[ad_1]
Check out the companies making headlines in midday trading: Tesla — The electric vehicle stock popped 7% to build on last week’s 29% gain as investors bet that a Trump administration would fare well for the company and CEO Elon Musk. AbbVie — Shares tumbled 12% after the pharmaceutical company said its experimental schizophrenia drug did not show a statistically significant improvement in symptoms during two Phase 2 trials. The news sent shares of competitor Bristol-Myers Squibb nearly 12% higher. Super Micro Computer — The beleaguered server maker fell 8%. Shares have been slipping since Ernst & Young resigned as Super Micro’s auditor in late October and after the company issued unaudited quarterly results that showed weaker-than-expected revenue. Crypto stocks — Crypto stocks extended last week’s gains as investors basked in the honeymoon period between Election Day and Inauguration Day. Coinbase shares jumped 20% and were trading above $300 for the first time since 2021. MicroStrategy shares were up 19% and bitcoin miners MARA Holdings and Riot Platforms gained 23% and 20%, respectively. Wells Fargo , Bank of America , Morgan Stanley — Shares of major banks were rising again on Monday, building on their postelection gains driven by investors’ hopes of looser regulation and greater deal-making under the incoming presidency. Wells Fargo jumped 4%, while Bank of America and Morgan Stanley each rose more than 2%. Geo Group , CoreCivic — Private prison stocks jumped after President-elect Donald Trump selected immigration hardliner Tom Homan, former acting U.S. Immigration and Customs Enforcement director during Trump’s first term, as his “border czar.” Geo Group and CoreCivic rose nearly 5% and 8%, respectively. Trump Media & Technology Group — Shares of the social media platform added 3% as investors continued the “Trump Trade” momentum into stocks tied to the president-elect. Cigna — Shares of the health insurance giant gained about 8% after saying it will not be pursuing a merger with Humana , which shed 8% on the news. Cigna also reiterated its fiscal 2024 and 2025 guidance. RadNet — Shares of the radiology company popped more than 18% after reporting stronger-than-expected earnings and revenue for the third quarter and announcing a “strategic collaboration” with GE HealthCare . Valley National Bank — Shares popped almost 5% after JPMorgan upgraded the New York-based regional bank to overweight from neutral. Analyst Anthony Elian cited Valley National’s progress toward reducing its exposure to commercial real estate as a positive. Last week, Valley National said it would be selling additional stock, with JPMorgan as the deal’s sole book-running manager. Cboe Global Markets — Shares advanced nearly 2% on the back of Deutsche Bank’s upgrade to buy from hold . Deutsche Bank said the exchange operator can see heightened demand for some products due to postelection market volatility. — CNBC’s Alex Harring, Tanaya Macheel, Jesse Pound, Samantha Subin, Lisa Kailai Han and Michelle Fox contributed reporting.
[ad_2]
Source link
