Take a look at the companies making headlines before the stock market opens. Cryptocurrency Stocks – Coinbase shares soared 12% as investors cheered the prospect of a second term as President Donald Trump providing a more favorable regulatory environment for cryptocurrency businesses. MicroStrategy, a high-beta trader on Bitcoin prices, gained 11% as Bitcoin hit a new all-time high. BANKS – Bank stocks soared in pre-market trading as Donald Trump’s victory stoked investor optimism that regulation of the industry could be reduced. Citigroup rose more than 8%, while Goldman Sachs and Wells Fargo rose 7% and 9% respectively. Bank of America shares rose about 8%. Shares of Trump Media & Technology, the media company majority owned by Donald Trump, soared more than 32% after the Republican won a second term as president. The gains came despite the parent company of Truth Social releasing a surprise earnings statement on Tuesday, showing a third-quarter loss of $19.2 million. CVS Health — CVS shares rose 7.5% after the company reported mixed third-quarter results, citing rising medical costs as a drag on bottom line. The pharmaceutical company’s adjusted earnings per share were $1.09, missing analysts’ expectations of $1.51 per share, according to FactSet. Revenue of $95.43 billion beat the consensus estimate of $92.75 billion. Clean Energy Stocks — Shares of renewable energy and solar companies fell on concerns that a second Trump term could jeopardize the Inflation Reduction Act and measures to combat climate change. The IRA includes a package of tax credits designed to encourage clean energy projects and stimulate solar panel installations. Plug Power fell 15%, SunRun fell nearly 17%, FirstSolar fell 13% and Enphase Energy fell 12%. Danish diabetes treatment manufacturer Novo Nordisk said its third-quarter sales of its weight-loss drug Wegovy increased 79% compared with the same period last year, exceeding expectations, and its U.S.-listed stock price rose nearly 3%. Private Prison Stocks – Shares of two U.S. private prison companies rose as Trump, who has long pledged to crack down on illegal immigration, was declared the winner of the presidential race. Shares of Florida-based GEO Group soared more than 23.5%, while CoreCivic gained more than 18%. Tesla – Elon Musk’s electric car company shares rose 12.9% as investors bet a Trump victory would benefit the chief executive, who has promised to lead a government efficiency council. Wedbush Securities analyst Dan Ives said Tesla’s market value could reach $1 trillion during Trump’s presidency. Tilray Brands — Shares of the cannabis company fell more than 6% after voters in Florida rejected a ballot measure that would have legalized the sale and use of marijuana in the state. U.S.-listed shares of Canadian companies Aurora Cannabis and Canopy Growth also fell 6% and 15% respectively. Super Micro Computer – The troubled computer server maker reported preliminary first-quarter results on Tuesday, sending the stock down nearly 18%. Super Micro expects lower quarterly sales and reported lower-than-expected revenue. The company said it did not know when it would file annual results for its latest fiscal year, but said it was working to “again update its financial reporting.” Dollar Tree, Five Below — Shares of Dollar Tree fell 1.6%, while Five Below fell 9%. Trump has called for universal tariffs on all imports and a 60% tariff on imports from China. The National Retail Federation warns these could cause prices to spike. —CNBC’s Michelle Fox Theobald, Tanaya Machel and Brian Evans contributed reporting.
