Shares of Trump Media plummeted more than 10% in Monday’s session to trade at their lowest point since the social media company went public in March.
Early investors, including former US president Donald Trump, were subject to a six-month lockup period before being able to sell or transfer shares. This lockup period finished on Thursday, though Trump previously told reporters: “I have absolutely no intention of selling.”
The stock has seen large swings in share price since going public after merging with special purpose acquisition company Digital World Acquisition Corp.
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Shares jumped but then fell after current president Joe Biden stumbled in the first presidential debate of 2024 back in June, with Biden dropping out of the race a month later.
Trump Media shares have slumped since Biden’s announcement, particularly as vice president Kamala Harris, the Democratic nominee, has been tracking ahead in the latest polls.
Electric carmaker Tesla closed Monday’s session 5% higher as investors looked ahead to the company’s third-quarter sales figures and the much-anticipated debut of its robotaxi next month.
In a note released on Monday, Barclays analyst Daniel Levy said Tesla could deliver as much as 470,000 electric vehicles (EVs) in the third quarter quarter, when it releases the data early in October. That figure would be 8% higher than the same period last year.
“Given the positive data points reported thus far in the quarter, particularly in China, we believe Tesla’s sales trajectory is well understood and investors are expecting a stronger result,” Levy said.
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Tesla has faced a number of challenges this year, including layoffs and greater competition in China.
However, after disappointing first quarter earnings, Tesla saw some improvement the following period, with second-quarter deliveries totalling nearly 440,000, which beat analyst expectations.
Tesla is due to unveil its driverless robotaxis on 10 October, after repeated delays.
Raspberry Pi (RPI.L)
In its first results as a public company, Raspberry Pi posted stronger than expected profits for the six months to 30 June, driving shares 8% higher.
The company reported adjusted earnings of $20.9m (£15.6m), which was 55% higher than what it described as a “supply constrained comparative” first half in 2023.
Raspberry Pi, which is known for making smaller affordable computers aimed at helping children learn to code, listed on the London market in June. Its decision to list in London was considered a victory for the UK market, which has recently struggled to attract flotations from big companies and seen some move elsewhere.
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The company said it had completed its recovery from pandemic-related supply chain shortages and expected higher unit volumes in the second half of the year.
Eben Upton, CEO of Raspberry Pi, said: “In the second half, we have further planned product releases and a number of initiatives to further expand our engagement within our Industrial and Embedded market.”
Shares in Chinese technology company Alibaba continued to move higher after the company announced its cloud computing unit was collaborating with chipmaker Nvidia (NVDA) on an artificial initiative for autonomous driving solutions in smart vehicles.
Alibaba Cloud announced the collaboration on Friday as it revealed its large multimodal model (LMM) solution for automotive applications, which it developed with Nvidia.
South China Morning Post, which is owned by Alibaba, said this collaboration was the first integration of Alibaba’s large AI models into Nvidia’s Drive automotive platform.
Alibaba also announced last week that it was making over 100 LMMs available to the open-source community.
Jingren Zhou, chief technology officer of Alibaba Cloud Intelligence, described the move as a “significant milestone” in the tech giant’s AI strategy.
Alibaba shares closed Tuesday’s session in Hong Kong 6% higher.
Travel operator TUI rose slightly on Tuesday morning after the company reiterated full-year guidance that it would grow earnings before interest and tax by at least 25% in 2024.
In a trading update, TUI said “positive booking momentum and a strong close” to the summer season left it well positioned to reaffirm guidance.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: “Markets remain a little more optimistic than this seeing room for more than 30% growth, leaving a little room for disappointment if the final outcome doesn’t bridge this gap.
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“The Markets and Airlines segments have continued to soar this summer, with bookings and average selling prices both heading in the right direction.
“That trend’s continuing into the coming winter season as consumers refuse to let up when it comes to prioritising spending for leisure experiences.”
Investors will be looking ahead to the release of the full-year results on 11 December to see how much it has grown earnings before interest and tax, compared to the €977m (£814m) it reported for 2023.
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