Check out the companies making headlines before the stock market opens: Crypto stocks — investors look forward to a more supportive regulatory environment for crypto businesses under second-term President Donald Trump Coinbase’s stock price rose 12%. MicroStrategy, which trades as a high beta for Bitcoin prices, rose 11% as Bitcoin soared to an all-time high. Bank stocks — Shares of bank stocks soared in pre-market trading as Donald Trump’s victory fueled investor optimism that regulation could be eased in the sector. Citigroup rose more than 8%, while Goldman Sachs and Wells Fargo rose 7% and 9%, respectively. Bank of America rose about 8%. Trump Media & Technology — Shares of the media company majority-owned by Donald Trump soared more than 32% after the Republican won a second term as president. Shares rose even though Truth Social’s parent company reported disappointing results on Tuesday, reporting a third-quarter loss of $19.2 million. CVS Health — Shares rose 7.5% after CVS reported mixed third-quarter results as higher medical costs weighed on net income. The pharmacy company’s adjusted earnings per share were $1.09, below analysts’ expectations of $1.51 per share, according to FactSet. Revenue was $95.43 billion, beating the consensus estimate of $92.75 billion. Clean Energy Stocks — Shares of renewable energy and solar power companies fell on concerns that President Trump’s second term could jeopardize anti-inflation laws and climate change efforts. The IRA includes a package of tax credits aimed at promoting clean energy projects and encouraging the installation of solar panels. Plug Power fell 15%, Sunrun fell nearly 17%, First Solar fell 13% and Enphase Energy exited 12%. Novo Nordisk — U.S.-listed shares rallied after Danish diabetes maker Novo Nordisk said third-quarter sales of its weight-loss drug Wegovy rose 79% from a year earlier, beating expectations. It rose nearly 3%. Private Prison Stocks — Two U.S. private prison companies rose after Trump, who has long promised to crack down on illegal immigration, was declared the winner of the presidential election. Florida-based GEO Group soared more than 23.5%, while CoreCivic rose more than 18%. Tesla — Shares of Elon Musk’s electric car company rose 12.9% as investors bet that President Trump’s victory would benefit the CEO, who has pledged to chair a government efficiency commission. Wedbush Securities analyst Dan Ives said Tesla’s market cap could reach $1 trillion under President Trump. Tilray Brands — The cannabis company’s stock fell more than 6% after voters rejected a Florida ballot measure that would have legalized the sale and use of marijuana in the state. U.S.-listed shares of Canada-based Aurora Cannabis and Canopy Growth also fell 6% and 15%, respectively. Super Microcomputer — The struggling computer server maker released preliminary first-quarter results on Tuesday, sending its stock price down nearly 18%. Supermicro expected lower quarterly sales and reported lower-than-expected earnings. The company said it did not know when it would file its annual results for the most recent financial year, but said it was “working hard to bring itself up to date again.” [its] Dollar Tree, Five Below — Dollar Tree stock fell 1.6%, while Five Below fell 9%. President Trump called for a flat tariff on all imported goods and a 60% tariff on goods imported from China. The National Retail Federation warned that these could lead to soaring prices. CNBC’s Michelle Fox Theobald, Tanaya Machel and Brian Evans contributed reporting.
Stocks making the biggest moves pre-market: TSLA, DJT, CVS, DLTR
