Stocks making the biggest moves midday: ABBV, TSLA, CI, MS
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 also 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 dealmaking 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 towards reducing its exposure to commercial real estate as a positive. Last week, Valley National said that 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.
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