Top Gainers as Earnings Drive Market Momentum

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The stock markets are up this afternoon, with the NASDAQ, Dow, and S&P 500 all in the green. This comes as investors await earnings of several major corporations after markets close.  Some of the companies that will release their earnings after markets are Disney, Beyond Meat, and Nikola. Expectations are high that if these companies record good results, it could be a signal to economic resilience despite the coronavirus.

The markets are also driven by optimism that democrats and republicans are moving closer to a deal on a COVID-19 economic bailout. Yesterday, House Speaker Nancy Pelosi met with the White House Chief of Staff Mark Meadows and Senate Minority Leader Chuck Schumer to discuss unemployment benefits.  In this environment of increased optimism, there are stocks that are gaining by very high margins. Some of the top gainers this afternoon are as below:

Zovio Inc [NASDAQ:ZVO]

Zovio Inc is a top gainer this afternoon and is up by 22.85%.  The stock’s rally comes after the company reported strong Q2 results. The company reported that Q2 earnings stood at $0.24, beating analysts’ consensus estimates of $0.11 by 118.18%. The company reported that its non-GAAP net income rose to $8 million compared to a loss of $4.6 million that it reported in Q2 of 2019 when it had a non-GAAP income of $4.6 million. The company attributed its strong performance to a strong enrollment that beat expectations.  It also attributed the results to increased innovation in its software services.  CEO Andrew Clark stated that the firm was working with the University of Arizona to create an entity that will be powered by Zovio’s technologies. With such innovation and continued resilience in a pandemic, this stock remains a must-watch in the near-term.

iRhythm Technologies Inc [NASDAQ:IRTC]

iRhythm is another top performer this afternoon and is up by 26% at the time of writing. It’s upside momentum follows the company’s comments on Medicare and Medicaid proposed schedule for 2021. The company noted that the proposed rule that was set yesterday doesn’t include all the needed information, more specifically the Practice Expense RVU. iRhythm added that it would offer additional information based on the details provided by the CMS.

Precipio Inc [NASDAQ:PRPO]

Precipio Inc is another top gainer this afternoon and is up by over 30%. Its huge gains come after the company announced that it had launched antibody tests for COVID-19 in its labs. It stated that physicians will be in a position to do tests by simply drawing a blood sample from the patient.  CEO Ilan Danieli stated that the company was committed to making moves that will drive up customer and shareholder value.

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