Check out the companies making headlines in midday trading: Donald Trump trades — Individual stocks viewed as trades tied to Donald Trump’s election odds surged as the Republican clinched a return to the White House. Trump Media & Technology , majority owned by Trump himself, popped nearly 6%. Tesla , whose CEO publicly backed the president-elect, surged close to 15% . Phunware , the company behind the campaign’s app, climbed almost 17%. Crypto stocks — Cryptocurrency-related names soared after investors bet that a Trump presidency would lead to a more supportive regulatory environment. Shares of Coinbase surged 31% and MicroStrategy rose 13% as bitcoin rallied to a new record high . Bank stocks — Big banks rallied broadly on the back of Trump’s victory in the presidential election. Investors forecast that his presidency will lead to looser regulation and allow more mergers and acquisitions across the sector. Citigroup and Bank of America climbed more than 8% each. Goldman Sachs and Wells Fargo both jumped 13%. CVS Health — The pharmacy retailer soared 11% after CVS posted third-quarter revenue of $95.43 billion , which surpassed consensus estimates of $92.75 billion, per LSEG. On the other hand, CVS’ adjusted earnings of $1.09 per share fell short of the $1.51 per share analysts anticipated. Clean energy — Clean energy stocks sank as investors bet a Trump presidency could lead to an overhaul of recent industry reforms and progress, including a repeal of President Joe Biden’s Inflation Reduction Act. Plug Power shed 22% and Sunrun lost nearly 30%. SolarEdge Technologies lost 22%. Enphase Energy was down 17%. Novo Nordisk — U.S.-listed shares of the Danish pharmaceuticals firm slipped 4%. Novo Nordisk reported that its third-quarter net profit came in above analysts’ estimates . Sales of its weight-loss drug Wegovy were also 79% higher in the third-quarter of 2024 than the same period a year earlier. Private prison stocks — Geo Group and CoreCivic popped 42% and 29%, respectively, after Trump, who has promised a mass deportation of illegal immigrants, won the White House. Cannabis stocks — Shares of cannabis companies dropped after voters rejected a Florida ballot measure to legalize the sale and use of marijuana in the state. Tilray sank 13%, while U.S.-listed shares of Canada-based companies Aurora Cannabis and Canopy Growth lost 16% and 21%, respectively. Super Micro Computer — Shares plunged 18% after the embattled computer server maker guided for revenue in its December quarter between $5.5 billion and $6.1 billion , missing analysts’ expectations. Super Micro’s adjusted earnings per share outlook also fell short of the Street’s forecast. The company is unsure when it will file annual results for the latest fiscal year but said it was “working with urgency to become current again” with its financial reporting. Retail stocks — Retail stores with China sourcing exposure slipped on Wednesday following Trump’s reelection. Trump’s proposed universal tariffs could lead to soaring import prices. On the back of these tariff fears, Bank of America downgraded Five Below to underperform from neutral and Yeti to a neutral rating from buy. Shares of Five Below and Yeti tumbled 10% and 3%, respectively. Dollar Tree and Dollar General also respectively lost more than 6% and 5%. Planet Fitness — Shares popped 6% after CNBC, citing court filings, reported the fitness chain wants to acquire bankrupt budget-fitness chain Blink Holdings. Steel stocks — U.S.-based steel stocks rallied on the back of Trump’s victory. He has floated tariffs that would ultimately benefit U.S. steel pricing. Shares of Nucor and Cleveland-Cliffs respectively rallied 16% and 20%, while United States Steel climbed 8%. — CNBC’s Michelle Fox, Alex Harring, Hakyung Kim, Sarah Min and Samantha Subin contributed reporting.
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