Key companies making headlines before market open include Sunrun, Verve Therapeutics, and T-Mobile.
Solar Stocks Decline
Solar companies faced significant losses as the Senate’s version of President Trump’s tax bill proposed phasing out renewable energy incentives. Enphase Energy’s shares fell 20%, while First Solar and Sunrun saw declines of 16% and 36%, respectively. SolarEdge Technologies also experienced a 30% drop.
Verve Therapeutics Acquisition
Verve Therapeutics shares surged 77% in premarket trading following the announcement of its acquisition by Eli Lilly for $10.50 per share, a 67.5% premium over its last closing price. The deal, valued at up to $1.3 billion, is expected to finalize in the third quarter. Meanwhile, Eli Lilly’s shares saw a slight decrease.
Roku’s Market Movement
Roku shares increased by 2% after Loop Capital Markets upgraded its rating from hold to buy. Analyst Alan Gould set a new price target of $100, up from $80, suggesting a 22% upside. Roku had already gained 10% on Monday after announcing a partnership with Amazon to reach approximately 80 million U.S. households.
Microsoft and OpenAI Tensions
Microsoft shares dipped nearly 1% following reports from The Wall Street Journal about escalating tensions with OpenAI regarding their AI collaboration.
Lennar’s Strong Revenue
Lennar shares rose 2.5% after reporting fiscal second-quarter revenue of $8.38 billion, surpassing the FactSet consensus of $8.18 billion.
T-Mobile Shares Drop
T-Mobile US shares fell 4.4% after reports from Bloomberg and Reuters indicated that SoftBank sold 21.5 million T-Mobile shares in an unregistered overnight sale for $224 each, raising approximately $4.8 billion.
