Stocks making the biggest moves midday: AbbVie, Tesla, Cigna, Morgan Stanley and more
Here’s an overview of the companies grabbing headlines in the midday trading territory:
Tesla — Witnesses a 7% surge, adding to last week’s 29% spike as market participants speculate that the upcoming Trump administration could benefit the business and its CEO, Elon Musk.
AbbVie — stock decreased by 12% after the drug-maker revealed its experimental schizophrenia drug didn’t provide any significant symptom improvement in two phase 2 trials. Consequently, share value of its competitor, Bristol-Myers Squibb, increased by nearly 12%.
Super Micro Computer — The embattled server manufacturer’s shares went down by 8%, continuing its decline after Ernst & Young stepped down as its auditor in October, and the company reported lower-than-expected revenue results.
Crypto stocks — Extended their winning streak from last week, with investors enjoying the interim phase between Election and Inauguration Day. Coinbase shares spiked by 20%, trading above $300 for the first time since 2021, while MicroStrategy shares and bitcoin miners MARA Holdings and Riot Platforms saw a growth of 19%, 23%, and 20% respectively.
Major Banks (Wells Fargo, Bank of America, Morgan Stanley) — Increased further on Monday, continuing their post-election ascent spurred by hopes of relaxed regulation and increased deals under the incoming presidency. Wells Fargo climbed 4%, while Bank of America and Morgan Stanley rose over 2%.
Geo Group, CoreCivic — Stocks of private prisons increased upon President-elect Donald Trump’s selection of immigration hardliner Tom Homan as his “border czar.” Geo Group and CoreCivic appreciated by nearly 5% and 8% respectively.
Trump Media & Technology Group — The social media platform’s shares grew 3% as investors maintained the “Trump Trade” momentum with stocks linked to the president-elect.
Cigna — The health insurance colossus saw its shares increase around 8% after announcing it wouldn’t be pursuing a merger with Humana.
RadNet — The radiology firm’s shares boosted by over 18% following robust Q3 earnings and revenue announcement, and the revelation of a “strategic collaboration” with GE HealthCare.
Valley National Bank — Shares rose close to 5% after JPMorgan upgraded the regional bank from neutral to overweight.
Cboe Global Markets — Stock rose nearly 2% following Deutsche Bank’s revision from hold to buy. Deutsche Bank cited the potential for increased demand for some products due to post-election market volatility.
