Phunware Soars 70% Intraday and Rumble Rallies on 'Trump Trade,' But DJT Falls
Advertising-tech firm Phunware rallied as much as 70% intraday Tuesday, while Rumble and also soared as investors bid up stocks seen as likely to benefit from an election victory by former President Donald Trump. However, the ex-president's Trump Media & Technology firm's shares turned negative in late trading.
$Phunware (PHUN.US)$ – which helped with Trump's 2020 election campaign -- gained as much as 70% to a $7.99 intraday high, with trading briefly halted for an order imbalance.
Video-platform $Rumble (RUM.US)$ – seen as a conservative alternative to Instagram, which is owned by $Meta Platforms (META.US)$ -- likewise gained as much as 19.9% to a $6.56 session high.
But media company $Trump Media & Technology (DJT.US)$ – parent company of Trump's Truth Social social-media platform – turned negative late in the session after rising as much as 13% intraday earlier. DJT fell 5.6% shortly before 3 p.m. ET, with trading halted for a few minutes on an order imbalance when the stock moved from positive to negative territory.
The three so-called "Trump stocks" have been mostly rallying in recent weeks amid better polling numbers for the former president's re-election bid.
Trump is currently leading Vice President Kamala Harris, his Democratic rival in next month's election, by 48.3% to 47.8% in RealClearPolitics.com's average of polls in the swing states that will likely determine who wins. Harris had been ahead of Trump as recently as Sept. 20.
Trump has also cut Harris' nationwide lead in average poll numbers to 1.4%, down from 2.2% on Sept. 22.
Trump-related stocks have been gaining ground as his survey results improve. For example, DJT soared some 188% top to bottom since hitting an $11.75 intraday low on Sept. 24.
Similarly, PHUN added 180.4% between Tuesday's top and the stock's $2.85 near-term low on Sept. 23. And RUM added 30.2% between Tuesday's intraday high and the stock's $5.03 recent bottom on Sept. 23.
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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