Trump Media, broader market surge after Trump wins election: Morning Buzz

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Trump Media (DJT) jumps after Donald Trump was elected President of the United States for the second time
• CVS Health (CVS) reported mixed Q3 results, with the company saying it is taking “meaningful steps” to strengthen the Aetna business
• Honda (HMC) reported mixed H1 results and provided its outlook for FY25
• iRobot (IRBT) reported mixed Q3 results and announced CFO Julie Zeiler will retire
• Owens Corning (OC) reported upbeat Q3 earnings

2. WALL STREET CALLS:

• Snowflake (SNOW) upgraded to Buy at Monness Crespi after 73% pullback from peak
• Humana (HUM) upgraded to Neutral at BofA after Trump win
• JPMorgan downgraded Supermicro (SMCI) to Underweight on uncertainty after update
• Cboe Global (CBOE) downgraded to Underweight from Equal Weight at Morgan Stanley
• Five Below (FIVE) downgraded to Underperform at BofA with Trump tariffs “looming”

3. AROUND THE WEB:

• Planet Fitness (PLNT) submitted a last-minute bid to acquire bankrupt gym chain Blink, which accepted a $121M offer from Pure Gym last week, NY Post reports
• The European Union antitrust regulators opened an investigation into Corning’s (GLW) exclusive supply deals, Reuters reports
• Nintendo (NTDOY) announces the successor to its Switch device will be able to play current Switch games and have carryover for Nintendo Switch Online services, The Verge says
• Apple (AAPL) has asked Foxconn (HNHPF) about constructing artificial intelligence servers in Taiwan, Nikkei Asia reports
• Italian trade unionists have said Stellantis (STLA) CEO failed to confirm previously announced electrification plans for the car maker’s Maserati luxury brand, Reuters says

4. MOVERS:

• Hut 8 (HUT) increases after announcing an initial ASIC fleet upgrade
• Cytek Biosciences (CTKB) and Revolve Group (RVLV) gain after reporting quarterly results
• Trimble (TRMB) and AvidXchange (AVDX) gain after reporting quarterly results and providing guidance for FY24, respectively
• Pacs Group (PACS) lower after providing preliminary Q3 KPIs
• Tango Therapeutics (TNGX) falls after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Exact Sciences (EXAS) reported Q3 results and cut its guidance for FY24
• Celsius Holdings (CELH) reported Q3 results, with EPS and revenue missing consensus
• Teva (TEVA) reported Q3 results, with CEO Richard Francis commenting, “The third quarter of 2024 marks our seventh consecutive quarter of growth”
• Supermicro (SMCI) narrowed its guidance for Q1 and provided guidance for Q2
• Southwest Gas (SWX) reported Q3 results, with CEO Karen Haller commenting, “”Performance at the utility has been strong in 2024”

INDEXES:

Near midday, the Dow was up 1,343.41, or 3.18%, to 43,565.29, the Nasdaq was up 435.94, or 2.36%, to 18,875.11, and the S&P 500 was up 120.83, or 2.09%, to 5,903.59.