Phunware Gains Another 20%, But DJT and Rumble Ease as 'Trump Trade' Seems to Partly Pause
$Phunware (PHUN.US)$ rose more than 20% intraday Thursday as the advertising-technology firm's shares extended yet again a rally that has seen the Donald Trump-related company gain more than 170% in less than a month.
PHUN rose as much as 20.3% to a $7.63 intraday high Thursday. All in, the stock gained 172.5% at Thursday's peak from the $2.85 near-time low that it hit some 3-1/2 weeks ago in Sept. 23.
PHUN rose as much as 20.3% to a $7.63 intraday high Thursday. All in, the stock gained 172.5% at Thursday's peak from the $2.85 near-time low that it hit some 3-1/2 weeks ago in Sept. 23.
Markets see Phunware, which worked on the former president's 2020 campaign, as a so-called "Trump Stock" -- companies with ties to the former president. Many on Wall Street think Trump Stocks will do well if the Republican wins election back to the White House on Nov. 5.
Trump Stocks have been mostly rising for the past three weeks or so as polls show the Republican presidential candidate polling better and better against his Democratic rival, Vice President Kamala Harris.
Polling tracker RealClearPolitics.com had Trump leading Harris by 0.7% in aggregate as of Thursday in polls covering the key "battleground" states that will likely decide next month's election. Harris had been besting Trump by 0.1% as recently as Sept. 20.
But while Phunware rose sharply on Thursday for what looked like its sixth-straight positive session, other Trump Stocks weren't faring as well.
$Trump Media & Technology (DJT.US)$ – parent of Trump's Twitter rival Truth Social – was trading 5.3% lower at $29.62 heading into the market's 4 p.m. ET close after three weeks of mostly rising. However, shares are still up some 150% since hitting an $11.75 near-term low on Sept. 23.
Similarly, $Rumble (RUM.US)$ – seen as a conservative alternative to Instagram (which is owned by META) – eased 2.6% to $5.72 shortly before 4 p.m. ET Thursday after weeks of gains. Still, Rumble shares remain 13.7% higher than the $5.03 they bottomed out at on Sept. 23.
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