Check out the companies making headlines before the stock market opens. Crypto stocks – Shares of Coinbase surged 12% as investors cheered the prospect of a more supportive regulatory environment for cryptocurrency businesses under a second Donald Trump presidency. MicroStrategy , which trades as a high-beta play on the bitcoin price, gained 11% as bitcoin s urged to a new all-time high . Bank stocks — Shares of banking stocks soared in premarket trading after Donald Trump’s victory spurred investor optimism that the sector could see less regulation . Citigroup advanced more than 8%, while Goldman Sachs and Wells Fargo gained 7% and 9%, respectively. Bank of America climbed roughly 8%. Trump Media & Technology — Shares of the media company, majority owned by Donald Trump, skyrocketed more than 32% after the Republican won a second presidential term. The stock rallied even though Truth Social parent posted a surprise earnings statement on Tuesday showing a $19.2 million loss in the third quarter. CVS Health — Shares rose 7.5% after CVS posted mixed third-quarter results , citing higher medical costs that weighed on net income. The pharmacy company earned an adjusted $1.09 per share, short of analysts’ estimates of $1.51 per share, according to FactSet. Revenue of $95.43 billion surpassed the consensus forecast of $92.75 billion. Clean energy stocks — Shares of renewable energy and solar companies slid on worries that Trump’s second term could imperil the Inflation Reduction Act and measures to fight climate change. The IRA includes a package of tax credits aimed at encouraging clean energy projects and spurring solar panel installations. Plug Power dropped 15%, SunRun tumbled nearly 17%, FirstSolar lost 13% and Enphase Energy retreated 12%. Novo Nordisk — U.S.-listed shares added nearly 3% after the Danish maker of diabetes treatments said third-quarter sales of its weight-loss drug Wegovy were 79% higher than the same period a year ago, topping expectations. Private prison stocks — Two private prison companies in the U.S. rose as Trump, who has long promised a crackdown on illegal immigration, was declared the winner of the presidential race. Florida-based GEO Group surged more than 23.5%, while CoreCivic gained more than 18%. Tesla — Shares of Elon Musk’s electric vehicle company rose 12.9% as investors bet a Trump win would benefit the CEO , who Trump has promised will head a government efficiency commission. Wedbush Securities analyst Dan Ives said Tesla could reach a $1 trillion market value under a Trump presidency. Tilray Brands — The cannabis company’s stock tumbled more than 6% after voters rejected a Florida ballot measure to legalize the sale and use of marijuana in the state. U.S.-listed shares of Canada-based companies Aurora Cannabis and Canopy Growth also sank 6% and 15%, respectively. Super Micro Computer — The beaten-down computer server maker reported preliminary first-quarter results on Tuesday that sent the stock nearly 18% lower. Super Micro guided for lower quarterly sales and reported revenue that fell short of estimates. The company said it does not know when it will file annual results for the latest fiscal year, but said it is working to “become current again with [its] financial reporting.” Dollar Tree , Five Below — Shares of Dollar Tree slipped 1.6%, while Five Below moved down 9%. Trump has called for universal tariffs on all imports and a 60% tariff on imports from China. The National Retail Federation has warned those could cause prices to skyrocket. — CNBC’s Michelle Fox Theobald, Tanaya Macheel and Brian Evans contributed reporting.
Tags:
- Aurora Cannabis Inc
- Bank of America Corp
- Breaking News: Economy
- Breaking News: Markets
- business news
- Canopy Growth Corp
- Citigroup Inc
- Coinbase Global Inc
- CVS Health Corp
- Dollar Tree Inc
- Donald Trump
- Earnings
- Economy
- Enphase Energy Inc
- First Solar Inc
- Five Below Inc
- Goldman Sachs BDC Inc
- Goldman Sachs Group Inc
- Market Insider
- markets
- Microstrategy Inc
- Novo Nordisk A/S
- Plug Power Inc
- Stock markets
- Sunrun Inc
- Super Micro Computer Inc
- Tesla Inc
- Tilray Brands Inc
- Wells Fargo & Co
You can share this post!
administrator