Phunware Rebounds 20%+ One Day after 40% Drop as 'Trump Stocks' Resume Rally

PHUN gained as much as 23.5% Friday to a $10.47 session, regaining some of the ground that it lost Thursday, when the stock fell just over 40% from Wednesday's $14.14 close to end at $8.48.

Phunware fell Thursday after disclosing that CEO Mike Snavely had "retired and resigned" on Tuesday. The company named former board Chair Stephen Chen as interim CEO.

The stock's resulting sell-off on Thursday snapped a month of mostly rising sessions that saw Phunware gain more than 400% between hitting a $2.85 intraday low on Sept. 23 and a $14.60 session high this past Wednesday.

Phunware, which worked with former President Donald Trump's 2020 campaign, has been rising recently as stocks with ties to the Republican gained ground on his improving 2024 poll numbers.

Trump-founded DJT – parent of the former president's Truth Social social-media platform – gained as much as 12.9% Friday to a $39.45 session high, up 225.5% from its Sept. 23 intraday low.

Similarly, conservative-friendly video platform Rumble added as much as 6.5% Friday to a $5.86 session peak – taking it 16.5% above the company's $5.03 Sept. 23 bottom.

So-called "Trump Trade" stocks have been rising on Wall Street's apparent belief that the companies will benefit from a second Trump presidency, which polls are showing is becoming increaasingly likely.

Trump's poll numbers in his election race against Democratic Vice President Kamala Harris have improved in recent weeks.

For instance, RealClearPolitics.com showed him tied with Harris on Friday at 48.4% each in an average of nationwide polls, whereas Harris had been leading Trump by 2.2% on Sept. 22 using the same measure.

The Republican former president also led his Democratic rival by 0.9% on average as of Friday among polls taken in the seven key "battleground" states that will likely decide the Nov. 5 election. Harris was besting Trump by 0.1% utilizing the same measure as recently as Sept. 21.