Stocks To Watch: Eltek Ltd [NASDAQ: ELTK] was a major gainer last week. In Friday’s session, it closed the day with gains of 52.63%. If its pre-market price action is anything to go by, then chances are it will be one of the stocks to watch this morning. At the time of writing, ELTK was up by .02 cents in pre-market trading to hit $6.40. This manufacturer and global distributor of Printed Circuit Boards (PCBs) has been on the rise since the 26th of August, when it announced that its Q2 results will be released on September 4th 2019.
The anticipation of its Q2 results, will make it one of the most-watched stocks in the next 24-hours. Some of the things that investors will be looking forward to include forward-looking statements and current performance relative to Q1. In terms of forward-looking statements, investors will be looking forward to projections on risks and uncertainties, expected returns, and technological developments. These are factors that if good, could create a positive price action for ELTK this week.
ELTK was gaining momentum on Friday and closed near the higher trading range for the day. This is likely on anticipation of earnings due to be released tomorrow. At Friday’s close, ELTK volumes were quite high too, and stood at 3.1 million shares. The current market cap of ELTK is around $17.6 million. If you look at the chart on ELTK you can clearly see last time it made a spike like this it had a two day run and then pulled back. If it opens in the green, then it will possibly continue this bull trend, by opening higher for the 4th consecutive trading day.
Besides the upcoming Q2 earnings release, another factor that could influence this stock’s performance is the ongoing trade war between the U.S and China. After several days of calm, the trade war has escalated again, and it could have an impact on the markets today. Yesterday, Bloomberg ran a story touching on the struggles of Chinese and U.S officials to set a new date for trade talks. This followed the U.S rejection of China’s request to delay tariffs that kicked off over the weekend.