Take a look at the companies making headlines in midday trading. Donald Trump Trades – Stocks seen as tied to Donald Trump’s election chances surged as a Republican returns to the White House. Shares of Trump Media & Technology, a company majority owned by Trump himself, rose nearly 5%. Shares of Tesla, whose CEO publicly endorsed the president-elect, soared more than 14%. Shares of Phunware, the company behind the activity app, rose 5%. Crypto Stocks – Cryptocurrency-related stocks surged after investors bet that a Trump presidency would lead to a more favorable regulatory environment. Coinbase shares soared 28% and MicroStrategy shares rose about 12% as Bitcoin rose to new record highs. Bank stocks – Large bank stocks generally rose after Trump won the presidential election. Investors predict his presidency will lead to loosening regulations and allow for more mergers and acquisitions across the industry. Citigroup and Bank of America rose more than 9% and 8% respectively. Goldman Sachs and Wells Fargo rose 12% and 14% respectively. CVS Health — Shares of the drugstore retailer soared 10% after CVS reported third-quarter revenue of $95.43 billion, beating the London Stock Exchange Group’s (LSEG) consensus estimate of $92.75 billion. CVS, on the other hand, reported adjusted earnings of $1.09 per share, missing analysts’ expectations of $1.51 per share. CLEAN ENERGY — Clean energy stocks fell as investors bet that a Trump presidency could usher in an overhaul of recent industry reforms and progress, including repealing President Joe Biden’s Inflation Reduction Act. Plug Power fell more than 23% and Sunrun fell nearly 29%. SolarEdge Technologies fell about 20%. Enphase Energy recently fell about 17%. Novo Nordisk — The Danish pharmaceutical company’s U.S.-listed shares fell 3%. Novo Nordisk reported third-quarter net profit that topped analysts’ expectations. Sales of its weight-loss drug Wegovy also increased by 79% in the third quarter of 2024 compared with the same period last year. Private prison stocks – Geo Group and CoreCivic – rose 39% and 29% respectively after Trump entered the White House promising mass deportations of illegal immigrants. Marijuana Stocks – Shares of marijuana companies fell after voters in Florida rejected a ballot measure that would have legalized the sale and use of marijuana in the state. Tilray fell 14%, and U.S.-listed shares of Canadian companies Aurora Cannabis and Canopy Growth fell 18% and 23%, respectively. Super Micro Computer — The troubled computer server maker forecast revenue for the December quarter of $5.5 billion to $6.1 billion, below analysts’ forecasts, sending its shares tumbling 24% . The slightly adjusted earnings-per-share outlook also came in below Wall Street forecasts. The company was unsure when it would file annual results for its latest fiscal year, but said it was “urgently working to update” its financial reports again. Retail stocks – Retail stores with Chinese sourcing operations fell on Wednesday after Trump was re-elected. The widespread tariffs proposed by Trump could cause import prices to spike. Against the backdrop of these tariff concerns, Bank of America downgraded Five Below to underperform from neutral and Yeti to neutral from buy. Shares of Five Below and Yeti fell about 7% and 9%, respectively. Dollar Tree and Dollar General also fell about 9% and 5%, respectively. Planet Fitness — Shares of Planet Fitness rose about 6% after CNBC reported, citing court documents, that the fitness chain is looking to acquire bankrupt budget fitness chain Blink Holdings. Steel stocks – U.S. steel stocks rose on Trump’s victory. His proposed tariffs would ultimately help U.S. steel pricing. Shares of Nucor and Cleveland-Cliffs rose 16% and 21%, respectively, while United States Steel gained 10%. —CNBC’s Michelle Fox, Alex Harring, Hakyung Kim, Sarah Min and Samantha Subin contributed reporting.
