Stocks making the biggest premarket moves: Tesla, Geo Group, Molina Healthcare, SolarEdge Technologies and more
Check out the companies making the biggest moves in premarket trading: Tesla — The E.V-maker tumbled 6% after CEO Elon Musk said he would form a new political party called “America Party.” Musk has been engaged in a feud with President Donald Trump, who called the new party “ridiculous.” Geo Group , CoreCivic — The private prison companies gained 7.6% and 5.4%, respectively. Trump’s so-called big, beautiful bill spending and tax cut bill, signed into law on July 4, includes a significant increase in funding for immigration detention centers. Molina Healthcare — The managed care stock gained 1% after Molina’s CEO said the potential impacts of the budget bill being considered in Congress do not change the long-term outlook for the company. However, the company did say it now expects adjusted earnings per share of $5.50 in the second quarter and from $21.50 to $22.50 for the full year, which is down from prior guidance. Molina cited “medical cost pressures” for the reduced outlook. SolarEdge Technologies — The solar company shed 2.8%. The stock jumped 39% the week prior after a tax on solar and wind projects was removed from Trump’s spending bill. However, the law removed federal support for solar and wind power. Constellation Brands — The booze stock gained about 1% in premarket trading after Jefferies upgraded it to buy from a hold rating. The Wall Street firm believes the selloff has gone too far, and said the recovery should accelerate, driving upside. Jefferies pointed to its wine business that is turning profitable, strong cash flows as well as buybacks. Wns Holdings — Shares jumped 14% after French multinational company Capgemini said it will acquire Wns in a $3.3 billion cash deal. Capgemini is paying $76.50 per share, a 17% premium to Wins’ closing price on July 3. Shell — U.S.-listed shares of the oil and gas company slid nearly 3% after Shell said it expected weaker gas trading would hurt quarterly earnings. The company is due to report its second-quarter results on July 31. MGM Resorts International — The casino stock lost 2% after Goldman Sachs initiated coverage with a sell rating. The bank said it expects pressure on MGM’s free-cash-flow generation to weigh on capital returns and valuation. —CNBC’s Jesse Pound and Yun Li contributed reporting.
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