DWAC - What Is Going on With Phunware (PHUN) Stock Today?
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The shares of Phunware (NASDAQ:PHUN), which develops and manages mobile applications, are surging 17% in early trading today. PHUN stock is soaring amid indications that former President Donald Trump will seek the presidency for the third time in 2024 and the company will potentially work with the candidate’s campaign.
In 2020, USA Today stated that Phunware was working for Trump’s campaign at that time. Specifically, the company was reportedly developing and managing mobile apps for the campaign. Investors appear to believe that they will work together again during the next presidential campaign cycle.
Indications That Trump Will Run Again
Yesterday NBC, citing an unnamed source, reported that Trump was considering announcing at a Pennsylvania rally on Saturday night that he would run again for president in 2024. However, the former president, following the counsel of his advisers, decided not to make the announcement on Saturday because he did not want to steal the spotlight from the Republican candidates seeking offices in Pennsylvania.
The source added that Trump is “itching” to launch his 2024 campaign.
Supporting the accuracy of NBC’s report, Trump on Saturday, speaking at the rally, suggested he would not announce his 2024 run at the event because he wanted to “keep the focus on” the GOP candidates for statewide office in Pennsylvania.
Additional Information on Phunware
The company’s LYTE business, which assembles PCs, on Nov. 3 announced special Black Friday discounts. Specifically, for the entire month of November, LYE will be “waiving its standard $100 flat build fee” for each computer.
Instead, those who order its PCs will only have to pay for “the price of parts,” Phunware stated. Additionally, for the entire month, consumers who order only PC parts will receive a 5% discount on those parts, and customers will have the chance to receive a free accessory or service each time they order one of Phunware’s products.
Last month, Phunware announced that it would unveil its third-quarter results on Thursday, Nov. 10 after the market closes.
The owners of PHUN stock will probably closely examine the company’s Q3 results and any information that it discloses about the impact of its Black Friday sale in conjunction with its earnings.
Another Trump-Linked Stock
Fellow Trump-related stock Digital World Acquisition Corp (NASDAQ:DWAC) is jumping nearly 30% in early trading today. As I reported in a previous article, “DWAC… is a special-purpose acquisition company (SPAC) that has agreed to merge with the Trump Media and Technology Group, or TMTG. TMTG is a social media company founded by former U.S. President Donald Trump.”
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.
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