Benzinga | Nov 3, 2020 08:15AM EST

Benzinga Pro's Top 5 Stocks To Watch For Tuesday, Nov. 3, 2020 (Election Day Edition): DOMO, SBE, CVS, CMPS, TLRY

Today's 5 Stock Ideas (Election Day Edition):

* Domo (DOMO) - A play on tracking of the US election over the next few days. Two weeks ago, Domo released a free presidential election tracker that updates on an hourly basis.

* Switchback Energy Acquisition (SBE) - An electric vehicle charging play for 2021. A win by Trump in the US election could mean slower adoption of electric vehicle tax credits. Biden, on the other hand, has indicated his administration would work to improve and expand the use of electric vehicle charging stations. Switchback is expected to merge, via a special purpose acquisition transaction, with electric vehicle charging company, ChargePoint.

* CVS Health (CVS) - A play on expansion of the US's Medicaid program amid a Joe Biden win. A Piper Sandler analyst recently set the equivalent of a Buy recommendation on CVS ahead of the election, and suggested the company and its Aetna unit could see $700 million in sales growth if Biden is elected.

* COMPASS Pathways (CMPS) - The State of Oregon's election-day ballot includes a measure to legalize psilocybin (one of the active and pyschedelic compounds in magic mushrooms) therapy for mental health and terminally ill patients. COMPASS is currently developing COMP360, a psilocybin formulation for such use.

* Tilray (TLRY) - Shares were up about 16% so far in November ahead of the US election. Marijuana legalization is on the ballet for five states: Arizona, New Jersey, South Dakota, Montana and Mississippi.