Heading into this past weekend, major market indices made some of their biggest moves to date. The Dow soared to new heights and posted its biggest weekly gain since December of 2011. The S&P as well as the Nasdaq Composite also saw some of their strongest weeks in recent history. With the recent surge that the pending Trump presidency has miraculously had since the votes were tallied, many stocks have benefited from this renewed momentum. Towerstream Corporation (NASDAQ:TWER), Iddriven Inc (OTCMKTS:IDDR), Digi International Inc. (NASDAQ:DGII), and Ocean Bio-Chem, Inc. (NASDAQ:OBCI) have all see an increase in trading momentum over the last few days.
Last week, Towerstream Corporation (NASDAQ:TWER) announced the reduction of $5.0 million of long-term debt, which has been exchanged for Series D Preferred Stock. This action reduces the Company’s total long-term debt by $5 million to $33.4 million. Essentially this move by the company improves its cap structure and builds a stronger balance sheet. “We are pleased to have been able to improve our capital structure by exchanging a portion of our outstanding debt. This action enhances our shareholder’s equity and is a further step towards satisfaction of our NASDAQ continued listing requirements,” stated Philip Urso, Chief Executive Officer. “Debt reduction continues to be our priority as we execute our plan.” Shares of TWER were up over 15% in pre market trading on Monday morning.
Similarly, shares of Iddriven Inc (OTCMKTS:IDDR) have rebounded in the second half of last week. After hitting lows of $0.0501 on Wednesday, the stock has begun to rally back. As of Friday, IDdriven closed up 25.6% from those lows. Just last week the company announced that it will conduct a 30-minute webinar on the fast, friendly setup of its IDdriven 2.0 Solution Wednesday, Nov. 16 at 12 noon Eastern; details are provided below. The webinar is the Company’s first in a series on topics around identity management, cloud security and practical solutions.
Digi International Inc. (NASDAQ:DGII) has also benefited from Trump becoming the president-elect. The Minnesota-based maker of telecommunications equipment recently saw Clayton-based Belden Inc. submit an all-cash takeover bid for the company. This is valued at $380 million. The stock has seen a steep increase in price by as much as 57% since the beginning of the month. Belden said in a statement that it was disclosing the information to inform Digi’s shareholders “of the opportunity to realize a significant premium and the compelling strategic fit inherent in a combination of the two companies.”
This “Trump surprise” has also helped to boost biotech. Ocean Bio-Chem, Inc. (NASDAQ:OBCI) reported its third quarter financial results this morning. For the three months ended September 30, net income was roughly $1.5million as compared to just under $300,000 for the same period last year. EPS also increased from $0.03 in Q3 2015 to $0.17 during this year’s third quarter to represent an increase of more than 460%. Peter Dornau, President and CEO commented: “We have just achieved the best quarterly financial results in the Company’s 43 year history. Our third quarter financial results reflect our strong sales growth during the quarter, as well as our solid profit margin percent and dollars. During the third quarter of 2016, our gross margin increased to 40% from 33% for the third quarter of 2015.” The stock is up more than 20% during pre market hours.