On this episode of Stock Movers:
- Renewable, wind, and solar stocks including Sunrun (RUN), Enphase Energy (ENPH), and SolarEdge (SEDG) are falling after President Trump called for new rules that would restrict access to tax incentives for solar and wind projects that were already pared back in his $3.4 trillion budget bill.
- Meta (META) is higher while Apple (APPL) is lower as Ruoming Pang, a distinguished engineer and manager in charge of Apple's foundation models team, is leaving for Meta Platforms Inc. Pang's departure could be the start of a string of exits from the AFM group, with several engineers telling colleagues they are planning to leave in the near future to Meta or elsewhere, sources said.
- Tesla (TSLA) is gaining today after yesterday's tumble on news owner Elon Musk announced he's forming a new political party, the "America Party", which will focus on House and Senate seats for the next 12 months. Tesla's stock slid 6.8% Monday, wiping out $15.3 billion from Musk's net worth, with investors growing tired of the distraction from the company's business.
- Exxon Mobil (XOM) shares are lower as it expects lower oil and gas prices to reduce the company’s earnings by about $1.5 billion as a volatile quarter for commodity prices weighs on second-quarter profits.
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