Stocks making the biggest moves midday: Super Micro Computer, Tesla, Coinbase, Planet Fitness and more
Here are the midday trading updates that you should not miss today.
Trump Media and Technology Group.-associated shares — Stocks connected to Donald Trump’s election skyrocketed as his return to the White House became certain. Trump’s own business, Trump Media & Technology, rose almost 5%, while Tesla, whose CEO openly supports the President-elect, leapt over 14%. Phunware, the brains behind the campaign app, also saw a 5% increase.
Cryptocurrency stocks — Cryptocurrency-linked stocks soared as bets are on that Trump’s administration will provide a more favorable regulatory atmosphere. Coinbase shares rocketed 28% and MicroStrategy went up by 12% as Bitcoin broke its previous record.
Banking stocks — Big banks had an overall positive response to Trump’s victory in the presidential race, with investors predicting a future of relaxed regulation and more mergers and acquisitions in the sector. Citigroup and Bank of America both saw a rise of over 9% and 8% respectively, while Goldman Sachs and Wells Fargo leaped 12% and 14%.
CVS Health — After CVS released its third-quarter revenue of $95.43 billion, surpassing the anticipated $92.75 billion, its stocks rocketed 10%. However, CVS’ adjusted earnings of $1.09 per share fell slightly short of the $1.51 per share that analysts expected.
Clean energy shares — As Trump’s presidency could lead to a re-evaluation of the current industry’s reform, clean energy stocks witnessed a decline. Plug Power saw a fall of more than 23%, Sunrun lost about 29%, SolarEdge Technologies dropped around 20%, and Enphase Energy was last noted down by about 17%.
Novo Nordisk — U.S. shares of this Danish pharmaceutical company slipped 3% despite its third-quarter net profit beating analyst predictions. Its weight-loss drug Wegovy also reported a 79% rise in sales Q3 of 2024 compared to the same period in the previous year.
Private prison stocks — Geo Group and CoreCivic saw a rise of 39% and 29% respectively after Trump, who pledged a large-scale deportation of illegal immigrants, secured the presidency.
Cannabis stocks — Cannabis company shares fell as a Florida vote against legalizing the sale and use of cannabis was turned down. Tilray shares dipped 14%, while Aurora Cannabis and Canopy Growth shares fell 18% and 23% respectively.
Super Micro Computer — Shares took a dive of 24% after the company projected its December quarter revenue to be between $5.5 billion and $6.1 billion, falling short of analysts’ forecasts. The company also acknowledged that it’s uncertain about when it will file the latest fiscal year results but is “working with urgency to become current again” with its financial reporting.
Retail stocks — Retail firms reliant on Chinese sourcing slipped following Trump’s re-election due to his proposed universal tariffs which may lead to higher import costs. As a result of this fear, Bank of America downgraded Five Below from neutral to underperform and Yeti from buy to a neutral rating. Five Below and Yeti shares both dropped roughly 7% and 9%, respectively. Shares of Dollar Tree and Dollar General also fell about 9% and 5% each.
Planet Fitness — The fitness chain’s shares saw a 6% rise after a CNBC report mentioned that Planet Fitness aims to buy the bankrupted budget fitness chain, Blink Holdings, according to court documents.
Steel stocks — U.S.-based steel stocks saw a rise on the back of Trump’s victory as he has proposed tariffs that could potentially benefit U.S. steel pricing. Shares of Nucor, Cleveland-Cliffs, and United States Steel respectively rallied 16%, 21%, and 10%.
