Biggest stock movers Tuesday: ERIC, DJT, and more

Stock futures traded cautiously during Tuesday’s premarket session, as investors awaited the release of earnings reports from several major banks later in the day.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• Trump Media and Technology Group (DJT) surged 10%, reaching its highest point in over two months. Over the past two weeks, the company’s shares have more than doubled, driven in part by increasing betting odds favoring former President Donald Trump in the upcoming November 5 presidential election.
• Ericsson (ERIC) shares jumped 7% following the Swedish telecom company’s better-than-expected Q3 core earnings and a surge in North American demand. Sales in North America, a key growth driver, increased by over 50% year-over-year. Ericsson solidified its U.S. market position last year by winning a major contract with AT&T, surpassing its Finnish competitor, Nokia.

Biggest stock losers

• TotalEnergies (TTE) shares fell over 4% after the company warned of a sharp decline in its third-quarter downstream results, driven by lower refining margins in Europe and other regions due to a decline in global oil prices. The European Refining Margin Marker dropped to $15.4 USD/t in Q3 from $44.9 in the previous quarter. Despite this, the company expects hydrocarbon production to reach 2.4 Mboe/d and integrated LNG results to exceed $1B. The company is slated to release its Q3 results on 31, October.
• Etsy (ETSY) shares slipped as much as 5% after Goldman Sachs downgraded the online retailer from Neutral to Sell, citing a more selective approach to e-commerce stocks ahead of earnings. Analyst Eric Sheridan expressed a preference for companies with exposure to less discretionary categories that exhibit high repeat behavior, such as subscription services or essential goods. He favors buy-rated stocks like Amazon and Chewy within the sector. Sheridan also noted that spending patterns continue to be constrained among lower-income households. Following the downgrade, Etsy’s price target was set at $45, implying a potential decline of 9.3% from the last closing price.