The bulls are up early and they are flocking towards companies like Renren Inc. (NYSE:RENN), IZEA Worldwide Inc. (NASDAQ:IZEA), and Integrated Digital Technology Inc. (NASDAQ:IDTI) As of 8:30AM in the pre market, RENN is up 79%, IZEA is up 49% and IDTI is up 11%. Let’s take a look at what’s fueling these rallies!
Renren Inc. (NYSE:RENN)
Renren is a Chinese based company that runs a social network as well as a used auto and SaaS business. Renren announced a killer unaudited second quarter to 2018, showing total net revenues growth of 582% year-over-year, coming in at $135 million. The company also reported a gross profit increase of 16% year-over-year. Their auto sales sector, which is actually fairly new to the company, is bringing in the dough accounting for $122.7 million.
IZEA Worldwide Inc. (NASDAQ:IZEA)
IZEA is a unique online-based business that operates platforms designed to connect marketers and content creators allowing businesses to tell their story to more potential clients. In recent news, IZEA revealed they have signed one of the US’s top 50 retailer. They also mentioned that their “influencer marketing platforms in a self-serve capacity have increased from approximately $45k in all of Q2 2018, to $1.5 million in August alone.”
Integrated Digital Technology Inc. (NASDAQ:IDTI)
Recently, the Japanese-based Ranesas Electronics have set to acquire the U.S. chipmaker, Integrated Digital Technology for the sum of $6.7 billion. The deal is to pay $49 per share in cash for all outstanding shares. Yesterday’s close was at $42.08 and has rose to $47.01 in the pre market.
The DJIA is currently down 122 points in the pre market, the Nasdaq 100 down 34 points, and the S&P 500 down 9 points.