Markets are posting another strong performance today, based on modest but broad gains, shared among virtually all sectors.
These steady, broad-based gains underscore the trend for the week. Continuing evidence of tame inflation in the US seems to be placating investors fears of an accelerated Fed rate hike schedule.
Our Top Gainer today broke through the modest momentum of equity markets on the day to astonishing same-day gains.
CounterPath jumped out to rapid one-day gains after detailing their Q2 2018 financial results. CounterPath, based in Vancouver, Canada, provides an extensive array of cloud-based communication software for enterprise clients.
Revenues are up 24% from the same quarter last year. Investor sentiment was particularly fueled by an excellent slate of business development news. For instance, CPAH won a major RFP (Request for Proposal) to sell software via TaraSpan, a leading Indian communication firm with tens of millions of users. They also entered into an agreement with a multi-billion dollar Healthcare IT solutions provider.
Investors piled into the stock on extremely high volume. The stock went nearly “vertical” on the charts, rising to gains over 200% before consolidating at its current price level, up around 80%. These gains represent a welcome change of pace for CPAH, which has suffered through dramatic declines over the last several years (the stock traded as high as $30 as recently as 2012).
Sharp gains from stocks that have become devalued over recent years continue to feature prominently in our Top Performer reports. The more highly valued equity markets become, the more investors appear eager to seek our emerging revenue potential in less glamorous stocks.
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