'Trump trade' picks up steam on U.S. election day

Phunware

05/11/2024 15:58

** Shares of crypto-linked companies Tesla  TSLA.O , Trump
Media  DJT.O  and other firms tied to rising bets of Republican
Donald Trump returning to the White House climb on U.S. election
day
    ** Recent betting odds reflect expectations Trump is likely
to win
    ** On the Predictit platform, contracts for a Trump victory
traded at 58 cents, while Harris contracts were at 48 cents.
Polymarket has Trump with a 63% chance of winning and Harris at
37%
    ** Trump Media & Technology Group  DJT.O , which operates
the Truth Social app, jumps 11.7% to $38.5. The stock has been
popular with retail traders and seen as proxy on Trump's
election prospects
    ** Software developer Phunware  PHUN.O , hired by Trump's
2020 re-election campaign to build a phone app, down 0.5% at
$6.87, lags other Trump stocks following recent CEO, CFO
resignations
    ** Video-sharing platform Rumble  RUM.O , in which Trump's
running mate JD Vance has made an investment, up 0.3% at $5.79
    ** A trader confirmed Trump trades are behind Tesla's more
than 3% gain; CEO Elon Musk has publicly endorsed Trump
    ** Prison operators Geo Group  GEO.N  and CoreCivic  CXW.N 
up 6.4% and 4.7%, respectively; Trump has promised a crackdown
on illegal immigration, which could boost demand for detention
centers
    ** Trump trade favorite bitcoin  BTC=  up 3.5% at $69,348,
helping lift crypto-linked stocks such as MicroStrategy
 MSTR.O , Riot Platforms  RIOT.O , MARA Holdings  MARA.O 

 (Reporting by Sruthi Shankar in Bengaluru and Lance Tupper in
New York)
 ((sruthi.shankar@thomsonreuters.com;))