Stock Movers

On this episode of Stock Movers:
- Nvidia (NVDA) shares rise after US government officials told Nvidia they would green-light export licenses for its H20 artificial intelligence accelerator, according to a blog post.
- Citigroup (C) shares gain after revenue from the bank’s fixed-income trading business soared 20% to $4.3 billion versus $3.9 billion; stock traders raked in $1.6 billion.
- Wells Fargo (WFC) shares drop after the bank reported 2Q net interest income at $11.7 billion, just short of analyst estimates. The bank also lowered its full-year net interest income growth target to little changed from last year.

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On this episode of Stock Movers:
- JPMorgan Chase & Co. (JPM) shares are up as the big bank giant's investment bankers had a surprise gain in the second quarter, with investment-banking fees climbing 7%, according to the bank. CEO Jamie Dimon said dealmaking "activity started slow but gained momentum as market sentiment improved". JPMorgan's stock traders had their best second quarter ever, with fixed-income trading and equity trading performing well ahead of expectations.
- Wells Fargo (WFC) shares are down after lowering its full-year guidance for net interest income after a quarter of tepid growth amid the ongoing trade war. The bank posted $11.7 billion in NII for the three months through June, falling short of analysts’ estimates of $11.8 billion. Wells Fargo CEO Charlie Scharf said the bank now has the opportunity to grow in ways it could not while the asset cap was in place and can move forward to serve consumers, businesses, and communities to support US economic growth.
- Citi (C) shares are higher as traders had their best second quarter in five years, with revenue buoyed by record trading volumes in the quarter. Citigroup CEO Jane Fraser said, "We're improving the performance of each of our businesses to take share and drive higher returns," in a statement.
- Nvidia (NVDA) shares rise as much as 4.8% in premarket trading on Tuesday after the company said it received assurances from the Trump administration that sales of its H20 AI chip to China would be approved, a dramatic reversal by the White House. Melius Research notes that the stock’s next stop is $5 trillion.

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On this episode of Stock Movers:
- JPMorgan Chase & Co. (JPM) shares are up as the big bank giant's investment bankers had a surprise gain in the second quarter, with investment-banking fees climbing 7%, according to the bank. CEO Jamie Dimon said dealmaking "activity started slow but gained momentum as market sentiment improved". JPMorgan's stock traders had their best second quarter ever, with fixed-income trading and equity trading performing well ahead of expectations.
- Wells Fargo (WFC) shares are down after lowering its full-year guidance for net interest income after a quarter of tepid growth amid the ongoing trade war. The bank posted $11.7 billion in NII for the three months through June, falling short of analysts’ estimates of $11.8 billion. Wells Fargo CEO Charlie Scharf said the bank now has the opportunity to grow in ways it could not while the asset cap was in place and can move forward to serve consumers, businesses, and communities to support US economic growth.
- Nvidia (NVDA) shares rise as much as 4.8% in premarket trading on Tuesday after the company said it received assurances from the Trump administration that sales of its H20 AI chip to China would be approved, a dramatic reversal by the White House. Melius Research notes that the stock’s next stop is $5 trillion.

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On this episode of Stock Movers:
- Britain’s biggest housebuilder Barratt Redrow Plc saw its annual sales fall short of previous guidance after weaker demand for its London homes, sending its share price plunging. The developer sold 16,565 homes in the year through June 29, despite saying in April it expected to sell between 16,800 and 17,200 units, according to a statement Tuesday. Barratt Redrow said this was mainly due to “fewer international and investor completions than expected” in its London businesses. The company’s share price fell as much as 13% in early trading, the most since September 2022 in the aftermath of former Prime Minister Liz Truss’s mini budget.
- B&M European Value Retail shares plunge as much as 14%, hitting their lowest level on record, after posting weaker topline growth than anticipated in the first quarter despite weak comparatives and favorable weather. Analysts note that this is the first formal update under CEO Tjeerd Jegen, with the focus at today’s call on how he aims to improve growth.
- Orsted climbs as much as 6.4% after Morgan Stanley upgrades the Danish offshore wind developer to overweight from equal-weight, saying in note that an improving risk/reward makes it “worth a fresh look”. Analyst Rob Pulleyn says risks on legacy US projects are now declining, while renewables are “at the turning of the cycle”.

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On this episode of Stock Movers:

- Waters Corp. (WAT) shares fell after the life sciences company said it will merge with Becton Dickinson’s Biosciences & Diagnostic Solutions in a Reverse Morris Trust transaction valued at about $17.5 billion.

- Autodesk (ADSK) shares rose after the company is no longer pursuing an acquisition of PTC Inc., people familiar with the matter said, which would have ranked as one of the year’s largest deals. The software provider has decided to shelve its work on a potential cash-and-stock deal for PTC, according to the people, who asked not to be identified discussing confidential information.

- Palantir (PLTR) shares hit record highs after President Trump is set to announce $70 billion in artificial intelligence and energy investments in Pennsylvania on Tuesday, the latest push from the White House to speed up development of the emerging technology. Trump is expected to share details of the new initiatives at an event outside Pittsburgh, according to an administration official, who spoke on the condition of anonymity to discuss the planning. There has also been 13F filings that show Gateway Investment Advisers boosted its stake in Palantir in the June 30 quarter.

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Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Norah Mulinda and Tim Stenovec.

On this episode of Stock Movers:

- Fastenal (FAST) shares were 4% higher at the close after the company posted earnings in line with estimates this morning. Analysts see the slightly better-than-expected June earnings as an encouraging sign amid tariff uncertainty. Fastinal CEO Daniel Florness says it is difficult to move manufacturing fully back to the United States and is seeing "limited" signs its customers are shifting manufacturing back to the US.

- Warner Brothers Discovery (WBD) shares were up 2% after Superman ticket sales beat expectations, bringing in $125 million domestically and $220 million worldwide, according to a statement from Warner Brothers. Superman is the opening chapter in a 10-year plan to interweave movies and TV shows based on DC comic-book characters such as Batman and Wonder Woman.

- Waters (WAT) shares dropped as much as 10%, the most intraday since January 2023, after the life sciences company said it will merge with Becton Dickinson’s Biosciences & Diagnostic Solutions business in a Reverse Morris Trust transaction valued at about $17.5 billion. Jefferies says the deal adds “variables” to Waters’ “clean” story.  The stock is down 18% year-to-date.

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On this episode of Stock Movers:

- Alcoholic beverage stocks are tumbling on Monday after President Donald Trump declared a 30% tariff rate for Mexico and the European Union, key markets for drinksmakers. Constellation Brands (STZ), maker of Modelo and Corona, drops as much as 5.1%, the most intraday since early February. Citi analyst Filippo Falorni notes 100% of STZ’s beer portfolio is brewed in Mexico, while Jack Daniel’s maker BF/B exports its American whiskey products overseas, which could be at risk from retaliatory tariffs from the EU.

- Coinbase (COIN) rallied after Bitcoin reached an all-time high of 120,000. The Crypto exchange joined the S&P 500 a few months ago. The stock is benefitting from the US House of Representatives' "Crypto Week," with the prospect of a clear US regulatory framework bolstering confidence in the asset class among institutional investors.

- Rocket Lab (RKLB) reached a record high after Citi raised its price target on the stock. The increased price target comes as Citi shifts its valuation methodology to the company’s revenue potential in 2029 from 2027. Rocket Lab recently awarded a contract to Bollinger Shipyards to support the buildout of the ocean landing platform for its Neutron reusable rocket. Movement has also been seen in the stock over the past few weeks as Trump threatened to pull SpaceX contracts.

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On this episode of Stock Movers:
- Coinbase (COIN) shares rise. Cryptocurrency-exposed stocks rose after Bitcoin breached $120,000 for the first time, with investor enthusiasm showing few signs of dimming as the US House of Representatives prepares to consider key industry legislation during its “Crypto Week” starting Monday.
- Boeing (BA) shares edge higher after India's civil aviation authority ordered an inspection of cockpit fuel switches on Boeing Co. 737 and 787 aircraft operating in the country.
- Best Buy (BBY) shares fall after Piper Sandler downgraded the electronics retailer to neutral from overweight.

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On this episode of Stock Movers:
- Coinbase (COIN) shares rise. Cryptocurrency-exposed stocks rose after Bitcoin breached $120,000 for the first time, with investor enthusiasm showing few signs of dimming as the US House of Representatives prepares to consider key industry legislation during its “Crypto Week” starting Monday.
- Autodesk (ADSK) shares gain after the company said it is no longer pursuing an acquisition of PTC Inc., people familiar with the matter said. This would have ranked as one of the year’s largest deals.
- Kenvue (KVUE) shares are up after the company said Chief Executive Officer Thibaut Mongon will leave the company as it continues to revamp the maker of Tylenol, Neutrogena and Listerine brands.

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On this episode of Stock Movers:
- Coinbase (COIN) share are gaining after Argus Research Corp initiated coverage of the stock with a recommendation of buy and a $400 price target. The stock has 20 analyst buy, 16 hold and four sell ratings with an average price target of $315, according to data compiled by Bloomberg; shares are up 56% year-to-date.
- Kenvue (KVUE) is moving after it said Chief Executive Officer Thibaut Mongon will leave the company as it continues to revamp the maker of Tylenol, Neutrogena and Listerine brands. Board director Kirk Perry will take over as interim CEO, effective immediately, and the company has commenced a search for a new CEO. The company's board chair Larry Merlo said "The board’s strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the Company’s portfolio and how it operates"
- Tesla (TSLA) shares are moving amid continued tension between Elon Musk and President Trump. Other news items traders are watching include Chinese rival BYD planning to ramp up its expansion efforts in Saudi Arabia, building on momentum from Tesla Inc.’s launch in the country. Tesla will also stand trial over claims that the company is partly to blame for a fatal 2019 crash in Florida that occurred when the Autopilot system in a Model S allegedly failed to detect a parked SUV.
- Synopsis (SNPS) is moving this morning and at one point was the biggest upside mover in early trading. The company secured China's approval to buy out Ansys Inc. for $35 billion, according to Bloomberg. The buyout was already approved by European and US authorities, and Synopsys has now cleared one of the last major hurdles to a deal intended to shore up its market position.

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On this episode of Stock Movers:
- Diageo (DEO) shares are lower this morning due to the company's exposure to Mexico after President Trump announced tariffs on Mexico and the European Union. Also, Bloomberg Intelligence notes the company's ambition to boost its share of the alcohol beverage market to 6% by 2030 from 4.7% looks a tough ask right now, given fragile consumer confidence and uncertainty regarding tariffs and pricing. It comes as management has withdrawn its midterm 5-7% organic-sales target.
- Novo Nordisk (NVO) is moving this morning due to its exposure to the US and tariffs. The Trump administration also proposed to consider fixed-dose combination drugs for price cuts if they don’t have a “clinically meaningful difference” compared to their original drugs. The pharmaceutical industry is resisting the proposal, with companies like Merck and Bristol Myers Squibb raising questions about the government’s legal authority and statutory basis to implement it.
- Ford (F) and General Motors (GM) are under pressure this morning. Both are moving downwards. It comes with the US recently announcing sweeping new tariffs on imports from both Mexico and the EU.
- Synopsis (SNPS) is moving this morning and at one point was the biggest upside mover in early trading. The company secured China's approval to buy out Ansys Inc. for $35 billion, according to Bloomberg. The buyout was already approved by European and US authorities, and Synopsys has now cleared one of the last major hurdles to a deal intended to shore up its market position.

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On this episode of Stock Movers:
- Hermes declines as much as 3.3% following a downgrade to hold at Jefferies, which currently doesn’t see scope for the French luxury-goods maker to return to peak multiples. Analyst James Grzinic doesn’t model any significant acceleration in growth despite firmer US pricing and reduced availability constraints

- AstraZeneca’s experimental hypertension drug Baxdrostat reduced the blood pressure of patients who have an uncontrolled or treatment-resistant form of the condition, boosting the prospects of the medicine becoming a blockbuster. Astra has identified Baxdrostat as having potential sales of more than $5 billion a year, while Barclays estimates it could bring in about $2 billion a year when taken as a single drug. Shares of AstraZeneca rose as much as 2.1% in early trading in London.

- Brenntag shares fall as much as 5.6%, the most in almost two months, after the German chemicals firm cut its earnings guidance for the year in an unscheduled statement on Friday night. Morgan Stanley says underperformance is to be expected today, even if the profit warning wasn’t totally surprising.

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Here are the names you should know—for better or worse—specifically for the third quarter. Bloomberg Intelligence analysts have dug into their scenarios to identify the most interesting companies from a larger group of high-confidence Focus Ideas. Spanning sectors and regions, each scenario outlines a catalyst in the next few months that supports our case.   

For more on the list of companies, Paul Sweeney and Norah Mulinda speak with Tim Craighead, Director of Equity Research for Bloomberg Intelligence.

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CoreWeave Inc. is dropping $9 billion on the data-center operator Core Scientific Inc. in an effort to gain more direct control over the physical assets powering the artificial-intelligence boom.   

In buying Core Scientific in an all-stock deal, CoreWeave will inherit more than a gigawatt of data-center capacity across the US — much of which is already contracted out to serve its clients in training, deploying and using AI models. CoreWeave said Monday that controlling more of its supply chain will eliminate lease expenses, reduce costs including those associated with financing projects and “future-proof” its revenue growth.   

For more on the acquisition, Paul Sweeney and Lisa Mateo speak with Bloomberg Intelligence Senior Analyst Anurag Rana.

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On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

- Levi Strauss (LEVI) shares jumped Friday morning after raising its revenue outlook, with the maker of 501 jeans expecting sales growth to outweigh the effect of President Donald Trump’s tariffs. The company said Thursday it now sees revenue rising between 1% and 2% for the current fiscal year — above the average analyst estimate and up from a previous view that sales would decline 1% to 2%. Levi also slightly lowered its guidance for gross margin due to tariffs, which the company factored in as 30% for products imported from China and 10% for the rest of the world.

- PayPal (PYPL) shares slide after JPMorgan told financial technology companies that it will start charging fees amounting to hundreds of millions of dollars for access to their customers’ bank account information – a move that threatens to upend the industry’s business models. The largest US bank has sent pricing sheets to data aggregators — which connect banks and fintechs — outlining the new charges, according to people familiar with the matter. The fees vary depending on how companies use the information, with higher levies tied to payments-focused companies, the people said, asking not to be identified discussing private information.

- Albermarle (ALB) saw its shares drop as a UBS analyst cut the lithium provider to sell from neutral and trimming the price target.

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• Delta Air Lines (DAL) shares rose more the 11% this past week after reinstating its profit outlook for the year. The carrier said travelers are coming back, prompting its stock to surge amid a fresh sense of confidence in the beaten-down US consumer. Delta expects an adjusted profit of $5.25 to $6.25 a share this year, according to a statement on Thursday as Delta reported better-than-expected second-quarter results.
  
  
• Moderna (MRNA) shareholders welcomed the news that US regulators approved Moderna Inc.’s COVID vaccine for children, but for a narrower group than before, continuing Robert F. Kennedy Jr.’s controversial policy that restricts access to the shots for some kids. The Food and Drug Administration gave full approval of the immunization for kids under 12 who are at increased risk from the disease, the company said in a statement. The stock rose more than 10% on the week.
• PTC Inc. (PTC) saw its stock rise nearly 10% on the week on news that Autodesk Inc. is weighing an acquisition of the rival engineering-software provider, according to people familiar with the matter. Autodesk has been working with advisers to evaluate a cash-and-stock deal for Boston-based PTC, said the people, who asked to not be identified because the matter isn’t public. PTC, with a market value of about $23 billion, is also said to be drawing interest from other industry players.

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On this episode of Stock Movers:

-Venture Global Inc. is close to reaching an agreement for a $20 billion financing package to complete its third liquefied natural gas export project, with European banks Banco Santander SA and ING Groep NV among the lead arrangers, according to people familiar to the matter. A final investment decision on the CP2 project could be made as soon as the end of this month.
- Levi Strauss & Co. raised its revenue outlook, expecting sales growth to outweigh the effect of President Donald Trump’s tariffs. The company now sees revenue rising between 1% and 2% for the current fiscal year, and has slightly lowered its guidance for gross margin due to tariffs.
- AMC Entertainment (AMC) shares rose by more than 11% in recent Friday trading after Wedbush upgraded the company's stock to outperform from neutral and raised its price target to $4 from $3.

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On this episode of Stock Movers:
-Nvidia (Ticker NVDA) shares rise after hitting a record high on Friday, a day after CEO Jensen Huang met with President Donald Trump, according to people familiar. There are no details on the talks, but it comes before Huang's planned trip to China.
-Coinbase (Ticker COIN) shares gain after Bitcoin breached the $118,000 level, which triggered over a billion dollars of shorts against the token getting liquidated over the past 24 hours, according to data compiled by Coinglass.
-Mcdonald's (Ticker MCD) shares are up after Goldman analyst Christine Cho upgraded the company to buy from neutral.Year-to-date sales performance for fast food operators has been pressured amid weakness in low income consumers, as well as the middle-income cohort, but McDonalds ultimately has the scale, marketing, digital advantage to successfully navigate through this environment.

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On this episode of Stock Movers:
- Performance Food Group Co. (PFGC) is higher on Bloomberg's report that Performance Food Group Co. has attracted takeover interest from US Foods Holding Corp., a potential deal that would create a food distribution company with combined sales of roughly $100 billion. Sources say Rosemont, Illinois-based US Foods has been evaluating an acquisition of Performance Food and expressed interest about a potential combination in recent months.
- US Foods Holding Corp. (USFD) is lower this morning on the merger news with PFGC. Shares of US Foods have risen more than 50% over the past 12 months, giving the company a market value of $18.6 billion. Performance Food has a market capitalization of $14.1 billion. US Foods supplies restaurants, hospitals, schools and hotels, generating revenue of $37.9 billion last year. The company employs about 30,000 people in more than 70 locations, according to its website. Performance Food offers similar services in the US and Canada across three units: restaurant supplier Performance Foodservice, candy and snack distributor Vistar and its Core-Mark business serving convenience stores.
- Drone stocks are climbing higher, including Red Cat Holdings (RCAT) and AeroVironment (AVAV) are rising after Defense Secretary Pete Hegseth issued a memo to fast track drone production and deployment, as well as requiring drone combat simulations across the military.
- Warner Bros Discovery Inc. (WBD) shares are moving on Superman hitting theaters as it looks to revive the comic book movie franchise that Warner Bros. Owns.

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On this episode of Stock Movers:
- Performance Food Group Co. (PFGC) is higher while US Foods Holding Corp. (USFD) is lower this morning on Bloomberg's report that Performance Food Group Co. has attracted takeover interest from US Foods Holding Corp., a potential deal that would create a food distribution company with combined sales of roughly $100 billion. Sources say Rosemont, Illinois-based US Foods has been evaluating an acquisition of Performance Food and expressed interest about a potential combination in recent months.
- Levi Strauss & Co. (LEVI) is rising this morning after it raised its revenue outlook, expecting sales growth to outweigh the effect of President Donald Trump’s tariffs. The company now sees revenue rising between 1% and 2% for the current fiscal year, and has slightly lowered its guidance for gross margin due to tariffs. Harmit Singh, chief financial and growth officer, attributed the company’s strong performance to its “laser focus” on the core Levi’s brand and its burgeoning direct-to-consumer strategy.
- Drone stocks including Red Cat Holdings (RCAT) and AeroVironment (AVAV) are rising after Defense Secretary Pete Hegseth issued a memo to fast track drone production and deployment, as well as requiring drone combat simulations across the military.

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On this episode of Stock Movers:
- BP Plc said it expects to report rising production and a strong result from its oil trading business for the second quarter, offering a potential boost for the energy major struggling to reverse years of underperformance.
- Stellantis is one of a number of tariff-exposed automotive stocks under the spotlight after President Donald Trump threatened a 35% levy on some Canadian goods and raised the prospect of up to 20% levies on most other countries.
- Kering and other European luxury stocks retrace some of this week’s gains as recent positive sentiment toward China-exposed equities starts to fade.

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On this episode of Stock Movers:
- Delta (DAL) reinstated a profit outlook for the year and said travelers are coming back, prompting its stock to surge amid a fresh sense of confidence in the beaten-down US consumer. The carrier expects an adjusted profit of $5.25 to $6.25 a share this year, according to a statement on Thursday as Delta reported better-than-expected second-quarter results. Delta’s projections sent its shares up about 12%, their highest level in more than three months, and pulled up rival airlines.Travel in the US is recovering after approval of US President Donald Trump’s tax-cut and spending package and progress in tariff discussions, Chief Executive Officer Ed Bastian said in an interview. Corporate travel is strengthening, and consumers have become “a little numb” to the ongoing trade disputes, choosing to book travel again in the latter part of the year.
- Crowdstrike (CRWD) shares slide after CFRA downgraded the security-software company to hold from buy.
- McDonald's (MCD) shares ticked higher in trading today after Goldman analyst Christine Cho upgraded the fast food chain to buy from neutral.

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Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

- Tesla (TSLA) shares rose on word it's aiming to bring its driverless taxis to California and Arizona as the carmaker plots an expansion on the heels of last month’s limited rollout in Austin. CEO Elon Musk predicted on his social media service X that Tesla robotaxis could launch in the San Francisco Bay area “probably in a month or two,” pending regulatory approvals. The carmaker plans to broaden its service area in Austin this weekend, he said. Tesla has also contacted the Arizona Department of Transportation to begin the certification process for autonomous vehicle ride-sharing, the state agency told Bloomberg in an emailed statement. Tesla has expressed interest in operating within the Phoenix metropolitan area, the transportation department said. A decision on the company’s applications — including for operations with and without a driver — is expected by the end of this month.

- MP Materials (MP) shares spikes as much as 60%, the most intraday since the company’s IPO in 2020, after the firm struck a multibillion dollar public-private deal with the US Department of Defense to build a new magnet plant and expand rare earth capabilities, backed by $400m in equity and a $1b loan commitment.

- Autodesk (ADSK) shares dropped as investors digested news that it's weighing an acquisition of rival engineering-software provider PTC Inc., according to people familiar with the matter. Autodesk has been working with advisers to evaluate a cash-and-stock deal for Boston-based PTC, said the people, who asked to not be identified because the matter isn’t public. PTC, with a market value of about $23 billion, is also drawing interest from other industry players, the people said.No final decision has been made and Autodesk could opt against pursuing a deal for PTC, the people added. A representative for PTC declined to comment. A representative for Autodesk couldn’t be reached for comment.

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On this episode of Stock Movers:
- Delta (DAL) shares rise after the carrier announced that it is restoring its full-year earnings guidance. The company expects full-year adjusted EPS of $5.25 to $6.25 in 2025.
- Estee Lauder (EL) shares gain after BofA reinstated coverage with Buy rating and $110 price target.
- Conagra (CAG) shares drop after the company forecasted profit for this fiscal year below Wall Street’s expectations, citing rising costs from US tariffs.

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On this episode of Stock Movers:

- WK Kellogg (KLG) shares are higher on news that Ferrero Group to buy WK Kellogg for $23 per share, representing a total enterprise value of $3.1b. The W.K. Kellogg Foundation Trust and Gund Family agreed to vote 21.7% of WK Kellogg Co’s shares in favor of deal
- Delta (DAL) shares rise after the carrier announced that it is restoring its full-year earnings guidance. The company expects full-year adjusted EPS of $5.25 to $6.25 in 2025. 
- MP Materials (MP) shares are higher after they struck a multi-billion dollar public-private deal with the US Department of Defense to build a new magnet plant and expand rare earth capabilities, backed by $400m in equity and a $1b loan commitment.

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On this episode of Stock Movers:
- WK Kellogg Co (KLG) shares are moving on news that Ferrero Group to buy WK Kellogg for $23 per share, representing a total enterprise value of $3.1b. The W.K. Kellogg Foundation Trust and Gund Family agreed to vote 21.7% of WK Kellogg Co’s shares in favor of deal
- Delta (DAL) shares are higher after it reported it expects an adjusted profit of $5.25 to $6.25 a share this year, according to a statement. Chief Executive Officer Ed Bastian said travel in the US is climbing back after approval of Trump's tax-cut and spending package and progress in tariff discussions. Other airlines are following Delta higher. Travel in the US is climbing back after approval of President Trump’s tax-cut and spending package and progress in tariff discussions, Chief Executive Officer Ed Bastian said in an interview.
- Embraer SA (ERJ) is lower this morning as it's a Brazilian airline listed on the American stock exchange, and it's lower due to President Trump threatening to impose a 50% tariff on Brazil over its domestic political affairs, citing the treatment of former President Jair Bolsonaro. Brazil's leader Luiz Inacio Lula da Silva responded that his nation will not be "tutored" by anyone and that any unilateral rate hikes will be responded to using Brazil's economic reciprocity law.

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On this episode of Stock Movers:
- Delta (DAL) shares are higher after it reported it expects an adjusted profit of $5.25 to $6.25 a share this year, according to a statement. Chief Executive Officer Ed Bastian said travel in the US is climbing back after approval of Trump's tax-cut and spending package and progress in tariff discussions. Other airlines are following Delta higher. Travel in the US is climbing back after approval of President Trump’s tax-cut and spending package and progress in tariff discussions, Chief Executive Officer Ed Bastian said in an interview.
- Embraer SA (ERJ) is lower this morning as it's a Brazilian airline listed on the American stock exchange, and it's lower due to President Trump threatening to impose a 50% tariff on Brazil over its domestic political affairs, citing the treatment of former President Jair Bolsonaro. Brazil's leader Luiz Inacio Lula da Silva responded that his nation will not be "tutored" by anyone and that any unilateral rate hikes will be responded to using Brazil's economic reciprocity law.
- Archer-Daniels-Midland Co (ADM) is also lower this morning due to its exposure to Brazil. President Trump’s latest threat, against a nation that sells fewer goods to the US than it buys, risks reinforcing concerns that formal trade agreements may offer limited protection against future tariff hikes. It also again shows that the rates Trump unveiled in April on “Liberation Day” carry little meaning.
- Freeport-McMoRan Inc (FCX) is higher this morning as the market prices in the copper trade. Copper traders are looking to shift deliveries into Hawaii and Puerto Rico to cut shipment times due to President Trump's plan for 50% tariffs on copper.

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On this episode of Stock Movers:
- European companies with significant exposure to Brazil are worried following U.S. President Donald Trump's announcement of a 50% tariff on Brazilian imports. Telefonica, Santander and Carrefour all generate more than 20% of their revenue in Brazil, according to data compiled by Bloomberg.
- European miners are the best-performing sub-sector in the Stoxx 600 index as iron ore and base metals rally after President Donald Trump said the US would begin levying a 50% tariff on copper imports at the start of next month. The Stoxx 600 basic resources index rallied as much as 3.1%. Rio Tinto is the biggest contributor to the gains by index points.
- Swiss cocoa grinder Barry Callebaut AG cut its sales volume guidance for a second time within three months due to persistent cocoa bean price volatility. Shares fell by as much as 10% in early Zurich trading, the most since April. The firm now sees a 7% decline in full-year sales volume, compared with a mid single-digit decrease forecast in April, according to a statement on Thursday.

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On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Caroline Hyde, Carol Massar and Tim Stenovec.

- Nvidia (NVDA) shares rose after it became the first company in history to achieve a $4 trillion market valuation, cementing its status as a kingpin in the global financial market. The stock has risen more than 20% in 2025, and is up more than 1,000% since the beginning of 2023. Nvidia now accounts for 7.5% of the S&P 500 Index, near its highest influence on record. The latest catalyst for the stock has been a commitment to AI spending from Nvidia’s biggest customers, showing that demand for its computing systems remains strong. This includes tech giants Microsoft, Meta Platforms, Amazon.com and Alphabet, who are projected to put about $350 billion into capital expenditures in their upcoming fiscal years, up from $310 billion in the current year, according to the average of analyst estimates compiled by Bloomberg. Those companies account for more than 40% of Nvidia’s revenue.

- Meta Platforms (META) bought a minority stake in the world’s largest eyewear manufacturer, EssilorLuxottica SA, deepening the US tech giant’s commitment to the fast-growing smart glasses industry, according to people familiar with the matter. Facebook parent Meta acquired just under 3% of the Ray-Ban maker, a stake worth around €3 billion ($3.5 billion) at market prices, said the people, who asked not to be identified because deliberations are private. Meta, based in Menlo Park, California, is considering further investment that could build the stake to around 5% over time, the people added, though those plans could change. Shares closed higher.

- Hershey (HSY) shares tumbled as chocolate makers struggle due to a shortage in cocoa. Chocolate makers were already grappling with record prices for cocoa butter, which provides that melt-in-your-mouth feel. Now they are also paying up for the powder that lends their product its color and taste.Cocoa powder, used in everything from baking mixes to protein shakes, is now in short supply too. Prices for the key ingredient, produced when cocoa beans are ground, surged about 16% in the US over the past year, and are now trading near a record. 

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On the episode of Stock Movers:
- Power firm AES (AES), which provides renewable power to tech giants such as Microsoft Corp., is exploring options including a potential sale amid takeover interest, people with knowledge of the matter said. Infrastructure investors including Brookfield Asset Management Ltd. and BlackRock Inc.’s Global Infrastructure Partners unit have been studying AES after the company’s shares lost about half their value over the past two years, the people said. With an enterprise value of about $40 billion, a leveraged buyout of Arlington, Virginia-based AES would still rank among the biggest of all time. Shares of AES jumped as much as 18% on Wednesday for their biggest intraday gain since 2009.
- Starbucks (SBUX) has received proposals from prospective investors in its China business, most of whom are eyeing a controlling stake in the operation, said people familiar with the matter. The Seattle-based company is now in the process of sifting through proposals and shortlisting a group of potential investors for a next round of bidding, the people said, asking not to be identified because the matter is private. The company may share financial and operating details with those bidders to help them assess the valuation of its Chinese assets, the people said. Shares in the coffee chain rose.
- Nvidia (NVDA) shares rose after it became the first company in history to achieve a $4 trillion market valuation, cementing its status as a kingpin in the global financial market. The stock has risen more than 20% in 2025, and is up more than 1,000% since the beginning of 2023. Nvidia now accounts for 7.5% of the S&P 500 Index, near its highest influence on record. The latest catalyst for the stock has been a commitment to AI spending from Nvidia’s biggest customers, showing that demand for its computing systems remains strong. This includes tech giants Microsoft, Meta Platforms, Amazon.com and Alphabet, who are projected to put about $350 billion into capital expenditures in their upcoming fiscal years, up from $310 billion in the current year, according to the average of analyst estimates compiled by Bloomberg. Those companies account for more than 40% of Nvidia’s revenue.

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On this episode of Stock Movers:
- AES (AES) shares jumps after the power company said to be exploring options including a potential sale amid takeover interest.
- Starbucks (SBUX) shares are up. Starbucks has received proposals from prospective investors in its China business, with most eyeing a controlling stake in the operation, said people familiar with the matter.
- Nvidia (NVDA) shares rise after their market capitalization topped $4 trillion, with the chipmaker becoming the first company in history to achieve this milestone.

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On this episode of Stock Movers:
- Apple (APPL) shares are moving on news that Chief Operating Officer Jeff Williams is retiring with the company's longtime No. 2, with Sabih Khan replacing him as COO. Williams will step down as COO this month and retire from the company later in the year, continuing to oversee the design team and manage health initiatives until his departure. Khan, a 30-year veteran of Apple, will report to Chief Executive Officer Tim Cook and likely add divisions like AppleCare to his existing operations, contending with challenges such as tariff costs and slowing iPhone growth.
- UnitedHealth Group (UNH) is lower this morning after the DOJ's criminal healthcare fraud unit intensified its investigation into the company's Medicare billing practices, focusing on how it leveraged doctors and nurses to boost government payments. The probe began at least a year ago and is now drawing fresh scrutiny as former employees speak with federal investigators. The Wall Street Journal reported that former UnitedHealth employees told investigators that the company encouraged the capture of certain lucrative diagnoses during patient assessments.
- Meta (META) shares are moving after it bought a minority stake in EssilorLuxottica SA, deepening the US tech giant's commitment to the smart glasses industry, according to people familiar with the matter. The deal aligns with Meta CEO Mark Zuckerberg's commitment to AI and gives Meta the advantage of having more detailed manufacturing knowledge and global distribution networks, fundamental to turning its smart glasses into mass-market products.

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On this episode of Stock Movers:
- Freeport-McMoRan (FCX) is higher this morning as President Trump announced a 50% tariff on copper imports, causing a record spike in New York futures and a drop in the global benchmark. The plan, announced in an apparently off-the-cuff comment to reporters, marks the latest twist in a tumultuous period for industrial commodities, as the US leader aims to encourage more mining and smelting at home. He’s already raised fees on steel and aluminum imports, while probes into flows of multiple other metals are in train.
- Starbucks (SBUX) is gaining after it received proposals from prospective investors in its China business, with most eyeing a controlling stake in the operation, said people familiar with the matter. The company may consider selling a larger holding based on valuation and other factors, although its preferred option was to sell a minority stake to a partner, the people said. Starbucks said it sees "significant long-term potential in China" and wants to "retain a meaningful stake in the business", according to a statement.
- Merck (MRK) shares are higher after it agreed to buy UK biotech Verona Pharma Plc for about $10 billion to offset the looming loss of exclusivity for its top-selling cancer drug. Shares of Verona Pharma (VRNA), for its part, are jumping on the news.
- T-Mobile (TMUS) is lower this morning after getting a downgrade from KeyBanc. KeyBanc Capital Markets cut it to underweight from sector weight, saying the telecom company’s stock underperformance is set to continue and that its “premium valuation is just too high.”

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On this episode of Stock Movers:
- WPP shares drop as much as 15%, to the lowest since 2009, after the advertising agency reduced its organic growth guidance for the year, citing continued macro uncertainty weighing on client spending. The profit warning came about a month after reports that WPP has lost Mars’ $1.7 billion ad portfolio, reflecting continued struggles for the firm to revive growth. Peer Publicis drops 1.6%.
- Meta Plaforms Inc. bought a minority stake in the world’s largest eyewear manufacturer, EssilorLuxottica SA, deepening the US tech giant’s commitment to the fast-growing smart glasses industry, according to people familiar with the matter. Shares of EssilorLuxottica surged the most in three months in Paris, up by 5.5% The growing ties with Meta should be seen as a vote of confidence in the eyewear maker and the opportunity for the smart-glasses category, according to analysts at Bernstein.
- European drugmakers may be active in Wednesday trading after US President Donald Trump yesterday said his administration “will be announcing something very soon on pharmaceuticals.” While any tariffs could be around one year away, the tariffs could be set at “like 200%,” he said. Denmark's NovoNordisk is down 1%.

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On the episode of Stock Movers:
- Big bank stocks, including shares of Bank of America (BAC) slid after some analysts warned of downside risks. HSBC is turning cautious on three of the biggest US bank stocks following a record rally that’s brought the group within shouting distance of an all-time high. “Downside risks associated with still-elevated macro uncertainty, potentially slowing economic growth and more interest rate cuts through 2025 and 2026 are generally not factored into the stock prices,” analyst Saul Martinez wrote in a note downgrading JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. At the same time, “the repricing of fixed-rate assets, benign credit quality, improving investment banking activity, and a favorable regulatory backdrop are well priced in.”
- CoreWeave (CRW) shares fell with the most recent news being that it's dropping $9 billion on the data-center operator Core Scientific Inc. in an effort to gain more direct control over the physical assets powering the artificial-intelligence boom. In buying Core Scientific in an all-stock deal, CoreWeave will inherit more than a gigawatt of data-center capacity across the US — much of which is already contracted out to serve its clients in training, deploying and using AI models. CoreWeave said Monday that controlling more of its supply chain will eliminate lease expenses, reduce costs including those associated with financing projects and “future-proof” its revenue growth.
- Solar stocks, including Sunrun (RUN) fell after President Donald Trump called for new rules that would limit access to tax incentives for renewable energy projects that had already been pared back by a $3.4 trillion budget bill. Sunrun, the biggest US residential solar company, slid as much as 13%. Solar equipment provider Nextracker dropped as much 5.6%. First Solar, a domestic solar manufacturer, fell as much as 5.3%. On Monday evening, Trump issued an executive order directing the US Treasury Department to more strictly define when a project has started construction, including restricting the use of efforts to lock in tax credits unless a substantial portion has been built.

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Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Sonali Basak, Tim Stenovec and Emily Graffeo

On this episode of Stock Movers:

- Shares of semiconductor companies are rising on Tuesday, with the group outperforming as analysts expressed optimism about the cohort’s prospects. Among notable movers: Intel +6.2%, ON Semiconductor +4.9%, Micron +4.3%, Microchip +4%, NXP Semiconductors +2.9%, Applied Materials +2.9%, Texas Instruments +2.2%, Nvidia +0.8%. The Philadelphia Stock Exchange Semiconductor Index is up 2.1%, compared with a gain of 0.1% in the Nasdaq 100 Index

-Fair Isaac (EFX), better known as FICO, saw shares headed for its worst slide since March 2020, after federal regulators said government-sponsored mortgage entities Fannie Mae and Freddie Mac will be able to use a second firm when determining borrowers’ creditworthiness. Federal Housing Finance Agency Director Bill Pulte said in a post on X that Fannie and Freddie will now allow lenders to accept the Vantage 4.0 credit model to “increase competition” in the credit score ecosystem. Pulte said the move should expand credit access to millions of potential borrowers living in rural areas and bring down closing costs. Since joining the FHFA, Pulte has pledged to do “a full scale review” of all credit bureaus. He also suggested that FICO should focus on being more economical in their pricing.

- Shares of US solar companies fell after President Donald Trump called for new rules that would limit access to tax incentives for renewable energy projects that had already been pared back by a $3.4 trillion budget bill. Sunrun Inc., the biggest US residential solar company, slid as much as 13%. Solar equipment provider Nextracker Inc. dropped as much 5.6%. First Solar Inc., a domestic solar manufacturer, fell as much as 5.3%.On Monday evening, Trump issued an executive order directing the US Treasury Department to more strictly define when a project has started construction, including restricting the use of efforts to lock in tax credits unless a substantial portion has been built.

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On this episode of Stock Movers:
- Fair Isaac (EFX), better known as FICO, saw shares headed for its worst slide since March 2020, after federal regulators said government-sponsored mortgage entities Fannie Mae and Freddie Mac will be able to use a second firm when determining borrowers’ creditworthiness. Federal Housing Finance Agency Director Bill Pulte said in a post on X that Fannie and Freddie will now allow lenders to accept the Vantage 4.0 credit model to “increase competition” in the credit score ecosystem.Pulte said the move should expand credit access to millions of potential borrowers living in rural areas and bring down closing costs. Since joining the FHFA, Pulte has pledged to do “a full scale review” of all credit bureaus. He also suggested that FICO should focus on being more economical in their pricing.
- CoreWeave (CRW) shares dipped after it was downgraded to neutral-equivalent ratings at Stifel and Mizuho, following the company’s all-stock acquisition of data-center operator Core Scientific Inc. The Cloud infrastructure provider was also initiated with a hold rating at CFRA while Citi adds a 90-day downside catalyst watch to the stock.
- Big bank stocks, including shares of Bank of America (BAC) slid after some analysts warned of downside risks. HSBC is turning cautious on three of the biggest US bank stocks following a record rally that’s brought the group within shouting distance of an all-time high. “Downside risks associated with still-elevated macro uncertainty, potentially slowing economic growth and more interest rate cuts through 2025 and 2026 are generally not factored into the stock prices,” analyst Saul Martinez wrote in a note downgrading JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. At the same time, “the repricing of fixed-rate assets, benign credit quality, improving investment banking activity, and a favorable regulatory backdrop are well priced in.”

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On this episode of Stock Movers:
- Trump Media (DJT) shares are higher after news it has filed for an exchange-traded fund called "Crypto Blue Chip" that would hold digital assets including Bitcoin, Ether, Solana, and others.
- Ulta Beauty (ULTA) shares rise after searching for news about Ulta Beauty was unusually high. Though the number of news stories about the company was no greater than average.
- Dow (Dow) shares rebound after falling on Monday, after the company said it would close three plants in Europe and take charges of as much as $790 million.

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On this episode of Stock Movers:
- Amazon (AMZN) shares are down. It's Amazon Prime Day. Adobe analyst Vivek Pandya says price drops in apparel, electronics and TVs are expected to be the deepest; Adobe expects Amazon and other US retailers to generate $23.8 billion in online sales during event.
- First Solar (FSLR) shares drop. President Donald Trump called for new rules that would restrict access to tax incentives for solar and wind projects in an executive order on Monday.
- Bank of America (BAC) shares fall after it was cut to hold from buy at HSBC. Analysts cited valuations are “increasingly stretched” after a rally in the banks’ stocks.

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On this episode of Stock Movers:
- Renewable, wind, and solar stocks including Sunrun (RUN), Enphase Energy (ENPH), and SolarEdge (SEDG) are falling after President Trump called for new rules that would restrict access to tax incentives for solar and wind projects that were already pared back in his $3.4 trillion budget bill.
- Meta (META) is higher while Apple (APPL) is lower as Ruoming Pang, a distinguished engineer and manager in charge of Apple's foundation models team, is leaving for Meta Platforms Inc. Pang's departure could be the start of a string of exits from the AFM group, with several engineers telling colleagues they are planning to leave in the near future to Meta or elsewhere, sources said.
- Tesla (TSLA) is gaining today after yesterday's tumble on news owner Elon Musk announced he's forming a new political party, the "America Party", which will focus on House and Senate seats for the next 12 months. Tesla's stock slid 6.8% Monday, wiping out $15.3 billion from Musk's net worth, with investors growing tired of the distraction from the company's business.

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On this episode of Stock Movers:

- Renewable, wind, and solar stocks including Sunrun (RUN), Enphase Energy (ENPH), and SolarEdge (SEDG) are falling after President Trump called for new rules that would restrict access to tax incentives for solar and wind projects that were already pared back in his $3.4 trillion budget bill.

- Meta (META) is higher while Apple (APPL) is lower as Ruoming Pang, a distinguished engineer and manager in charge of Apple's foundation models team, is leaving for Meta Platforms Inc. Pang's departure could be the start of a string of exits from the AFM group, with several engineers telling colleagues they are planning to leave in the near future to Meta or elsewhere, sources said.

- Tesla (TSLA) is gaining today after yesterday's tumble on news owner Elon Musk announced he's forming a new political party, the "America Party", which will focus on House and Senate seats for the next 12 months. Tesla's stock slid 6.8% Monday, wiping out $15.3 billion from Musk's net worth, with investors growing tired of the distraction from the company's business.

- Exxon Mobil (XOM) shares are lower as it expects lower oil and gas prices to reduce the company’s earnings by about $1.5 billion as a volatile quarter for commodity prices weighs on second-quarter profits.

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On this episode of Stock Movers:
- Bootmaker Dr Martens and bracelet manufacturer Pandora are among stocks underperforming in Europe on Tuesday after US President Donald Trump outlined plans to impose tariffs on goods from key supplier countries including Indonesia, Thailand and Cambodia. Dr Martens is down 4.4%, with the firm’s production exposed to countries including Laos and Thailand, according to its US customer support site
- Shares of drinksmakers rise after reports saying the European Union is seeking an exemption from the US tariff for certain products. Remy Cointreau gains as much as 4.2%, Pernod Ricard +3.6%, Davide Campari-Milano +2.7%.
- Glencore shares rise as much as 2.1% after JPMorgan resumed its coverage with an overweight recommendation, citing value-accretive strategic optionality and a potential coal de-merger.

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On this edition of Stock Movers:
Lululemon (LU): Lululemon falls as President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariffs rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug. 1. It comes after the president said he has reached an agreement with Vietnam, a key country for the athletic wear manufacturer, late last week.
First Solar (FSLR): First Solar falls after Congress has set fast phaseouts for most of the Inflation Reduction Act’s signature clean energy tax credits. But while credits for sales of electric vehicles and home solar and storage face strict cutoffs by the end of this year, utility-scale wind and solar power projects can potentially hit a narrow six-to-12 month window that could buy them much more time — and subsidies — all the way into next decade. BloombergNEF expects to see developers rush to try to hit that window. JPMorgan analyst Mark Strouse says that while amount of tax incentives was reduced compared to the Inflation Reduction Act, the Big Beautiful Bill act "is materially better than feared" for clean energy.
Tractor Supply (TSCO): Tractor Supply Co. gains as much as 2.6%, rising to the highest intraday level since April, after adjusted sales observed by Bloomberg Second Measure rose 4.3% in the second fiscal quarter. It’s one of the few companies expecting sales to grow with tariff uncertainty based off pet food sales.

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Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Sonali Basak, Tim Stenovec and Emily Graffeo

On this episode of Stock Movers

- Tesla (TSLA) shares fell after Elon Musk announced he’s forming a new political party, digging deeper into a pursuit that’s been a drag on his most valuable business. The CEO announced over the weekend that he’ll take on Republicans and Democrats with the “America Party,” focusing on House and Senate seats for the next 12 months. After that, backing a candidate for president isn’t out of the question, Musk wrote on X. Tesla’s stock slid 7.4% as of 11 a.m. Monday in New York, wiping out $16.7 billion from his net worth, according to the Bloomberg Billionaires Index. If that drop were to hold, it would be the biggest decline for the shares since Musk’s initial falling out with Donald Trump over the president’s tax bill in early June. The stock has declined 28% this year as the CEO’s politicking has hurt Tesla’s standing with car buyers.

-Tractor Supply Co. (TSCO) gains as much as 2.6%, rising to the highest intraday level since April, after adjusted sales observed by Bloomberg Second Measure rose 4.3% in the second fiscal quarter. The data draws from a sample of credit and debit card purchases made by US consumers. Analysts currently estimate revenue for the quarter of $4.4 billion, up 3.6% YoY. Bloomberg Second Measure observed sales have achieved high correlation with the company’s reported revenue growth during the past five years.

- CoreWeave (CRWV) is dropping $9 billion on the data-center operator Core Scientific Inc. in an effort to gain more direct control over the physical assets powering the artificial-intelligence boom. In buying Core Scientific (CORZ) in an all-stock deal, CoreWeave will inherit more than a gigawatt of data-center capacity across the US — much of which is already contracted out to serve its clients in training, deploying and using AI models. CoreWeave said Monday that controlling more of its supply chain will eliminate lease expenses, reduce costs including those associated with financing projects and “future-proof” its revenue growth.

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On this edition of Stock Movers:
- Tesla (TSLA) shares slid after Elon Musk announced he’s forming a new political party, digging deeper into a pursuit that’s been a drag on his most valuable business. The chief executive officer announced over the weekend that he’ll take on Republicans and Democrats with the “America Party,” focusing on House and Senate seats for the next 12 months. After that, backing a candidate for president isn’t out of the question, Musk wrote on X.
- CoreWeave (CRWV) shares were lower on word that it'll drop $9 billion on the data-center operator Core Scientific Inc. in an effort to gain more direct control over the physical assets powering the artificial-intelligence boom. In buying Core Scientific in an all-stock deal, CoreWeave will inherit more than a gigawatt of data-center capacity across the US — much of which is already contracted out to serve its clients in training, deploying and using AI models. CoreWeave said Monday that controlling more of its supply chain will eliminate lease expenses, reduce costs including those associated with financing projects and “future-proof” its revenue growth.
- Netflix (NFLX) shares were lower after Seaport Global Securities downgraded the streamer to neutral from buy. Analyst David Joyce writes, "We believe that plenty of the long-term opportunity set is factored into the shares at this price, and the company needs time to execute against the expectations in advertising, aggregating, launching experiences, and expanding share again."

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ON this episode of Stock Movers
- Coreweave (CRWV) shares are down after the company agreed to buy Core Scientific in an all-stock deal worth about $9 billion to expand its artificial intelligence data center capacity.
- Tesla (TSLA) shares fell after Elon Musk announced he's forming a new political party, the "America Party", which will focus on House and Senate seats for the next 12 months.
- Expedia (EXPE) shares are higher after Wells Fargo raised the firm's price target on Expedia to $178 from $149 and keeps an Equal Weight rating on the shares.

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On this episode of Stock Movers:
- Tesla (TSLA) shares are lower this morning after Elon Musk announced he's formed a new political party, the "America Party." The shares have already declined 22% this year as the CEO's politicking has hurt Tesla's standing with car buyers. Devoting resources and attention to a new political party runs counter to what Musk told Tesla investors during the company's last earnings, in April.
- CoreCivic (CXW) shares are rallying on the passage of President Trump's signature tax bill. Shares in Geo Group (GEO) are also rallying in the premarket, with the bill adding billions of dollars for immigrant detention centers. Geo Group and CoreCivic are the two largest detention contractors. On Friday, Trump signed a sweeping budget bill that includes $45 billion for new immigration jails—part of $150 billion in new funding to carry out his immigration and border-control agenda.
- Stellantis (STLA) is sliding this morning as Bank of America cuts the automaker to neutral from buy, with the broker expecting to see a “very weak” first-half report on July 29. While the US appears strong, Stellantis’s positioning in Europe looks bad, BofA says. Analyst Horst Schneider says that while Stellantis shares have fallen around 30% year to date and more than 50% since last summer’s capital markets day, it is “too early for ‘bottom-fishing,’”
- MGM Resorts International (MGM) is lower after Goldman Sachs initiates coverage of MGM Resorts International with a recommendation of sell due to a volatile Las Vegas market, while Caesars Entertainment gets a buy rating. MGM has high-sensitivity to a “choppy” Las Vegas market and is the most macro-sensitive among Goldman’s casino coverage, the bank writes in a note

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On this episode of Stock Movers:
- Tesla (TSLA) falls as much as 7.6% in premarket trading on concern that Elon Musk’s move to form a new political party will draw a backlash from President Donald Trump.
- CrowdStrike Holdings (CRWD) slides 1.8% in US premarket trading. Piper Sandler cut the software company to neutral from overweight after it surpassed the investment bank’s price target.
- OpenAI has agreed to rent a massive amount of computing power from Oracle (ORCL) data centers as part of its Stargate initiative, underscoring the intense requirements for cutting-edge artificial intelligence products.The AI company will rent additional capacity from Oracle totaling about 4.5 gigawatts of data center power in the US, according to people familiar with the work who asked not to be named discussing private information.

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On this episode of Stock Movers:

- European medical technology stocks have dropped after China hit back at the European Union’s restrictions on its medical device makers. Companies such as Philips, Elekta, and Siemens Healthineers are “minimally affected” because of their “strong local presence,” Jefferies analyst Julien Dormois writes in a note

- Shell shares fell as much as 3.2% after the oil giant’s second-quarter update pointed to a weaker performance than anticipated, which is set to hit earnings expectations, according to analysts. RBC noted that this is the first weak performance after years of positive updates.

- Stellantis fells as much as 3.3% as Bank of America cuts the automaker to neutral from buy, with the broker expecting to see a “very weak” first-half report on July 29. While the US appears strong, Stellantis’s positioning in Europe looks bad, BofA says.

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Health insurer Centene Corp. shocked investors this week when it withdrew its profit outlook on rising risks from Affordable Care Act plans.   

The company appears to have been badly caught off guard by the impact of US government actions. It’s an ominous sign for insurers, whose purpose is to price for risk but have lately been blindsided by it.   

Shares of Centene dropped more than 40% on Wednesday, the biggest one-day drop since its initial public offering in 2001. Other insurer stocks including Molina Healthcare Inc. and Oscar Health Inc. and Elevance Health Inc. also sank by double digits.   

For more on the fallout, Paul Sweeney and Norah Mulinda speak with Glen Losev, Bloomberg Intelligence Senior Healthcare Analyst.

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