By Check out the companies making headlines before the bell: Tesla — The electric vehicle stock popped 7% and looked poised to build on last week’s 29% surge. The Elon Musk-run company has rallied on the heels of Donald Trump’s presidential victory, topping $1 trillion in market value on Friday as investors bet the company will benefit under the new administration. Crypto stocks — Stocks tied to cryptocurrencies rallied, with bitcoin topping $82,000 and hitting fresh highs, as Wall Street continued to bet a Trump administration would be more favorable toward the crypto industry. Coinbase popped 15%, while MicroStrategy gained 11%. Robinhood rose about 7%. Cigna — The health insurance giant popped 8% after saying it will not be pursuing a merger with Humana. Cigna also reiterated its fiscal 2024 and 2025 guidance. Humana shares shed 8%. RadNet — Shares of the radiology company popped 15% on stronger-than-expected earnings and revenue for the third quarter. RadNet also announced a “strategic collaboration” with GE HealthCare. Cisco — Shares moved 1.6% higher following an upgrade at JPMorgan to overweight from neutral. The bank expects Cisco will likely return to positive earnings revision due to a recovery cycle in Enterprise Networking demand. Trump Media & Technology — Trump’s social media stock rallied 8% as investors continued pouring money into stocks connected to the president-elect. Valley National Bank — Shares of the New York-based regional bank gained about 3% on light volume after an upgrade to overweight from neutral by JPMorgan. The investment firm said Valley National is making progress on reducing its exposure to commercial real estate. Valley National announced last week that it was selling additional stock, with JPMorgan as the sole book-running manager for the deal. Cboe Global Markets — Shares added 1.3% after Deutsche Bank upgraded the stock to buy from hold, saying the exchange operator should maintain strong revenue growth into at least 2025. Postelection market volatility in the intermediate term should drive “greater use of index & volatility options & futures products,” the firm said. — CNBC’s Michelle Fox, Jesse Pound and Pia Singh contributed reporting.
- Donald Trump chooses hedge fund executive Scott Bessent for Treasury secretary
- Trump might name Kevin Warsh as Treasury chief then Fed chair later, report says
- Trump and Fed Chair Powell could be set on a collision course over rates
- UK economy ekes out 0.1% growth, below expectations
- Wholesale prices rose 0.2% in October, in line with expectations
- Trump picks Brooke Rollins to be agriculture secretary
- Trump expected to pick Brooke Rollins to be Agriculture secretary, WSJ reports
- Trump picks congresswoman Lori Chavez-Deremer to be labor secretary
- Former NY cop pleads guilty to foreign exchange fund fraud conspiracy
- Trump hush money sentencing delayed indefinitely
