Stocks making the biggest moves premarket: Tesla, Coinbase, Cisco Systems and more
Discover the firms making strides in the early market.
— The electric vehicle titan Tesla saw a 7% boost and is primed to capitalize on last week’s 29% upswing. Run by Elon Musk, Tesla has seen a surge following Donald Trump’s election victory, exceeding $1 trillion in market value last Friday, with investors speculating the company will reap benefits under the new government.
Crypto stocks — The crypto-affiliated stocks experienced a surge, as bitcoin crossed an all-time high of $82,000. Wall Street’s anticipation of a crypto-friendly Trump administration led to this rise. A 15% surge was recorded for Coinbase
, while MicroStrategy enjoyed an 11% gain. Robinhood witnessed a rise of about 7%.
— An 8% surge was seen in this health insurance behemoth after declaring a decision against merging with Humana. Cigna also reiterated its fiscal guidance for 2024 and 2025. This led to an 8% fall in Humana shares.
— This radiology company’s shares surged 15% following its better-than-expected earnings and revenue for Q3. RadNet also declared a “strategic collaboration” with GE HealthCare.
— A rise of 1.6% was recorded in the company shares post a JPMorgan upgrade to overweight from neutral. The bank forecasts that Cisco is likely to see a positive earnings revision due to a renewal cycle in Enterprise Networking demand.
— The President-elect’s media stock surged 8% as investors kept channeling money into stocks associated with him.
— The shares of the NY-based regional bank saw a light volume gain of around 3% after JPMorgan upgraded it to overweight from neutral. The bank reports that Valley National is succeeding in cutting down its exposure to commercial real estate. Last week, Valley National announced a stock sale, with JPMorgan as the sole book-running manager.
— The shares increased by 1.3% following Deutsche Bank’s decision to upgrade the stock to buy from hold, stating that the exchange operator should sustain robust revenue growth until at least 2025. The firm also expects that post-election market fluctuations in the medium term will prompt “greater use of index & volatility options & futures products”.
