Many countries are bringing back restrictions. With over 150,000 cases daily, Europe is dealing desperately with the second wave of COVID-19. In the US, despite the surge in coronavirus cases, investors greatly doubt the country's lawmakers will reach an agreement over the latest stimulus bill before the US election.
However, even during such gloomy and uncertain times for the world economy, some companies managed to stay in the green, namely Quidel (NASDAQ: QDEL), one of the hottest healthcare stocks available on the market that increased its values more than 300 percent since the beginning of 2020. The diagnostics and testing company was approved by the FDA to produce Lyra SARS-CoV-2 assay rapid tests in the US. The significance of these tests is that they can generate the results in only 15 minutes. Even though Quidel is not alone in producing tests, the company made an eye-catching revenue of $201.8 million during the second quarter ending June 30 and the company value grew by 86% comparing with a year ago.
Another company that benefited during the pandemic is Logitech, a company that manufactures a wide range of computer hardware, anything from mice and keyboards to speakers, headsets, and gaming consoles; that is pretty much everything necessary a computer user needs. As more and more people are getting used to working from home as the new lifestyle, the demand for Logitech products increased as well. Sales in the first quarter grew by 23% reaching $792 million; to put it into perspective, Logitech’s full-year sales were $2.98 billion and rose only 6.7% from the previous year. For the 2019 fiscal year, annual revenue was $2.79 billion which meant it increased by 8.7%. Schools and businesses are among the main buyers using technology right now, and Logitech is addressing the growing demand.
PayPal is also an interesting company to talk about. PayPal is one of the best investment options during the pandemic; a digital payments company that facilitates sending and receiving money to people around the world. Since PayPal transactions are digital, it is the safest and most cost-effective method. As the pandemic grew, PayPal's revenue grew by 22% in the first quarter which was a big spike comparing with the last year’s number which was 12% for the same period.
The earnings season is still on-going. UBS, the Swiss banking giant, experienced a rise of 2.2% in its stocks after reporting earnings which were its third-best quarter for a decade with 99% net profit. The bank posted net earnings of $2.1 billion, some 35% more than what the market had expected. Logitech soared 12% after the company raised its full-year forecast.
Market participants will monitor Crude Oil Inventory data from the American Petroleum Institute later on Tuesday 20.10.2020.