Trump Media Stock Soars as Election Day Approaches

43 minutes ago

Shares of Truth Social’s parent company continued their recent climb Monday, advancing to start the home stretch to the presidential election. 

Trump Media & Technology Group (DJT), majority owned by former President Donald Trump, was recently up 20% to above $46, trading at its highest levels since June. The move extends a rebound from lows of below $12 set in September. 

The social network operator has become something of a meme stock, attracting investors — including retail investors — looking for a way to bet on the likelihood that Trump, the Republican nominee, will defeat Vice President Kamala Harris, the Democrats’ pick. 

The shares remain below intraday highs near $80 seen not long after the company’s merger with a so-called blank check company earlier this year. They had fallen steadily since May, but reversed course last month in part after the expiration of lock-up agreements limiting the ability of Trump and other investors to sell shares didn’t appear to generate fresh pressure on the stock. 

–David Marino-Nachison

Energy Stocks Slide, Airline Stocks Surge as Oil Price Plunges

1 hr 36 min ago

Shares of companies most affected by the price of oil were among the biggest movers in the S&P 500 Monday as crude futures sank after a weekend retaliatory strike against Iran by Israel didn’t hit Iran’s oil facilities.

Crude oil futures were down nearly 6% in late-morning trading as Iranian production wasn’t disrupted. Iran makes up about 4% of the global oil trade, according to the U.S. Energy Information Administration (EIA). The targeted attack by Israel also eased concerns about a greater escalation of Middle East fighting that would further impact supply.

Shares of drillers such as APA (APA), Diamondback Energy (FANG), and Devon Energy (DVN) fell, along with oilfield services firms Halliburton (HAL) and SLB (SLB).

The SPDR S&P Oil & Gas Exploration and Production exchange-traded fund (ETF) fell to its lowest level this month.

On the flip side, shares took off for Carnival Corp. (CCL), Delta Air Lines (DAL), and other cruise lines and airlines, which stand to benefit from lower fuel costs.

–Bill McColl

Onsemi Beats Earnings Expectations, Gives Weak Guidance

2 hr 58 min ago

ON Semiconductor (ON) beat third-quarter profit and revenue estimates Monday, but sales continued to decline and the chipmaker gave weak guidance.

The company, also known as Onsemi, reported third-quarter adjusted earnings per share (EPS) of $0.99, with revenue declining nearly 20% year-over-year to $1.76 billion. Both were slightly above consensus forecasts of analysts polled by Visible Alpha.

Onsemi sees current-quarter adjusted EPS in the range of $0.92 to $1.04 and revenue of $1.71 billion to $1.81 billion. Analysts surveyed by Visible Alpha were looking for $1.00 and $1.78 billion, respectively.

ON Semiconductor shares were up 2.5% in recent trading, though are down nearly 13% in 2024.

–Bill McCoil

Boeing Kicks Off Stock Sale That Could Raise Around $19 Billion

3 hr 31 min ago

Boeing (BA) on Monday launched the sale of around $19 billion in stock and depositary shares, as the troubled plane maker seeks to shore up its finances.

Boeing said it had kicked off the sale of 90 million shares of common stock. That would amount to $13.95 billion if the shares are valued at their Friday closing price of $155.01 each.

Boeing is also offering $5 billion in depositary shares for sale, which it said it intends to list on the New York Stock Exchange (NYSE) under the symbol “BA.PRA.”

The plane maker, which is grappling with a crippling strike by its union machinists, will also offer the deals’ underwriters a 30-day option to buy an additional 13.5 million common shares and $750 million of depositary shares.

Boeing said net proceeds would go toward the "repayment of debt, additions to working capital, capital expenditures, and funding and investments" in its subsidiaries.

Boeing shares were down nearly 2% in early trading Monday.

–Nisha Gopalan

Futures Point to Higher Open for Major Indexes

4 hr 55 min ago

Futures tied to the Dow Jones Industrial Average were up 0.3%.

S&P 500 futures were up 0.4%.

Nasdaq 100 futures were up 0.6%.

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