Election Day was a strong day for stocks, as the S&P 500 Index edged 0.4% higher, the Dow Jones Industrial Average climbed 0.4% and the Nasdaq Composite gained 0.5%. In the face of a surprise Donald Trump victory that rattled futures markets, however, the major indices are actually tracking fractional gains and losses.
Many, many companies are on the move, but some are doing it for news-related reasons. Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL), Hertz Global Holdings, Inc. (NYSE:HTZ) and Energy Transfer Partners LP (NYSE:ETP) are among them.
Here’s how they did:
Alphabet Inc (GOOGL)
Alphabet announced a major management change of one of its new teams. The tech giant revealed that two managers of its drone-delivery project have been pushed out of the company due to internal fighting among members.
The move is expected to slow down the project’s ambitions as it is unclear who will replace these managers. Alphabet has been working on researching and developing delivery drones since 2012 as we enter the era of aerial gadgets.
The company added that it is in the process of developing its next phase of technology, considering all situations in which a drone could be a useful prospect, including faster transportation of products. The news could worry some investors as Alphabet’s modular phone team, Project Ara, was shut down earlier this year, while Google Fiber’s efforts were reduced.
GOOG shares gained 0.6% after hours Tuesday, while GOOGL stock is down 1.15% after Election Day.
Energy Transfer Partners LP (ETP)
Energy Transfer Partners has no intentions of changing its plans to build an oil pipeline in North Dakota.
The past few weeks have been highlighted by hundreds of protesters showing up at the land where the pipeline is set for construction, most of which are Native American groups due to the fact that the land is an American Indian reservation that Natives claim belong to them.
The Dakota Access Pipeline owners said it is carrying forth its efforts to move equipment to the Midwestern state as it will drill under Lake Oahe, a water source that many depend on for sustenance.
On Monday, an Army Corps spokesman claimed that Energy Transfer was willing to slow down construction, but the company shot down these claims. The pipeline will cost $3.7 billion.
The creation will be 1,172 miles long and it will offer oil from the Bakken shale of North Dakota to a variety of locations in the Midwest and Gulf Coast. The company does not expect any delays moving forward.
ETP stock is up 10.5% after Donald Trump became the president elect.
Hertz Global Holdings, Inc. (HTZ)
Carl Icahn has raised his position on Hertz. The billionaire investor previously had a 15.2% stake on the rental car service provider. Icahn doubled this figure by assuming 33.8% of all company shares, amounting to more than a third of Hertz.
The move — which he filed with the Securities and Exchange Commission — follows Icahn’s decision to buy more Herbalife Ltd. (NYSE:HLF) shares. He now owns 24.18% of the company, topping his previous position of 23.08%.
Hertz reported its third-quarter earnings Monday afternoon, which tallied up to 49 cents per share, or $1.58 a share on an adjusted basis. Revenue was down 1% year-over-year.
Meanwhile, Hertz now expects its full-year earnings between 51 cents and 88 cents per share, missing previous estimates of $2.75 to $3.50 per share.
HTZ stock is trading 4.2% higher Wednesday.
