MICT stock price: Micronet Enertec Technologies Inc. leading the way up

MICT up as subsidiary Micronet Enertec Technologies got its first significant order.
Equities trading with a cautious stance ahead of FOMC Meeting’s Minutes.
MICT trading below Tuesday’s low ahead of Wall Street’s opening.

FXStreet Team FXStreet

(NASDAQ: MICT) surged on Tuesday following news showing that its subsidiary Micronet Enertec Technologies, Inc.y received the first significant order for its SmartCam a new telematics product, which received US Federal Communications Commission authorization, Integrates advanced software and AI functionality with camera technology to improve driver safety. The company expects even more substantial orders for 2021.

MICT stock news

MICT shares closed up 45.71% at $5.10, after adding roughly 100% with the encouraging news. The company currently has a market cap of $77.8 million. Yet as it has been happening these days, equities are taking a hit from US political news.

Wall Street grabbed temporal momentum mid-US-afternoon but pulled back ahead of the close, despite encouraging news related to the coronavirus fiscal stimulus package. House Speaker Nancy Pelosi hint her party might be willing to make cuts to their proposal to seal a deal with Republicans. Despite the fact that NASDAQ was the best performer, it was barely able to add 0.73% or 81 points in the day. The DJIA, on the other hand, closed in the red, shedding 0.24% or 66 points.

Fears about the future of US economy weigh on equities. The country has reported over 5.6 million coronavirus cases, while the death toll has surpassed the 175K. On Tuesday, the country reported 44,000 new contagions, better than the peak above 70K but increasing from weekend encouraging figures.

MICT stock chart

Ahead of the opening, NASDAQ: MICT is trading 9.02% lower at $4.64. Wall Street is aiming to start the day around Tuesday’s closing levels, as speculative interest is in wait-and-see mode ahead of the release of the FOMC Meeting’s Minutes, to be out later in the day. MICT 52-wk high stands at $8.45, yesterday’s high. At the current level, it is already below yesterday’s low at $4.91.

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