It’s a good start to the markets this morning. All the major indices are in the green after major retailers posted strong revenue numbers. Earlier in the day, Walmart reported its Q2 earnings and they were much better than the consensus estimates.
The company reported that comparable same-store sales were up by 9.3% in the quarter. It also reported that e-commerce sales were almost double in Q2. The company attributed this to increased online shopping as consumers tried to avoid the risk of contracting COVID-19. Another retailer that has recorded strong results pre-market is Home Depot. The company has reported that Q2 sales grew by 23.4%, compared to a similar quarter in the last financial year.
Other stocks that have driven optimism are Amazon and Tesla after a positive outlook for both. Analysis by Needham market analysts show that Amazon could be worth as high as $5000 a share, and this has helped renew optimism in the stock, and the equity markets in general. In this environment of increased optimism, several stocks rallied pre-market and look set to continue these gains in the day. Some of the stocks likely to outperform this morning are:
MICT Inc [NASDAQ: MICT]
MICT Inc was a top performer pre-market and at one point was up by 93%. The stock’s strong performance is a reflection of improved market sentiment after the company announced that it had received its first big order for SmartCam. The order came after the company announced that it had a successful trial of the camera with a top Global Telematics Company. The company’s software brings together the latest technology in software and artificial intelligence and is targeting the $45 billion telematics market. Commenting on the deal, CEO Darren Mercer stated that, they expect to sell a sizeable portion of this product by the end of 2020. Given the prospects that the tech offered for the company in revenue growth, It could make significant gains in the day.
Forward Industries Inc [NASDAQ: FORD]
Forward Industries Inc was rallying all through the day and looks set to continue this momentum in the day. This is after the company announced that it had bought out Kablooe Design. The company announced that the deal would be a mix of debt and cash. Given that Kablooe is the 3rd biggest maker of medical devices in the U.S., investors are looking forward to an increase in the intrinsic value of Forward Industries, and the same reflects in its stock price.
NovaBay Pharmaceuticals Inc [NYSE: NBY]
NovaBay was another top performer pre-market and from its price action, this momentum is set to continue in the day. This comes after the company announced that it was expanding its online distribution for Avenova. The company stated that Avenova, a facial spray confirmed to kill the SARS-Cov-2 virus would now be available online.