BUZZ-'Trump trade' continues post-election ascent

Reuters
2024-11-11
BUZZ-'Trump trade' continues post-election ascent

Nov 11 - ** Shares of Trump Media DJT.O, Tesla TSLA.O, crypto-related firms, and other companies that could be aided from Donald Trump's return to the White House rise before the bell, extending last week's surge

** DJT, which operates the Truth Social app, up 6.6% premarket to $34.02; Stock jumped 15% on Fri after Trump reiterated he had no intentions of selling his nearly 115 mln share stake, which is currently worth roughly $4 bln

** TSLA accelerates >7% premarket, after hitting $1 trillion market value on Fri as CEO Elon Musk seen benefiting from his support of Trump

** Bitcoin BTC= up >2% and soars to record high above $82k as Trump's election turbocharges cryptocurrencies. Trump during his campaign vowed to make the U.S. the "crypto capital of the planet"

** Crypto-linked names such as notable BTC stockpiler MicroStrategy MSTR.O, Riot Platforms RIOT.O and MARA Holdings MARA.O all up more than 10% premarket

** Software developer Phunware PHUN.O, hired by Trump's 2020 re-election campaign to build a phone app, up 5%. Though its shares slid nearly 13% on Fri after co missed rev estimates and revealed received non-compliance notice from the Nasdaq

** Video-sharing platform Rumble RUM.O, in which Trump's running mate JD Vance has made an investment, rising 2% premarket

** Prison operators Geo Group GEO.N and CoreCivic CXW.N up 4% and 8%, respectively, extending their post-election rally. Trump, who has vowed a crackdown on illegal immigration, said on Sun he will appoint Tom Homan, the former acting director of Immigration and Customs Enforcement $(ICE)$, as U.S. 'border czar'

(Lance Tupper is a Reuters market analyst. The views expressed are his own))

((lance.tupper.tr.com@reuters.net lance.tupper@tr.com))

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