Check out the companies making headlines in midday trading: Tesla — Electric vehicle stocks follow last week’s 29% rise as investors bet the Trump administration will work out well for the company and CEO Elon Musk. It jumped 7%. AbbVie — Shares fell 12% after the drug company announced that its experimental schizophrenia drug did not show statistically significant improvement in symptoms during two Phase 2 trials. Shares of rival Bristol-Myers Squibb rose nearly 12% on the news. Supermicrocomputers — The beleaguered server maker fell 8%. The stock has fallen since Ernst & Young resigned as Supermicro’s auditor in late October and the company released unaudited quarterly results showing lower-than-expected earnings. Cryptocurrency stocks — Cryptocurrency stocks extended last week’s gains as investors soaked up the honeymoon period between Election Day and Inauguration Day. Coinbase stock rose 20% and was trading above $300 for the first time since 2021. MicroStrategy shares rose 19%, while Bitcoin miners MARA Holdings and Riot Platforms rose 23% and 20%, respectively. Wells Fargo, Bank of America, Morgan Stanley — Big bank stocks on Monday built on post-election gains driven by investor expectations for deregulation and more trading under the president-elect. rose again. Wells Fargo rose 4%, while Bank of America and Morgan Stanley each rose more than 2%. Geo Group, CoreCivic — Private prisons after President-elect Donald Trump selected immigration hardliner Tom Homan, who served as acting director of U.S. Immigration and Customs Enforcement during Trump’s first term, as his “border czar.” ‘s stock soared. Geo Group and CoreCivic rose nearly 5% and 8%, respectively. Trump Media & Technology Group — Shares of the social media platform rose 3% as investors continued their “Trump trade” momentum into stocks tied to the president-elect. Cigna — The health insurance giant’s stock rose about 8% after it announced it would not proceed with its merger with Humana, which fell 8% on the news. Cigna also reiterated its guidance for fiscal years 2024 and 2025. RadNet — The radiology company’s stock soared more than 18% after it reported better-than-expected earnings and earnings in the third quarter and announced a “strategic partnership” with GE Healthcare. Valley National Bank — Shares soared nearly 5% after JPMorgan upgraded the New York-based regional bank from neutral to overweight. Analyst Anthony Elian cited Valley National’s progress in reducing its exposure to commercial real estate as a positive. Valley National announced last week that it would sell additional shares with JPMorgan as the sole bookkeeper on the transaction. CBOE Global Markets — Shares rose nearly 2% after Deutsche Bank upgraded the stock from hold to buy. Deutsche Bank said post-election market volatility could cause exchange operators to see higher demand for some products. — CNBC’s Alex Harring, Tanaya Machel, Jesse Pound, Samantha Subin, Lisa Kailai Han and Michelle Fox contributed reporting.
Stocks with the biggest moves at midday: ABBV, TSLA, CI, MS
