Stocks Wake Up to Mixed Results Before Market Opens

NEW YORK, N.Y. — Mixed results shaped pre-market trading as several companies reported significant changes in their stock prices. Solar energy stocks faced a sharp decline following Senate discussions about phasing out renewable energy incentives as part of President Trump's tax bill.

Shares of Enphase Energy fell by 20%, while First Solar and Sunrun saw drops of 16% and 36%, respectively. SolarEdge Technologies was down 30% as investors reacted to the news impacting the renewable energy sector.

In contrast, Verve Therapeutics experienced a notable surge, with shares rallying 77% after the gene editing company announced it would be acquired by Eli Lilly at $10.50 per share. This buyout represents a 67.5% premium on the company's last closing price, and the deal, valued at up to $1.3 billion, is expected to finalize in the third quarter.

Roku shares climbed 2% following a positive rating upgrade from Loop Capital Markets. Analyst Alan Gould raised the price target from $80 to $100, suggesting a potential upside of 22%. The stock gained 10% on Monday after announcing a partnership with Amazon that will allow advertisers to reach around 80 million U.S. households.

Meanwhile, Microsoft shares dipped nearly 1% amid reports of rising tensions with OpenAI over their partnership, according to the Wall Street Journal. The tech giant faced scrutiny as stakeholders awaited further developments.

Lennar reported stronger-than-expected revenue for its fiscal second quarter, with shares rising 2.5%. The company's revenue totaled $8.38 billion, surpassing the FactSet consensus of $8.18 billion.

In telecommunications, T-Mobile US shares fell by 4.4% after reports confirmed SoftBank sold 21.5 million T-Mobile shares for $224 each in an unregistered sale. The deal reportedly raised approximately $4.8 billion for SoftBank.