite growth in an economy that has been battered by the coronavirus. As a result, this could see consumer spending rise, business rebound and by extension, the equity markets rise post-election. On the other hand, if Trump wins and republicans retain the senate, the stimulus package would still come, since democrats and republicans were close to a deal on a fiscal package even before the election.

Businesses would also continue to enjoy the favorable tax regime under President Trump, and also the favorable regulatory environment that saw the markets rally before the COVID-19 pandemic created uncertainties in the economy. For this reason, the stock markets are likely to keep gaining all through the voting day.  In this environment of high optimism, stocks with big news are likely to have a higher momentum throughout the day. Some of the stocks that are performing well pre-market and could record huge gains in the day are as below:

Alaska Communications Systems Group Inc [NASDAQ: ALSK]

Alaska Communications Systems Group Inc is a top gainer pre-market and is up by over 50%. This follows the company’s announcement that it had entered into an agreement to be bought by Macquarie Capital and GCM Grosvenor for $300 million. Under the deal, Macquarie and GCM will buy all outstanding stock at $3 a share, or a premium of 57% of its closing price yesterday.

Sundial Growers Inc [NASDAQ: SNDL]

Sundial Growers Inc is another top performer this morning and is up by over 30%. This follows the company’s announcement that it will be releasing its Q3 results on the 11th of November. From its price action, it is clear that investors expect the company to report strong results for Q3, and are taking positions in anticipation of the same.

JAKKS Pacific Inc [NASDAQ: JAKK]

JAKKS Pacific Inc is another top performer this morning and is up by over 29.26%. This follows the company’s announcement of strong Q3 results. CEO Stephen Berman stated that the Q3 results beat their expectations given the challenges that the company faced in the quarter.

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