The stock market is buzzing this morning with Tesla shares soaring in pre-market trading, riding the wave of a potential Donald Trump victory in the upcoming U.S. Presidential elections. According to The New York Times, Trump currently holds over a 95% chance of winning, having already secured 267 of the 270 electoral votes needed to clinch the presidency. This news has sparked a surge in Tesla’s value, likely fueled by the company’s CEO, Elon Musk, who has been a staunch supporter of the former President. Musk’s endorsement in July, coupled with his active campaigning both online and offline, including a trip to the swing state of Pennsylvania in October, has seemingly contributed to this market movement. Tesla shares are currently up an impressive 14% at $286.57 in the pre-market trading session.
Beyond Tesla’s rally, other notable stocks are making waves in the pre-market trading scene. Let’s take a closer look at some of the biggest gainers and losers:
Gainers:
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FOXO Technologies Inc. (FOXO)
: This company saw a staggering 117% jump to $0.2954 in pre-market trading. Last month, FOXO’s interim CFO assured shareholders that the company plans to expand its operations over the next 12-24 months, aiming to generate over $50 million in annual revenue.*
ARB IOT Group Limited (ARBB)
: ARBB shares climbed 93.1% to $1.09 after signing a Memorandum of Understanding (MOU) to accelerate artificial intelligence (AI) development with advanced server solutions.*
The GEO Group, Inc. (GEO)
: GEO shares surged 30.7% to $19.78, following a 7% increase on Tuesday. This rise could be attributed to the potential impact of a Trump victory on the company’s business.*
Trump Media & Technology Group Corp. (DJT)
: Trump’s own media venture saw a 26.6% jump to $42.98 in pre-market trading.*
DatChat, Inc. (DATS)
: DATS shares climbed 25.8% to $2.25 in pre-market trading.*
Qualys, Inc. (QLYS)
: QLYS shares rose 22.4% to $156.96 after exceeding expectations in their third-quarter financial results. The company also raised its FY24 guidance and issued a fourth-quarter revenue forecast above estimates.*
Destiny Tech100 Inc. (DXYZ)
: DXYZ gained 22.4% to $14.20, following a 6% increase on Tuesday.*
CoreCivic, Inc. (CXW)
: CXW saw a 21.1% jump to $16.50. The company is slated to release its third-quarter financial results after the market closes on Wednesday, November 6th.*
Phunware, Inc. (PHUN)
: PHUN gained 19.6% to $7.62 in pre-market trading, rebounding from a decline of around 8% on Tuesday.Losers:
*
Vast Renewables Limited (VSTE)
: VSTE shares plummeted 55.8% to $2.37 in pre-market trading, following a drop of more than 20% on Tuesday.*
Zoomcar Holdings, Inc. (ZCAR)
: ZCAR shares fell 42.5% to $7.56 after the company announced the pricing of a $9.15 million private placement.*
Li-Cycle Holdings Corp. (LICY)
: LICY dipped 27.6% to $2.75 in pre-market trading. The company is scheduled to host its third-quarter earnings conference call/webcast on Thursday, November 7th.*
Exact Sciences Corporation (EXAS)
: EXAS shares fell 27% to $52.20 after reporting worse-than-expected third-quarter financial results and issuing FY24 revenue guidance below estimates.*
Simpple Ltd. (SPPL)
: SPPL declined 27% to $1.23 in pre-market trading. Simpple shares had surged 43% on Tuesday after announcing plans to regain compliance with NASDAQ listing requirements.*
Bluejay Diagnostics, Inc. (BJDX)
: BJDX shares dipped 25.9% to $0.1015 in pre-market trading, following an 88% increase on Tuesday.*
Super Micro Computer, Inc. (SMCI)
: SMCI fell 24.3% to $20.97 after lowering its financial outlook. The company now expects first-quarter revenue between $5.9 billion and $6 billion, a reduction from its previous forecast of $6 billion to $7 billion. Adjusted earnings are also projected to be 75 cents to 76 cents per share, down from the previous guidance of 67 cents to 83 cents per share.*
Bionomics Limited (BNOX)
: BNOX fell 22.8% to $0.3806 in pre-market trading. This decline follows a 157% surge on Tuesday after the company secured an AUS$1 million milestone payment from Carina Biotech for its BNC101 oncology program. The deal holds the potential to earn Bionomics up to AUS$118 million.*
Gevo, Inc. (GEVO)
: GEVO fell 20.8% to $1.86 in today’s pre-market trading.*
Sunnova Energy International Inc. (NOVA)
: NOVA fell 20.1% to $5.64 in pre-market trading, following an 8% increase on Tuesday.As the market reacts to the shifting political landscape, it’s crucial for investors to stay informed and make informed decisions. This volatile period highlights the significant influence of political events on financial markets, emphasizing the importance of understanding the interconnectedness of these forces.
