It’s a mixed afternoon in the stock markets after retail data missed estimates. The consensus was that the retail sales would rise by 2.1% in July, but the numbers came back at 1.2%. This shows that the economy is still weak and may be in need of another bailout. However, there is optimism that the numbers also point to resilience given that money from the previous bailout is already spent. Economists believe that the numbers could point to recovery and that August could post even better numbers. Despite the optimism, there are concerns that the market could be hurt by the fact that Congress is going into recess without a deal on the bailout. Failure to clinch a deal creates additional risks to the economy. In this environment of mixed sentiment, there are stocks that are outperforming the market. Some of the top performers this afternoon are:
Sky Solar Holdings Ltd [NASDAQ: SKYS]
Sky Solar Holdings Ltd is a top performer this afternoon and is up by 37.42%. This follows the company’s announcement of a Cayman Court Decision that was entered on the 30th of July, 2020. The company also announced that yesterday, it had filed a complaint against Hudson Solar Cayman in the supreme court of New York. The company’s lawsuit wants a declaratory judgment on some of the aspects of the allegations by Hudson. The massive jump in value shows that investors are happy with the events that have transpired so far.
Mesoblast Limited [NASDAQ: MESO]
This is another big gainer this afternoon and is up by 46%. The stock’s rally follows news that the US FDA committee had voted 9:1 in support of Remestemcel-L in children that are suffering from Steroid Refractory Acute Graft Versus Host. The company’s CEO, Dr. Fred Grossman stated that the treatment of Steroid-Refractory Acute Graft Versus Host was of utmost importance especially in kids below the age of 12. He added that the company was happy with the latest developments and that it was committed to an even closer working relationship with the FDA, as they review the treatment. According to Dr. Joanne Kurtzberg, a professional of pediatrics at the Duke University Medical Center, the disease currently has no FDA-approved treatments.
Muscle Maker Inc. [NASDAQ: GRIL]
Muscle Maker Inc.is gaining this afternoon and is currently up by 15%. This follows the company’s announcement that it had started construction at four locations. The construction will happen at 4 college locations namely: Manassas, Alexandria, Woodbridge, and Loudoun, all within the Northern Virginia Community College. The company also stated that it would give students a grab-and-go option.