Check out the companies making headlines in midday trading: Tesla – The electric vehicle stock rose about 9% to build on last week's 29% gain as investors bet the Trump administration will do well for the company and CEO Elon Musk. AbbVie – Shares fell 12.6% after the drug company said its experimental schizophrenia drug did not show a statistically significant improvement in symptoms during two Phase 2 trials. The news sent shares of rival Bristol-Myers Squibb rising nearly 12%. Super Micro Computer – The beleaguered server maker ended Monday's session up 4.7%, after falling earlier in the day. Shares have fallen since Ernst & Young resigned as SuperMicro's auditor in late October and after the company released unaudited quarterly results that showed weaker-than-expected revenue. Cryptocurrency Stocks – Cryptocurrency stocks extended gains last week as investors enjoyed the honeymoon period between Election Day and Inauguration Day. Coinbase shares jumped 19.8% and traded above $300 for the first time since 2021. MicroStrategy shares rose 25.7% and shares of bitcoin mining company MARA Holdings and Riot Platforms rose 29.9% and 16.9%, respectively. Wells Fargo, Bank of America and Morgan Stanley — Big bank stocks rose again Monday, building on their post-election gains driven by investor hopes for looser regulation and bigger deal-making under the incoming presidency. Wells Fargo shares jumped 3.6%, while Bank of America and Morgan Stanley shares rose by about 2.1% and 3.1%, respectively. Geo Group, CoreCivic — Private prison numbers jumped after President-elect Donald Trump tapped immigration hardliner Tom Homan, the former acting director of U.S. Immigration and Customs Enforcement during Trump's first term, to be his “border czar.” Shares of Geo Group and CoreCivic rose 4.4% and 6.3%, respectively. Trump Media & Technology Group – Shares of the social media platform rose 4.7% as investors continued the “Trump Trade” momentum in stocks tied to the president-elect. Cigna – Shares of the health insurance giant rose about 7.3% after it said it would not seek a merger with Humana, which lost 8% on the news. Cigna also reiterated its 2024 and 2025 financial guidance. RadNet – Shares of the radiology company rose more than 19% after reporting stronger-than-expected third-quarter earnings and revenue and announcing a “strategic collaboration” with GE HealthCare. Valley National Bank – Shares rose 2.8% after JPMorgan upgraded the New York-based regional bank to overweight from neutral. Analyst Anthony Elian cited Valley National's progress toward reducing its exposure to commercial real estate as a positive. Last week, Valley National said it would sell additional shares, and JPMorgan will be the sole bookrunner on the deal. Cboe Global Markets – Shares advanced nearly 1.3% on Deutsche Bank's upgrade to buy from hold. Deutsche Bank said the exchange operator could see increased demand for some products due to post-election market volatility. — CNBC's Alex Haring, Tanaya Machel, Jessie Pound, Samantha Sobin, Lisa Kailay Hahn and Michelle Fox contributed reporting.
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Stocks making the biggest moves at midday: ABBV, TSLA, CI, MS
