Tesla – The EV maker fell almost 8% after CEO Elon Musk said he would form a new political party called the “American Party.” Musk has rebutted President Donald Trump, who called the new party “silly.” Uber Technologies – The riding company’s shares reached an all-time high of $97.12, with a recent 3% increase. Profits on Monday increased Uber by nearly 60% a year. Royal Gold – Precious Metal Management Company dropped over 8% after agreeing to acquire Sandstorm Gold and Horizon copper. Royal Gold buys Sandstorm in all-share transactions worth approximately $3.5 billion, while the Horizon Copper All-Cash transaction is valued at $199 million. MP Materials – Rare Earth Miner fell almost 4% after Jeffries downgraded its price target from $32 to $33, keeping its purchase price target. Stellantis -Chrysler and Jeep Maker have dropped by 4% after Bank of America downgraded Stellantis from Buy to neutral. The investment bank said Stellantis’ electric vehicle business is inadequately located in Europe and that the company is in a “year of transition” under new CEO Antonio Filosa. WNS Holdings – Shares rose 14% after French multinational Capgemini agreed to acquire WNS at $3.3 billion in cash or $76.50 per share. Trump’s spending and tax cuts bill, signed into law on July 4th, includes a significant increase in funding for immigration detention centers. Apogee Therapeutics – Stocks fell by about 15% after biotechnology companies released clinical trial results for antibodies to treat eczema. Antibodies reduced eczema severity by 71% over 16 weeks compared to about 34% in the placebo group. Apogee has risen 23% over the past three months. Phibro Animal Health – Animal health and nutrition stock increased by 8% after upgrading to overweight at JPMorgan. The bank said, “The execution across the animal health portfolio has been solid over the past few quarters, and we expect these trends to continue to be supported by strong customer demand and the fundamentals of a healthy industry.” Fortrea Holdings – Global Contract Research Institute stock fell 8.3%. Fortrea, spun from LabCorp in 2023, lost more than 74% a year. Solaredge Technologies – Solar companies fell by about 3%. Stocks rose 39% last week after taxes on solar and wind projects were removed from Trump’s spending bill. However, the law also removed federal support for the solar and wind. CrowdStrike – The stock fell more than 2% after Piper Sandler downgraded the cybersecurity company from overweight and made a “valuation call” after a recent runup of stocks. Cloud strike share is up over 46% per year. Shell – The US-registered shares of the oil and gas company fell almost 3% after Shell said it expected gas trading to undermine quarterly revenue. The company is expected to report its second quarter results on July 31st. MGM Resort International – Casino Stock lost nearly 2% after Goldman Sachs began research compensation with a selling rating. Investment banks said they expect MGM’s free cash flow generation to put pressure on capital revenues and valuations. —CNBC’s Fred Inbert, Michelle Fox, Jesse Pound, Sarah Minh, Spencer Kimball and Yun Lee reported.
