The news of the debate between Republican nominee Donald Trump and Democratic Vice President Kamala Harris has had a significant impact on the stock prices of Trump Media & Technology. The company, which is majority owned by the former president, saw its shares slide more than 11% following the debate.
Rentokil Initial, the parent company of Terminix, experienced a drastic drop in its shares by about 20% after issuing a profit warning. This warning was due to weaker-than-expected trading in North America in July and August, causing the company to expect second-half organic sales growth to slow to around 1%. In sympathy, shares of fellow pest control company Rollins fell nearly 5%.
Contrary to the downward trend seen in other companies, the entertainment stock Dave & Buster’s saw a significant increase of more than 13% after exceeding earnings estimates for the recent quarter. However, their revenues fell short of Wall Street’s expectations.
On the opposite end of the spectrum, GameStop experienced a plunge of more than 10% in premarket trading following a steep decline in sales. The company reported a revenue drop of more than 20% from the previous year, which led to a decision to announce an “at-the-market” stock offering of up to 20 million shares.
Williams-Sonoma, a home furnisher company, saw a 3% increase in its stock price after receiving an upgrade from Jefferies to buy from hold. The investment firm highlighted the company’s potential for growth, particularly in the housing market.
U.S.-listed shares of Swiss pharmaceutical company Novartis dropped 2% after a downgrade at Bank of America from buy to hold. The bank cited a lack of growth catalysts in the future for Novartis as the reason for the downgrade.
In contrast, shares of biotech company Viking Therapeutics surged more than 4% after JPMorgan initiated coverage with an overweight rating. The investment firm believes that an upcoming data readout in November will serve as a positive catalyst for the stock, issuing a price target implying more than 40% upside.
Stocks linked to the price of bitcoin faced pressure as the flagship cryptocurrency experienced a slight drop in value overnight. Companies like Coinbase, MicroStrategy, MARA Holdings, and Riot Platforms all saw declines in their stock prices following the shift in the cryptocurrency market.
Lastly, shares of major bank Morgan Stanley were down more than 1% after Goldman Sachs downgraded the stock to neutral from buy. Goldman Sachs believed that Morgan Stanley was overvalued relative to its peers, leading to the downgrade.
It is evident that economic news and events can have a significant impact on the stock prices of companies across various industries. Investors must stay informed and adapt to the ever-changing landscape of the financial markets to make sound investment decisions.