Biggest stock movers Monday: TSLA, SMCI, and more

Stock futures were mixed Monday morning as anticipation built around NVIDIA’s upcoming earnings, a key event for the markets this week.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• Tesla (TSLA) shares climbed 6% following reports that President-elect Donald Trump’s transition team plans to prioritize creating a federal framework for fully autonomous vehicles within the Transportation Department. This move is expected to benefit Tesla (TSLA) as its CEO, Elon Musk, a notable Trump supporter, contributed over $130M to the campaign. Musk was also appointed to lead a new Department of Government Efficiency, tasked with reducing regulations and streamlining federal operations. Meanwhile, Tesla has redirected its focus toward advancing self-driving technology, stepping away from earlier plans for a sub-$30,000 electric vehicles.
• Super Micro Computer (SMCI) shares surged 15% after reports surfaced that the company plans to submit a compliance plan to Nasdaq today to avoid delisting. The AI server firm cited delays in filing its Q1 2025 earnings report due to the need to finalize its 2024 Form 10-K and hire a new accounting firm. A special committee has completed its initial review of concerns raised by former auditor Ernst & Young and continues to address remaining tasks. Super Micro reaffirmed its commitment to meeting Nasdaq’s listing requirements promptly.

Biggest stock losers

• Kingsoft Cloud Holdings Limited (KC) shares plunged over 15% ahead of the company’s scheduled release of its unaudited financial results for the third quarter of 2024, ending September 30, 2024. The results are set to be announced before the U.S. market opens on Tuesday, November 19, 2024, with analysts expecting an adjusted EPS of -$0.14 and revenues of $273.57M.