On this episode of Stock Movers:
- Enphase Energy (ENPH) shares dropped following a downgrade from Jeffrey's analyst Julian Duma and Smith, who raised concerns around the company's potential exposure to cuts in the Inflation Reduction Act. House Republicans are hoping for around $1.5 trillion in deficit reductions and the IRA could be a key area for tweaks. Companies like Enphase and First Solar could be most impacted.
- General Dynamics (GD) shares climbed as President Trump said the next defense budget may reach as much as $1 trillion. “We are very cost conscious but the military is something that we have to build and we have to be strong because you have a lot of bad forces out there now,” Trump said at the White House on Monday during a meeting with Israel’s Prime Minister Benjamin Netanyahu. Trump added his administration will approve a budget that will be “the biggest one we’ve ever done for the military.”
- Carnival Corp (CCL) shares are up as the company announced another $2 billion for two new cruise ships.
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