Wednesday, October 21, 2020

4 Companies Leading Rally Today

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Most of the major indices posted slim gains last week, although the DJIA was flat. The NASDAQ jumped 2.65% and the S&P 500 climbed 0.72% to set a new record.

Optimism is running high after the FDA issued an Emergency Use Authorization for the use of convalescent plasma as a treatment for serious coronavirus cases.

Today, futures are pointing towards a higher open in the U.S. as the market looks to start the week strong. Asian stocks also performed well overnight, with the Hong Kong Hang Seng leading with a 1.74% advance. Europe is also looking strong in several markets, and the continental Stoxx 600 is advancing a 1.7%.

Today’s featured earnings slate includes Palo Alto Networks (PANW) after the bell.

These stocks are trading actively today.

Carnival Corp. – (CCL)
Cruise stocks like Carnival tend to perform well whenever there is good news on the virus front. The FDA of approval of convalescence plasma as a COVID-19 treatment is probably triggering today’s sharp move. However, the plasma can only be used in serious instances of the disease and it’s not a preventative treatment, so it’s unclear whether this would have any kind of positive effect on cruising demand.
Either way, CCL shareholders will gladly take the gains. CCL is the most active S&P 500 stocks this morning and it’s currently up  4.16%.
Brainsway Ltd. (BWAY)
Brainsway is on the rise after the firm announced it received a 510 clearance for its deep transcranial magnetic stimulation system which is designed for use as a short-term smoking cessation treatment for adults. It’s the first FDA clearance for a device of its kind in the addition space, according to CEO Chris von Jako. The company is planning a controlled market released in the US early next year.
Any time you hear the words “first ever”, the market tends to get a little excited. So far, BWAY  is trading actively and advancing 35.0% on news of its anti-smoking brain beam.
Adma Biologics (ADMA)
Adman is a prominent healthcare stock that specializes in plasma processing, so it’s rallying on news of the FDA Emergency Use Authorization for convalescent plasma as a coronavirus treatment. The company stands to be a major beneficiary if the treatment begins to see widespread use.
It’s not surprise that ADMA is rallying today on the treatment approval. ADMA is the most active stock this morning and it’s up 54.7%.
Bonano Genomics Inc. (BNGO)
Bonano Genomics is on fire this morning after the company announced a deal to purchase diagnostic service provider Lineagen, Inc.The company purchased Lineagen in a stock-and-cash transaction for a total price of $9.6 million, consisting of 6.17 million shares and $1.7 million in cash. Bonano said it made the acquisition to accelerate clinical adoption of its own diagnostic product, Saphyr for digital cytogenics.
BNGO is trading actively on the announcement and it’s up 7.0% on the news.
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