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Trump-owned DJT Adds Another 10% Intraday and Phunware Gains 20%+ as 'Trump Trade' Extends Rally
Former President Donald Trump's $Trump Media & Technology (DJT.US)$ rose another almost 10% intraday Wednesday, while Trump-linked $Phunware (PHUN.US)$ gained more than 20% as stocks seen as tied to the Republican leader extended their three-week long rally.
PHUN led the way higher, rallying as much as 22.8% to a $6.62 intraday high Wednesday -- one day after the conservative-friendly advertising-techology company's stock gained as much as 70% intraday to $7.99.
All in, PHUN gained 87.5% top to bottom between Wednesday's intraday peak and the stock's $3.53 intraday low last Thursday.
PHUN, which worked with Trump's 2020 campaign, is one of several companies tied to the former president that have risen in recent days as the Republican's 2024 re-election chances have seemed to rise. Trump has been gaining in the polls against his Democratic challenger, Vice President Kamala Harris.
Trump's social-media company DJT gained as much as 9.8% Wednesday to a $29.71 intraday peak, taking it 145.1% above the $12.12 that shares bottomed out at intraday just three weeks ago on Sept. 23.
Video platform $Rumble (RUM.US)$ -- seen as a conservative competitor to Instagram, which is owned by META – has also been rallying sharply in recent weeks, although it was trading 1.1% lower shortly before 10:30 a.m. ET Wednesday at $5.89.
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Jerry Kronenberg
Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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Alice Lim choo : good
Super Dave : phun actually has a reason to gain.
Alen Kok : good