Enphase Drops, T-Mobile Falls, JetBlue Lower on Cost Cuts
On this episode of Stock Movers:- Enphase (ENPH) shares drop in the biggest one-day drop since September 2016. Shares of US solar companies fell sharply after Senate Republicans released a bill that would end clean energy tax credits earlier than expected.- T-Mobile (TMUS) shares fall after Softbank sold T-Mobile stake for $4.8 billion. It's the biggest US share sale since TD Bank sold a $13.1 billion stake in Charles Schwab in February. The sale will help fund Softbank's plans to ramp up investments in AI, including plans to put down as much as $30 billion in OpenAI.- JetBlue(JBLU) shares are lower on plans to accelerate its cost reductions by eliminating some flights, pausing retrofits and parking some jets due to weaker-than-expected demand for travel. This is according to an internal memo, which CNBC reported on earlier.See omnystudio.com/listener for privacy information.
On this episode of Stock Movers:- Lennar (LEN) is edging higher after a miss on the homebuilder’s new orders outlook was tempered by better-than-expected gross margins, which RBC Capital Markets said should reassure investors. Analysts including Mike Dahl say Lennar’s results came in better than feared on gross margin percentage with orders modestly missing, while the guide for a flat quarter-on-quarter gross margin percentage also surprised on the upside. Lennar’s second-quarter adjusted earning per share missed consensus estimates with higher selling, general, and administrative expenses and lower average selling price, but gross margins in-line, write analysts including Matthew Bouley of Barclays.- Sunrun (RUN) shares are sinking in the premarket. It comes as KeyBanc Capital Markets analyst Sophie Karp cut the recommendation on Sunrun Inc. to underweight from sector weight. Investors who followed Karp's recommendation received a 0% return in the past year, compared with a negative 27% return on the shares.- Verve Therapeutics (VERV) is soaring following a Financial Times report that Eli Lilly is reportedly in advanced talks to buy the gene-editing startup for as much as $1.3 billion. Eli Lilly (LLY) is lower on M&A news. Eli Lilly would pay almost $1 billion upfront and another $300 million based on Verve reaching clinical milestones, according to FT.- T-Mobile (TMUS) is sliding this morning after a report that SoftBank raised around $4.8 billion through a sale of 21.5 million T-Mobile US Inc. shares at $224 each. The deal represents a 3% discount to T-Mobile US's Monday closing price of $230.99 per share and is the biggest US share sale since February.See omnystudio.com/listener for privacy information.
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4:42
Defensive Stocks Higher; Oil Stocks Climb; Eli Lilly Deal
On this episode of Stock Movers:- Lockheed Martin (LTM) is leading defense stocks higher this morning amid growing tensions in the Middle East. The conflict between Israel and Iran continues, with both sides exchanging strikes, and Trump has not ruled out further talks or sending a high-level official to meet with Iran. - Conoco Phillips (COP) is higher this morning along with other energy stocks amid the Israel-Iran conflict. The situation remains volatile, with global markets still fearful of the war spreading to other countries in the oil- and gas-producing region, and the US deploying an aircraft carrier strike group to the Middle East ahead of schedule. The risk of oil-driven price pressures adds to the uncertainty facing central banks, with Federal Reserve officials signaling a prolonged pause in interest rates and investors watching for clues about what could eventually prompt a policy move. - Eli Lilly (LLY) is lower on M&A news that the company is looking to buy Verve Therapeutics, according to a report from the Financial Times. Eli Lilly is reportedly in advanced talks to buy the gene-editing startup for as much as $1.3 billion. Eli Lilly would pay almost $1 billion upfront and another $300 million based on Verve reaching clinical milestones, according to FT. - T-Mobile (TMUS) is sliding this morning after a report that SoftBank raised around $4.8 billion through a sale of 21.5 million T-Mobile US Inc. shares at $224 each. The deal represents a 3% discount to T-Mobile US's Monday closing price of $230.99 per share and is the biggest US share sale since February.See omnystudio.com/listener for privacy information.
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4:00
Sabadell Weighs Sale, Vestas Down, Apollo Deal
On this episode of Stock Movers: - Banco Sabadell is considering a sale of its UK unit TSB, the latest twist in a year-long effort to defend itself against a takeover by rival BBVA .- Clean energy stocks including Vestas and Orsted fall in Europe after US Senate Republicans released a bill that would end tax credits for wind and solar earlier than for other sources, and make only modest changes to most other incentives. - An Apollo Global Management Inc. investment vehicle sold its entire 21.3% stake in Italian betting firm Lottomatica Group Spa on Monday, leading a €2.3 billion ($2.7 billion) wave of European block trades as investors capitalized on the market’s bounce.See omnystudio.com/listener for privacy information.
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4:30
Coty Climbs, MGM Gains, Lockheed Martin Falls
On this edition of Stock Movers: - Coty (COTY) climbed after Women’s Wear Daily reports that the beauty company is looking for buyers. Citi analyst Filippo Falorni writes: “we acknowledge the possibility of M&A, especially given COTY’s valuation, progress on debt deleverage over the last several years with the potential for value unlock from the sale of its Wella stake” - MGM (MGM) Resorts shares gained, as well as shares in Entain, after BetMGM, the sports betting platform the two companies jointly own, raised its full-year guidance. - Lockheed Martin (LMT) shares fell on word that a deal between the US and China on rare earths wouldn't include Lockheed Martin's F-35 planes.See omnystudio.com/listener for privacy information.
Stock Movers features five-minute conversations on today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.
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