Take a look at the companies making headlines in midday trading. Tesla — The electric-vehicle stock rose 7%, building on last week’s 29% gain, as investors bet a Trump administration would bring good luck to the company and its CEO, Musk. AbbVie — Shares of AbbVie fell 12% after the pharmaceutical company said its experimental schizophrenia drug did not show statistically significant improvement in symptoms in two Phase 2 trials. The news sent shares of rival Bristol-Myers Squibb up nearly 12%. Super Micro Computer – Shares of the troubled server maker fell 8%. Super Micro’s shares have been falling since Ernst & Young resigned as auditor at the end of October and after the company posted unaudited quarterly results that showed weaker-than-expected profits. Crypto Stocks – Crypto stocks extended last week’s gains as investors enjoyed the honeymoon period between Election Day and Inauguration Day. Coinbase shares rose 20%, surpassing $300 for the first time since 2021. Wells Fargo, Bank of America, Morgan Stanley – Shares of major banks rose again on Monday as investors hoped for looser regulations and expanded trading during the incoming presidential term, fueling a post-election rally. Wells Fargo rose 4%, while Bank of America and Morgan Stanley both gained more than 2%. Geo Group, CoreCivic – Private after President-elect Donald Trump selected immigration hardliner Tom Homan, the former acting U.S. Immigration and Customs Enforcement director during Trump’s first term, as his “border czar.” Prison stocks rise. Geo Group and CoreCivic gained nearly 5% and 8% respectively. Trump Media & Technology Group — Shares of the social media platform rose 3% as investors continued their “Trump trade” momentum, buying stocks tied to the president-elect. Cigna — Shares of Cigna rose about 8% after the health insurance giant said it would not seek a merger with Humana. Humana shares fell 8% on the news. Cigna also reiterated guidance for fiscal 2024 and 2025. RadNet — Shares of RadNet rose more than 18% after the radiology company reported stronger-than-expected third-quarter earnings and revenue and announced a “strategic collaboration” with GE HealthCare. Valley National Bank — The New York-based regional bank rose nearly 5% after JPMorgan upgraded its rating on the regional bank to overweight from neutral. Analyst Anthony Elian said Valley National’s progress in reducing commercial real estate exposure is positive. Last week, Valley National said it would sell additional shares and JPMorgan Chase & Co. would serve as sole bookrunner on the deal. Cboe Global Markets — Shares of the stock rose nearly 2% after Deutsche Bank upgraded the stock to buy from hold. Deutsche Bank said the exchange operator may see increased demand for some products due to post-election market volatility. —CNBC’s Alex Harring, Tanaya Macheel, Jesse Pound, Samantha Subin, Lisa Kailai Han and Michelle Fox contributed reporting.
