Stocks making the biggest moves midday: Trump Media, Macy’s, Goldman, Coinbase and more
Check out the companies making headlines in midday trading: Humana , UnitedHealth Group — Health care insurers rose as a group Monday as the greater likelihood of a Donald Trump victory in this year’s presidential election raised hopes of fewer cost pressures. Shares of Humana and UnitedHealth Group gained around 1% each. Wolfe Research on Monday also named Humana as a potential beneficiary of a Republican win. Trump Media & Technology — Shares jumped nearly 29% as investors reacted to Saturday’s attempted assassination of former President Trump , which has fueled increased conviction of a Trump win in this year’s presidential election. Trump Media is the parent of social media platform Truth Social. Macy’s — Shares sank 12% after the department store ended negotiations with Arkhouse and Brigade, which wanted to buy Macy’s for about $6.9 billion and take it private. Sturm, Ruger & Company , Smith & Wesson — Shares of the firearm manufacturing companies rose after Saturday’s shooting at Trump’s rally. Sturm, Ruger & Company rose 7%, while Smith & Wesson jumped 10%. Gun stocks tend to rise after a mass shooting, as investors bet individuals will buy more firearms in fear that availability will become more restricted. SolarEdge Technologies — Shares retreated 13% after the solar company announced plans to lay off 400 employees in an effort to restore profitability as revenue has declined. Other solar stocks also slid in tandem. Shares of Sunrun , Sunnova Energy and NextEra Energy lost 11%, 9% and 5%, respectively. Goldman Sachs — Shares advanced 1% after the bank reported an earnings beat in the second quarter. Goldman posted earnings per share of $8.62 on revenue of $12.73 billion, while analysts polled by LSEG had expected earnings of $8.34 per share on revenue of $12.46 billion. Coinbase , Marathon Digital — Crypto stocks moved higher as investors increased their bets on a Trump election win, which they expect will benefit cryptocurrencies. The Republican candidate has recently telegraphed a positive view of the asset class. Coinbase added nearly 13%, while Marathon Digital and MicroStrategy gained 16% and 15%, respectively. Bitcoin also climbed above $63,000 on Monday, providing the stocks with further support. Apple — Shares of the iPhone maker gained 2% after Loop Capital upgraded Apple to buy , saying the company’s upcoming and future artificial intelligence integrations could allow it to become consumers’ gen AI “base camp” of choice. Bloomberg News also reported that Apple’s annual India sales grew to a record of $8 billion in the 12 months that ended in March from a year earlier. Baxter International — Shares of the medical products company lost 3% on the back of a Morgan Stanley downgrade to underweight from equal weight. The firm said Baxter has limited upside even though it is trading at its lowest level in almost a decade. Tesla — The electric vehicle stock added nearly 5%, continuing its rally of more than 31% this month. — CNBC’s Hakyung Kim, Sarah Min, Lisa Kailai Han and Michelle Fox contributed reporting. This post has been syndicated from a third-party source. View the original article here.
