Phunware (NASDAQ: PHUN) stock soared over 75% on Monday amidst fluctuations in Trump-associated stocks following Donald Trump’s victories in the Missouri and Idaho Republican caucuses. The U.S. Supreme Court’s ruling preventing Colorado from excluding Trump from the Republican primary ballot added to the market’s response.
The recent ruling from the Supreme Court clarified that Congress, not individual states, has the authority to enforce the 14th Amendment against federal office-seekers.
The ruling explicitly stated,
“Because the Constitution makes Congress, rather than the states, responsible for enforcing section 3 against all federal officeholders and candidates, we reverse.”
This ruling carries nationwide implications, ensuring that former President Trump will remain on the ballot in all states as primary elections progress.
Trump’s Influence on PHUN Stock
It is worth noting that the move of Phunware on Monday was not out of the ordinary. Earlier this year, when Trump triumphed in Iowa, PHUN stock saw a more than fourfold increase in a single trading day. Yesterday’s movement in the stock associated with Trump was relatively subdued compared to its previous surges.
Formerly, Phunware has collaborated with the Trump campaign, developing a mobile app used during the former President’s campaign in the past. This association has led some traders to view Phunware as a stand-in for the Trump re-election campaign. As a result, any positive discourse about the former president tends to spark heightened interest in Phunware’s stock.
Phunware (NASDAQ: PHUN) Stock Reaction
PHUN stock surged 75.28% to close at $12.41 on Monday. The traders had exchanged hands with 68,708,207 (68.70 million) shares compared to the average daily trading volume of 2.51 million.
