By Joe Woelfel
Stock futures surged Wednesday after Donald Trump won the U.S. presidential election.
These stocks were poised to make moves Wednesday:
Trump Media & Technology Group soared 25% after the U.S. election was called for Trump. Trump Media, which is majority owned by former President Donald Trump and is the operator of the Truth Social site, meanwhile, surprised investors with its third-quarter results late Tuesday. The company posted a loss in the period of $19.2 million and revenue of $1 million. Trump Media's operating loss in the period was $23.7 million.
Coinbase jumped 12%, MicroStrategy gained 13%, and MARA Holdings was up 10% after Bitcoin briefly topped $75,000, a record high, as Trump declared victory in the U.S. election.
Tesla was rising 12%. Elon Musk, Tesla CEO, actively campaigned for Trump, spending millions of dollars to support Trump's bid. Trump praised Musk early Wednesday. He called Musk "a character, he's a special guy, he's a super genius. We have to protect our geniuses -- we don't have that many of them."
First Solar dropped 13%, Enphase Energy tumbled 12%, and other clean-energy stocks fell with a Trump presidency being considered negative for renewable energy companies.
Bank stocks surged followed Trump's election victory. Analysts have said a second Trump presidency would resume friendlier regulations on Wall Street firms. Citigroup was up 8.2%, Wells Fargo jumped 9.2%, Bank of America rose 5.7%, JPMorgan Chase was up 6.1%, Goldman Sachs gained 6.2%, and Morgan Stanley rose 8.2%.
Super Micro Computer tumbled 18% after the server maker issued a fiscal first-quarter business update and outlook that disappointed investors and said it was still unsure when it will file its latest annual report that was due in late August. Super Micro estimated first-quarter revenue at $5.9 billion to $6 billion, below analysts' expectations of $6.44 billion. For the current second quarter ending Dec. 31, the company guided to revenue in the range of $5.5 billion to $6.1 billion in sales versus Wall Street estimates of $6.84 billion.
Nvidia eclipsed Apple on Tuesday as the most valuable company in the U.S. Shares of the chip maker, which has experienced a demand surge for its graphics processing units to power artificial-intelligence applications, rose 2.9% on Tuesday and closed with a market cap of $3.432 trillion compared with Apple's $3.378 trillion, according to Dow Jones Market Data. In premarket trading Wednesday, Nvidia was up 1.6%, while Apple rose slightly.
U.S.-listed shares of Novo Nordisk, the maker of blockbuster GLP-1 drugs to treat type 2 diabetes and obesity, were down 1.2%. The company said Wegovy sales surged 79% in the third quarter from a year earlier and Ozempic sales jumped 26%.
Exact Sciences sank 18% after the cancer-screening and diagnostics company said it expects fiscal-year revenue between $2.73 billion and $2.75 billion, down from a prior outlook of between $2.81 billion and $2.85 billion.
CVS Health was up 11% after third-quarter revenue rose 6.3% to $95.43 billion at the pharmacy and healthcare company, beating analysts' estimates of $92.72 billion. The earnings report was the first with David Joyner, the company's newly appointed CEO, at the helm.
Earnings reports are expected after the closing bell Wednesday from Qualcomm, Arm Holdings, Gilead Sciences, Applovin, Albemarle, AMC Entertainment, Lyft, SolarEdge Technologies, Zillow, and Take-Two Interactive Software.
Write to Joe Woelfel at joseph.woelfel@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
November 06, 2024 09:05 ET (14:05 GMT)
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