Biggest stock movers Wednesday: DJT, SMCI, and more

Stock futures moved higher Wednesday morning as former President Donald Trump appeared close to winning the presidential election over Vice President Kamala Harris.

Here are some of Wednesday’s biggest stock movers:

Biggest stock gainers

• Tesla (TSLA) shares soared 13% as the business is seen as a key beneficiary of the U.S. presidential election, regardless of the outcome. Elon Musk, the CEO, has publicly endorsed former President Donald Trump, paying tens of millions of dollars to his campaign. Meanwhile, Tesla received a patent on Tuesday for a new system and method that might allow the firm to license its autonomous driving technology, possibly expanding Tesla’s impact in the self-driving market.
• Crypto stocks, including Coinbase (COIN), MicroStrategy (MSTR), Riot Platforms (RIOT), MARA Holdings (MARA), and Bitfarms (BITF), all rose over 3% following a rally in leading cryptocurrency Bitcoin (BTC-USD), which approached $74K, +7% after reaching an all-time high of $75K on Tuesday evening. The surge came as investors speculated that former President Donald Trump might be gaining an edge in the U.S. election, sparking optimism in the crypto market.
• Shares of former President Donald Trump’s media company (DJT) surged nearly 50% as election results showed him narrowing the gap in the race for the presidency. While he has not yet been officially declared the winner by most major news outlets, Trump garnered significant support after being declared the winner in Pennsylvania, further energizing his base and fueling investor optimism in his media ventures. This surge in stock price reflects market sentiment driven by his potential return to the White House and the anticipated impact on his media business.

Biggest stock losers

• Super Micro Computer (SMCI) shares plunged over 16% after releasing preliminary FQ1 results, with adjusted EPS projected at $0.75–$0.76 and revenue between $5.9B and $6B, both under previous guidance and below the consensus of $6.44B, though slightly above analysts’ $0.74 EPS forecast. The company cautioned the results are preliminary and unaudited (due to the recent resignation of its auditor), and they may be subject to change. The company also provided FQ2 revenue outlook in the range of $5.5B to $6.1B (midpoint of $5.8B), falling short of the consensus of $6.84B, with adjusted EPS of $0.56–$0.65 and a midpoint of $0.61, also below the consensus of $0.81.