It’s a mixed day in the markets this afternoon, and the key indices are in negative territory. The NASDAQ is down by 104 points, while the Dow and the S&P 500 are also showing signs of weakness. The current environment is attributable to a number of factors.
First is the news that the number of job cuts in the U.S rose by 54% in July. This is an indicator of a weak economy, due to the coronavirus pandemic. Then there is the ongoing back and forth between democrats and republicans over an economic bailout. On the other hand, there is the fact that the markets have overall been surging for months now despite the pandemic. This has created fears of overvaluation in the market. It is in this environment that stocks that are recording strong quarterly news have gained. Such stocks are a reflection of companies that are resilient enough to make money despite the pandemic. Some of the top performers this afternoon are as below:
OpGen Inc [NASDAQ:OPGN]
OpGen is a top performer this afternoon and is up by over 60%. This follows the company’s update of its financial results for Q2 of 2020. The company recently announced that it would be releasing its Q2 results on the 12th of August.
The excitement follows a number of developments that the company had made in July. At the time, the company announced that it had entered into co-promotion deal with Menarini Sillicon Biosystems for the sale of the Meharini Cell search system and other COVID-19 related products.
The company also stated that it had gained access to an extra 5 million Euros in debt for research on COVID-19. It further announced that as of June 30th, 2020, its cash reserves stood at $12.8 million, slightly higher than the $11.5 million that it had reported a quarter earlier. With such developments in the quarter, the market will be expecting strong revenues and earnings from this company.
Hutting Building Products Inc [NASDAQ: HBP]
This is a top perfumer this afternoon and is up by 55%. This follows news that the company had received a buyout proposal from Mill Road Capital at $2.75 per share. Mills is already the largest shareholder in Hutting Building and wants to acquire 100% of it at a 67% premium. The deal has seen the stock rally to reflect the value that the potential buyer is offering.
Conduent Incorporated [NASDAQ: CNDT]
Conduent Incorporated is another top performer this afternoon and is up by 73%. This comes after the company reported stronger than expected Q2 results. The company announced that its total contract value for the quarter rose by 92% compared to the previous quarter to hit $623 million. The company partly attributed its strong performance to its government-related business.