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Here’s why these 3 stocks are soaring higher today

The S&P / ASX 200 (Index: ^AXJO) (ASX: XJO) opened up marginally lower this morning, but several stocks didn’t get the memo and are jumping higher. Let’s take a look at those with some of the most appealing growth potential.

Sonic Healthcare Limited (ASX: SHL) is a pathology and diagnostic services healthcare business that has climbed 1.4% today despite releasing no specific news to the market. The stock has been a steady climber over the past few years via an acquisitive growth strategy and some solid organic growth supported by the tailwind of an ageing population and ever-increasing healthcare spends.

Bellamy’s Australia Ltd (ASX: BAL) is a Tasmania-based infant formula business with a strong brand and fast growing sales in Australia and overseas to match. As the company grows in market value it also also likely to attract the attention of more institutional investors. The stock is up 2% today and has now doubled in value in less than three months as investors wake up to its potential to grow into the eye-wateringly large Chinese market.

Western brands in overseas markets can enjoy competitive advantages as they tend to be recognised for superior quality. Bellamy’s is likely to face more competition going forward, but looks a stock to own if able to cash in on its potential.

iCar Asia Ltd (ASX: ICQ) is another growth-oriented business looking to grow its portfolio of websites that act as marketplaces for online buyers and sellers of road vehicles across several Asian nations. The business has operations in several Asian nations famous for their never-ending traffic jams including Thailand, Indonesia and Malaysia.

The stock has climbed 3.7% to 99 cents this morning on a market valuation around $210 million and is another one to watch if able to deliver on its potential.

5 stocks under $5

We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.

And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!

*Extreme Opportunities returns as of June 5th 2020

Motley Fool contributor Tom Richardson has no position in any stocks mentioned. You can find Tom on Twitter @tommyr345

The Motley Fool Australia owns shares of Bellamy's Australia. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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