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Stocks to Watch as Tight Election Race Creates Market Uncertainty

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The markets are mixed this morning after results show a tight race between President Trump and Joe Biden. Markets were expecting a clear cut win by any of the two candidates. With the results expected to take longer to be released, the markets are likely to remain volatile all through the day.

Nonetheless, there are stocks that are doing quite well pre-market and could be big winners in the day. Some of the top performers in early morning trading are as below:

Lyft Inc [NASDAQ: LYFT]

Lyft is up this morning after good news for ride-sharing companies in California. Uber, Instacart, DoorDash, and Lyft the main proponents of California’s Proposition 22 are well on their way to keep gig workers as independent contractors.

So far, Associated Press has indicated that the race is favoring proponents of this proposition. Currently, about 58.2% of voters, representing about 6.3 million are supporting the Prop, while approximately 41.5%, representing about 4.5 million people are against it.

According to the ballot measure, workers will get at least 120% of minimum wage while on the job and 30 cents compensation for engaged miles. They will also get a healthcare stipend, protection against discrimination, and on-job occupational accident insurance as well as protection from sexual harassment and liability insurance.

Supernus Pharmaceuticals [NASDAQ: SUPN]

Supernus Pharmaceuticals has reported its third-quarter earnings for the year 2020. In this report, SUPN reported $0.74 per share going way and above Zacks Consensus Estimate of $0.27 per share. This record is compared to $0.54 per share last year.

This quarterly report represents an improvement of about 174.07% as compared to the same quarter the previous year. Expectations were that the company would post earnings of about $0.35 per share, but instead posted earnings of $0.65, about 85.71% surprise.

This company has surpassed Zacks Estimates four times in a row. Supernus reported revenues of about $155.14 million for the quarter ended September 2020, exceeding Consensus Estimate by about 18.11%, as compared to last year’s revenues of $102.14 million in the same quarter.

Digirad Corporation [NASDAQ: DRAD]

Diversified Holding Company, Digirad Corporation that has three divisions: Healthcare, Real Estate & Investments, and Building & Construction reported today that it has entered into a stock purchase agreement planning to sell its DMS Health Technologies, Inc.

They are planning to sell the business unit for $18.75 million. This deal is based on customary closing conditions expected to end close to the end of January 2021. DMS Health is the company’s mobile healthcare unit that deals with diagnostic imaging that includes computerized tomography, positron emission tomography as well as nuclear medicine, and magnetic resonance imaging among others.

In 2019, this business in it posted revenue of $41.3 million which was about 40.1% of the total revenue posted by the company’s healthcare division.

 

 

 

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