CVS shares rise on earnings, management change

29 minutes ago

CVS Health (CVS) shares rose after the drugstore chain and healthcare company posted better-than-expected results and new CEO David Joyner made leadership changes as he moves to shake up the struggling firm.

The company reported third-quarter earnings per share of $1.09 as revenue rose 6.3% to $95.4 billion.

Revenue was boosted by the Pharmacy & Wellness division, which saw sales rise 12% to $32.4 billion, helped by higher prescription volume.

The company said its health services unit’s revenue fell 5.9 percent, primarily due to the loss of a large customer and continued price improvements to pharmacy customers. Reuters in January reported that Tyson Foods (TSN) replaced CVS Health with Rightway to manage employee drug benefits.

Joyner took over as CEO last month. CVS in a separate statement said the former UnitedHealth Group (UNH), chief executive Steve Nelson will become head of its Aetna insurance arm, and Prem Shah, current chief pharmacy officer and president of the Pharmacy & Consumer Wellness division, will become group president

CVS shares rose 10% in recent trading, but are still down more than 20% since the start of the year.

–Bill McCall

Small-cap stocks rise after Trump’s win

1 hour and 7 minutes ago

Small-cap stocks were broadly higher on Wednesday, outperforming leading market indexes following Donald Trump’s presidential election win.

The Russell 2000 (GROOVE) index of smaller companies recently rose more than 4%, outperforming gains seen in the S&P 500, Dow and Nasdaq. Several Russell companies posted big gains, with about a dozen recently up about 20% or more.

Both the Russell and the benchmark S&P are up this year, but today’s move undercuts the S&P’s performance. It also has Russell at year-to-date highs – and levels last seen in late 2021.

The economic environment is generally viewed as favorable to smaller companies, which are more sensitive to broader conditions. The Federal Reserve is also waiting reduce rates again Thursday; lower interest rates are generally understood to benefit companies that, like small caps, often carry more debt.

Some analysts also speculated that a Republican victory could mean lower corporate tax rates, which could especially benefit smaller firms.

–David Marino-Nachison

Solar shares fall on Trump’s election win

1 hour 41 min ago

Several solar stocks, including First Solar (FSLR) and Enphase Energy (ENPH) fell in early trading Wednesday after the presidential election was called in favor of former President Donald Trump.

SunRun (RUN), power socket (plug), and SolarEdge Technologies (Sedge) shares also fell with Invesco Solar (TAN) exchange traded fund (ETF) decrease by almost 11%.

In the 16-page campaign platform listed on Trump’s website, positions on energy policies include increasing oil, natural gas and coal production while reversing the Biden administration’s policies favoring renewable energy.

Trump’s ability to reverse legislation like that Inflation Reduction Actwhich studies have shown has accelerated the reduction of carbon dioxide emissions, will depend on how Republicans do in the remaining races that have not yet been decided in the House of Representatives. The party secured a slight majority in the Senate, according to the races already called by Associated Press.

–Aaron McDade

Super micro computer levels to watch as stock drops again

2 hours 32 minutes ago

Shares in Super Micro Computer (SMCI) tumbled in early trading on Wednesday after the troubled server maker late yesterday provided preliminary fiscal first-quarter results that fell short of Wall Street expectations and said it could not predict when it would file its annual report 2024 postponed.

Shares broke down in a bearish pattern late last month to their highest weekly volume since late August, suggesting selling conviction behind the move.

Investors should watch for crucial support levels on the Super Micro Computer chart around $23, $12 and $10, while monitoring a key resistance area near $30.

The stock fell 23% to $21.38 in recent trading.

Read in full technical analysis here.

–Timothy Smith

What Donald Trump’s victory means for the economy

3 hours 47 minutes ago

Former President Donald Trump’s victory in the 2024 presidential election puts the US economy on a path of higher tariffs, lower taxes and deregulation.

His victory has immediate and long-term consequences for the US economy. In the short term, the US avoids the uncertainty and disruption of the delayed outcome could have caused.

In the long run, Trump will have a chance to implement the vision laid out during his campaign, though his ability to do so will depend on which party controls the House of Representatives, and several of those races have yet to be called.

Read on full article here.

–Dickon Hyatt

Tesla Jumps as Musk Seen Winning Under Trump’s Presidency

4 hours and 10 minutes ago

Tesla shares (TSLA) rose 12% in recent premarket trading on Wednesday, on investor bets that the Elon Musk-led electric vehicle (EV) maker will be a major beneficiary of Donald Trump’s return to the presidency.

Tesla CEO Musk, an outspoken Trump supporter, is expected to become a prominent adviser to the president.

Tesla’s prospects under a Trump presidency are less clear, however. Trump is not a proponent of clean energy, while Tesla was benefited from THE The Inflation Relief Act of 2022signed by President Joe Biden. Tesla also benefited from 100 percent tariffs on Chinese electric vehicles imposed by Biden, which shielded the electric vehicle maker from an onslaught of cars from the Asian nation — which is also a major market for the company.

Wedbush analyst Dan Ives, who has an “outperform” rating on the electric vehicle maker’s stock, said Sunday that the possibility of a trade war with China could weigh on the company. But Ives noted that a Trump presidency could mark a more welcoming environment for the company’s autonomy initiatives.

–Nisha Gopalan

Trump Media stock value in pre-market trading

5 hours 25 minutes ago

Shares of Trump Media and Technology Group (DJT) jumped in pre-market trading with former President Donald Trump poised to win re-election to the White House.

Shares of the social media company recently traded around $45, indicating an open of more than 30% above Tuesday’s close. The move would extend a jump from September lows below $12, which was marked by big swings in the value of the company.

The company, which owns the Truth Social platform, reported its latest quarterly financial results last night, posting revenue of $1 million in the third quarter and a net loss of just over $19 million. In its press release, executives cited a “legion of retail investors” who own the stock.

The company “continues to explore additional growth opportunities, such as potential mergers and acquisitions with companies that would benefit from Trump Media’s technology and branding, including in fintech,” CEO Devin Nunes said in a statement.

Trump is the majority owner of the company’s shares.

–David Marino-Nachison

Major indexes are poised to rise at Wednesday’s open

5 hours 57 minutes ago

Dow Jones Industrial Average futures rose 3%.

S&P 500 futures rose 2.3%.

Nasdaq 100 futures rose 1.7%.