With the global markets seemingly imploding, it’s understandable that one of the current breakout search queries is “What stocks are up today?” Panicked market participants will be glad to know that the fallout hasn’t impacted every publicly traded enterprise.
At first glance, circumstances don’t seem inviting in the slightest. Headlines are raging as red ink splashes across Wall Street and fears mount over the possibility of a recession. The turmoil really began on Friday, when the CBOE Volatility Index — more commonly known as the VIX — screamed higher.
Referred to as the fear index, the indicator implies expectations of significant market movement. Though the VIX itself isn’t a directional indicator, equities tend to accelerate faster during downcycles than upcycles. Therefore, a heightened expectation of movement in the market generally correlates with a pessimistic attitude.
In this environment, several low-volume, low market capitalization firms such as Exagen (NASDAQ:XGN) and Aurora Mobile (NASDAQ:JG) have witnessed double-digit percentage growth on Monday. Both companies are nano caps, meaning that their market caps each sit below the $50 million mark.
Still, are there high-level reputable enterprises that have also shot up on Monday? Indeed, several such organizations exist.
What Stocks Are Up Today? More Than You Think.
At the moment, the benchmark S&P 500 is down 3% while the technology-centric Nasdaq Composite has shed 3.4%. So, it’s understandable that everyone has the same question: What stocks are up today?
Let’s start with a brand that everyone’s familiar with, Kellanova (NYSE:K). Commonly referred to as Kellogg’s, the multinational food manufacturing company swung up more than 15% in afternoon trading today. That comes as The Wall Street Journal reports that Mars has entered into advanced talks about acquiring the company.
A shocking contrarian swing also came from shares of auto dealership firm Sonic Automotive (NYSE:SAH) today. Although an economic recession should negatively impact car sales, SAH stock bucked this expectation, gaining more than 3%. While Sonic missed its revenue target for the second quarter, it beat on earnings.
Perhaps appropriately, freelance marketplace Fiverr (NYSE:FVRR) also saw its market value rise 3% this afternoon. Previously, FVRR stock moved upward following the firm’s Q2 report, which saw sales expand 6% to $94.66 million, beating out estimates. Now, Fiverr stock may be witnessing positive action due to forward-looking investors anticipating a labor market downturn.
So, all told, there are several stocks up today — and many of them feature a rational basis for upside.
On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
