Stocks making the biggest moves premarket: Tesla, DJT, CVS Health, Dollar Tree and more
Dive into the headlines surrounding top companies as the stock market prepares to open.
Crypto stocks – A more favorable regulatory environment for cryptocurrency businesses under a potential second Trump presidency sent shares of Coinbase soaring by 12%. Additionally, MicroStrategy, a company that’s performance is closely tied to the bitcoin price, saw an increase of 11% as bitcoin reached a new peak.
Bank stocks — Banking shares experienced a rise in premarket trading following Trump’s victory, sparking investor enthusiasm for potentially less regulation in the banking sector. Citigroup
saw an impressive increase of over 8%, while Goldman Sachs and Wells Fargo experienced gains of 7% and 9% respectively. Bank of America
witnessed a similar increase of approximately 8%.
Trump Media & Technology — Majority owned by Donald Trump, the media company’s shares shot up by over 32% following Trump’s second-term victory. The rise occurred despite the surprising revelation of a $19.2 million loss in Q3 from its parent company, Truth Social.
— CVS shared mixed Q3 results that saw the company’s shares increase 7.5%. While the pharmacy company fell short of analysts’ estimated per-share earnings by earning an adjusted $1.09, their revenue of $95.43 billion exceeded the predicted $92.75 billion.
Clean energy stocks — Uncertainty regarding Trump’s second term impacted the shares of renewable energy and solar companies, which saw a decline due to potential threats to the Inflation Reduction Act and climate change measures. Plug Power suffered a loss of 15%, SunRun declined almost 17%, FirstSolar dropped 13% while Enphase Energy receded 12%.
— After reporting Q3 sales of its weight-loss drug Wegovy being 79% higher than the same period last year, the U.S-listed share of the Danish diabetes treatment manufacturer increased nearly 3%, surpassing expectations.
Private prison stocks — Trump’s victory, and his promises of stricter measures against illegal immigration, resulted in a rise for two US private prison companies. GEO Group surged over 23.5%, whereas CoreCivic experienced over an 18% increase.
— The prospect of a Trump win saw the shares of Elon Musk’s electric vehicle company increase by 12.9%. Trump’s support for Musk helming a government efficiency commission is expected to play a part in Tesla reaching a $1 trillion market value, according to Wedbush Securities analyst Dan Ives.
— Rejection of a Florida measure to legalize marijuana sales saw the cannabis company’s shares dip more than 6%. Canada-based companies Aurora Cannabis and Canopy Growth also witnessed declines of 6% and 15% respectively.
— Despite reporting disappointing preliminary Q1 results leading to a 18% drop in shares, the computer server maker is making strides to regain compliance with financial reporting regulations.
, Five Below
— Trump’s proposal for universal tariffs, including a 60% tariff on imports from China, resulted in shares of Dollar Tree
declining 1.6% and Five Below dropping 9%. The National Retail Federation warns of a potential price surge due to these tariffs.
