Stocks making big midday moves: Tesla, Uber, Royal Gold, Stellantis, WNS and more
Tesla — The EV-maker tumbled almost 8% after CEO Elon Musk said he would form a new political party called “America Party.” Musk has been feuding with President Donald Trump, who called the new party “ridiculous.” Uber Technologies — Shares of the ride-hailing company hit an all-time high of $97.12 and recently were up by 3% on the day. Monday’s gains put Uber up nearly 60% for the year. Royal Gold – The precious metal management company dropped more than 8% after agreeing to acquire Sandstorm Gold and Horizon Copper . Royal Gold is buying Sandstorm in an all-share transaction valued at approximately $3.5 billion, while the Horizon Copper all-cash deal is valued at $196 million. MP Materials — The rare earth miner dropped nearly 4% after Jefferies downgraded to hold from buy while lifting its price target to $33 from $32, saying “China’s shift to short-term export licenses for rare earth magnets reduces the risk of near-term shortages,” at the same time as “the demand outlook remains mixed for key markets (electronics, windmills, EVs, robots).” Stellantis — The Chrysler and Jeep maker dropped 4% after Bank of America downgraded Stellantis to neutral from buy. The investment bank said Stellantis’ electric vehicle business is poorly positioned in Europe and the company is in a “year of transition” under new CEO Antonio Filosa. WNS Holdings — Shares jumped 14% after French multinational Capgemini agreed to acquire WNS for $3.3 billion in cash, or $76.50 per share, a 17% premium to the WNS closing price on July 3. Geo Group , CoreCivic — The private prison companies each gained about 3%. Trump’s spending and tax cut bill, signed into law on July 4, includes a significant increase in funding for immigration detention centers. Apogee Therapeutics – Shares fell about 15% after the biotech company released clinical trial results for an antibody to treat eczema. The antibody reduced eczema severity by 71% over 16 weeks, compared to about 34% in the placebo group. Apogee has climbed 23% in the past three months. Phibro Animal Health — The animal health and nutrition stock popped 8% after an upgrade to overweight at JPMorgan. The bank said, “Execution across the Animal Health portfolio has been solid over the past few quarters and we expect these trends to continue supported by strong customer demand and healthy industry fundamentals.” Fortrea Holdings — Shares of the global contract research organization fell 8.3%. Fortrea, which was spun out of Labcorp in 2023, has lost more than 74% year to date. SolarEdge Technologies — The solar company fell about 3%. The stock jumped 39% last week after a tax on solar and wind projects was removed from Trump’s spending bill. But the law also removed federal support for solar and wind power. CrowdStrike — Shares dropped more than 2% after Piper Sandler downgraded the cybersecurity company to neutral from overweight, making a “valuation call” after the stock’s recent runup. CrowdStrike shares are up more than 46% year to date. Shell — U.S.-listed shares of the oil and gas company dropped nearly 3% after Shell said it expects weaker gas trading will hurt quarterly earnings. The company is due to report second-quarter results on July 31. MGM Resorts International — The casino stock lost nearly 2% after Goldman Sachs initiated research coverage with a sell rating. The investment bank said it expects pressure on MGM’s free-cash-flow generation to weigh on capital returns and valuation. —CNBC’s Fred Imbert, Michelle Fox, Jesse Pound, Sarah Min, Spencer Kimball and Yun Li contributed reporting.
