I don't like the Monsanto Company. I think they're essentially evil. But I would guess that yesterday and today's run-up are partially because it looks like Proposition 37 is not going to pass. It has been polling lower and lower. The only hope for the Yes on Proposition 37 would be if the polls are totally off because for instance certain voting segments in CA don't have land lines to be surveyed. But its a slim hope.
Monsanto alone has spent roughly $8.1 million to defeat it as part of a corporate coalition that raised at least $44 million to defeat proposition 37. That should show you how important the company thinks the proposition not passing is to its earnings. I noticed a couple of analysts have upgraded recently which I think is related to the polling.
I took a straddled position on the stock with some out of the money puts and some out of the money calls that expire ten days after Today's election although short overall. Right now the calls are worth more than I paid for them though still out of the money. The puts have all lost most of what was paid for them and still out of the money.
If for some reason Proposition 37 were to pass I would suspect that Monsanto stock would tank at the opening tomorrow.