Super Micro Computer Levels to Watch as Stock Plunges Again

36 minutes ago

Shares in Super Micro Computer (SMCI) tumbled in early trading Wednesday after the troubled server maker provided preliminary fiscal first-quarter results late yesterday that came in below Wall Street expectations and said it’s unable to predict when it will file its delayed 2024 annual report.

The stock broke down below a falling wedge pattern late last month on the highest weekly volume since late August, suggesting selling conviction behind the move.

Investors should watch crucial support levels on Super Micro Computer's chart around $23, $12, and $10, while monitoring a key resistance area near $30.

The stock was down 23% at $21.38 in recent trading.

Read the full technical analysis piece here.

-Timothy Smith

What Donald Trump's Victory Means for the Economy

1 hr 51 min ago

Former president Donald Trump's victory in the 2024 presidential election sets the U.S. economy on a path of higher tariffs, lower taxes, and deregulation.

His victory has immediate and longer-term consequences for the U.S. economy. In the short run, the U.S. avoids the uncertainty and disruption that a delayed result could have caused.

In the longer run, Trump will have the chance to implement the vision laid out during his campaign, though his ability to do so will depend on which party controls the House of Representatives, and several of those races have yet to be called.

Read the full article here.

–Diccon Hyatt

Tesla Jumps as Musk Seen Winning Under Trump Presidency

2 hr 13 min ago

Shares of Tesla (TSLA) were up 12% in recent premarket trading Wednesday on investor bets that the electric vehicle (EV) maker run by Elon Musk will be a major beneficiary of Donald Trump’s return to the presidency.

Tesla CEO Musk, an outspoken Trump backer, is expected to become a prominent adviser to the president.

Tesla’s prospects under a Trump presidency are less clear cut, however. Trump isn’t a backer of clean energy, while Tesla has benefited from the Inflation Reduction Act of 2022, signed by President Joe Biden. Tesla also gained from 100% tariffs on Chinese EVs imposed by Biden that protected the EV maker from an onslaught of cars from the Asian nation—which is also a major market for the company.

Wedbush analyst Dan Ives, who has an “outperform” rating on the EV maker’s shares, said Sunday that the possibility of a trade war with China could weigh on the company. Ives did, however, note that a Trump presidency could mark a more welcoming environment for the company’s autonomy initiatives.

–Nisha Gopalan

Trump Media Stock Surges in Premarket Trading

3 hr 29 min ago

Shares of Trump Media and Technology Group (DJT) jumped in premarket trading with former President Donald Trump set to win re-election to the White House. 

The social-media company’s shares were recently trading at around $45, indicating an open more than 30% above Tuesday’s close. The move would extend a jump off September lows below $12 that has been marked by big swings in the company’s value.

The company, owner of the Truth Social platform, last night reported its latest quarterly financial results, turning in third-quarter revenue of $1 million and a net loss of a bit more than $19 million. In its press release, executives cited a “legion of retail investors” who own the shares. 

The company “continues to explore additional possibilities for growth such as potential mergers and acquisitions with companies that would benefit from Trump Media technology and branding, including in the realm of fintech,” CEO Devin Nunes said in a statement. 

Trump is majority owner of the company's shares.

–David Marino-Nachison

Major Indexes Poised to Skyrocket at Wednesday's Open

4 hr 1 min ago

Futures tied to the Dow Jones Industrial Average were up 3%.

S&P 500 futures were up 2.3%.

Nasdaq 100 futures were up 1.7%.

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