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Apple (AAPL) and Amazon (AMZN) rise amid election uncertainty
Apple (AAPL), Amazon (AMZN) and UnitedHealth (UNH) were among the companies making share gains on Wednesday as investors reacted to an incredibly tight presidential election that could shape the fortunes of certain sectors heading into 2021.
Managed care company UnitedHealth climbed 11.42% on the view that a Senate stalemate will make it difficult for Democratic challenger Joe Biden to make any notable changes to the healthcare sector, even if he wins the election.
Tech stocks also benefited, with Apple and Amazon rising 3.95% and 5.89% respectively, as investors calculated that the recent antitrust crackdown could lose its momentum with a split government.
E*TRADE managing director Mike Loewengart said that the markets were exhibiting a holding pattern due to the continued uncertainty surrounding the election.
Uber (UBER) and Lyft (LYFT) also rose during trading after 58.4% of the electorate in California voted yes to “app-based drivers” being classed as independent contractors, rather than employees.
Uber shares soared 12.50% to $40.24, while Lyft climbed 9.70% to $28.78 by mid-afternoon.
Super Micro Computer (SMCI) was another big winner on Wednesday after the information tech company comfortably surpassed analyst expectations for its fiscal Q1.
Super Micro Computer posted $0.58 earnings per share and $762.25m revenue versus the $0.16 and $748m consensus.
CEO Charles Liang said that he was pleased with the performance against the backdrop of a “turbulent demand environment”.
He added: “As expected, a number of our enterprise customers slowed their spending last quarter, but we are encouraged to see significant progress and growth with several high-profile customers last quarter.”
SMCI stock skyrocketed 19.2% to $27.67 in midweek to extend the company’s year-to-date gains to 40%.
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