Tuesday, October 27, 2020

These 4 Stocks are Beating the Sell-Off

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U.S. stocks continued their climb yesterday, led by the Nasdaq’s 1.4% rally. The S&P 500 gained 0.5% while the Dow closed with a 0.1% bump.

Asian stocks were mixed overnight. Japan’s NIkkei 225 opened to gains but slid to losses right before the close. Hong Kong’s Hang Seng rallied 0.8% and the Shanghai Composite fell 0.2%.

U.S. futures are down this morning after news broke overnight that President Trump has tested positive for COVID-19. This new wrinkle of uncertainty seems to be having a negative impact on investor sentiment. Index futures are down sharply, and the market will likely open the session to losses.

The news also seems to be weighing on other Western markets. Europe is down across the board, and the Eurozone Stoxx 600 is currently 0.5% lower.

Keep an eye out for today’s September Jobs Report at 8:30 a.m. The report will provide important insights about the state of the U.S. labor market’s recovery, and Wall Street will paying close attention. We could see more pronounced selling if the numbers to live up to expectations.

Here’s what’s moving the market this morning.

Invesco Plc. [IVZ] 

A recent news report revealed activist investor firm Trian Fund Management has built a 9.9% equity stake in Invesco Plc and Janus Henderson [JHG]. Trian hopes to push Invesco asset management into an acquisition of Janus, which it believes will allow the two firms to reduce costs and better compete with larger competitors like Blackrock [BLK].

The market seems to approve of the effort. IVZ is up 6.1% in the pre-market and it’s leading the S&P 500.

Chembio Diagnostics [CEMI]

The U.S. Food and Drug Administration approved Chembio’s Pre-market Approval application for the DPP HIV-Syphilis System. The system includes the DPP HIV-Syphilis assay, a multiplex single-use test, and the DPP Micro Reader optical analyzer. Chembio will begin offering the testing regimen in the United States effective immediately.

Chembio CEO: ““The multiplex DPP HIV-Syphilis System represents a significant step forward in rapid testing for sexually transmitted diseases. This differentiated test provides clinicians with actionable information to improve patient care in critical areas, including co-infection and mother to child transmission.”

CEMI is trading actively today on news of the FDA green light. The stock is up 16.5% in the pre-market.

Xtant Medical [XTNT]

Xtant is on the move today after announcing the company announced it closed its previously announced debt restructuring deal. The deal will improve Xtant’s capital structure by reducing its outstanding debt.

Xtant borrowed $40.8 million in exchange for 57.8 million shares. The transaction reduced Xtant’s total debt to less than $16 million and lowered its debt cost to more serviceable levels.

The debt restructuring gives Xtant much more financial flexibility, and that’s a big deal in the capital-intensive medical technology industry. XTNT is up 123.1% in the pre-market.

DPW Holdings [DPW]

DPW announced its power electronics business, Coolisys Technologies Corp., will begin testing a new line of electric vehicle chargers. The chargers can produce a full charge for a 150-mile range battery in just over 30 minutes. Testing will take place at Coolisys’ headquarters in California.

Elective vehicles are a red-hot sector, and it’s evident when you look at the market’s reaction to this news. DPW is trading actively and its up 24.2% in the pre-market.

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