Five Stocks on the Move in the Wake of Trump’s Election Win

SolarCity Corp (NASDAQ:SCTY) and Tesla Motors Inc (NASDAQ:TSLA) are each down by more than 4% today as some traders become more cautious on the renewable energy/EV names in light of Trump winning the Presidency. It’s no secret that Elon Musk and Tesla have benefited enormously from U.S. government backing in terms of contract awards and EV tax credits in the past and present. Given that Trump is more in favor of the oil and gas industry and the rust belt was integral to his victory yesterday, it remains to be seen whether Tesla can continue to realize the same level of support as the market previously expected. According to our records, 36 and 26 top funds were long Tesla Motors Inc (NASDAQ:TSLA) and SolarCity Corp (NASDAQ:SCTY) at the end of June.

Last but not least, E*TRADE Financial Corp (NASDAQ:ETFC) shares have popped 3.5% due to improved sentiment. Although some traders think the Federal Reserve might be less inclined to raise the Federal Funds rate in December if the market sells off, the interest rates will happen eventually and E*TRADE will benefit. Given that Trump has also said that he will roll back regulation and lower taxes on businesses, some traders think E*TRADE could potentially have less expenses and higher margins. Leon Cooperman’s Omega Advisors was long 3.1 million shares of E*TRADE Financial Corp (NASDAQ:ETFC) on June 30.

Disclosure: none