EV makers fell 6% after CEO Elon Musk said they would form a new political party called the “America Party.” Musk is engaged in a feud with President Donald Trump, who called the new party “silly.” Geo Group, Corecivic – Private prison companies scored 7.6% and 5.4% respectively. Trump’s so-called beautiful bill spending and tax cuts bill, signed into law on July 4th, includes a significant increase in funding for immigration detention centers. Molina Healthcare – Managed Care stocks rose 1% after Molina CEO said the potential impact of the budget bill considered in Congress would not change the company’s long-term outlook. However, the company said it expects adjusted revenue of $5.50 for the second quarter and adjusted revenue of $22.50 to $21.50 for the full year. Molina cited “health costs” for reducing the outlook. Solaredge Technologies – Solar companies have flowed 2.8%. The stock rose 39% a week ago after taxes on solar and wind projects were removed from Trump’s spending bill. However, the law removed federal support for the sun and wind. Constellation Brands – After Jefferies upgraded it to buy from holding ratings, they won about 1% in pre-market transactions. The Wall Street company believes its selling is overdue and says it will accelerate recovery and drive upside down. Jeffries pointed to the wine business, which is changing its profitable, strong cash flow and buybacks. WNS Holdings – Shares rose 14% after French multinational company Capgemini said it would acquire WNS in a $3.3 billion cash transaction. Capgemini pays $76.50 per share, a 17% premium against the closing price of its July 3rd victory. Shell – US list stocks in oil and gas companies have slid nearly 3% after Shell predicted that Shell would undermine quarterly revenue. The company is expected to report its second quarter results on July 31st. MGM Resorts International – Casino Stock lost 2% after Goldman Sachs began compensation in a selling rating. The bank said it expects to pressure MGM’s free cash flow generation to weigh capital revenues and valuations. —CNBC’s Jesse Pound and Yun Li contributed their report.
