On this episode of Stock Movers:
- Enphase (ENPH) and other clean-power stocks plunged after a massive tax and spending bill that would gut former President Joe Biden’s landmark climate law narrowly passed the House of Representatives. The bill now moves to the Senate, where some lawmakers are skeptical of provisions that would end subsidies for green energy years earlier than planned. But even as some Wall Street analysts suggested a final bill isn’t likely to be as damaging to the industry, renewable energy stocks are tumbling.
- Williams-Sonoma (WSM) shares slumped as much as 12%, as Wall Street questioned the home furnishing retailer’s reaffirmed full-year net revenue guidance given its significant first-quarter beat. Bloomberg Intelligence considers the outlook to be conservative, while Evercore says it suggests the quarter benefitted from pre-buys ahead of tariffs.
- Target (TGT) shares bounced back today. That is despite the fact that analysts at Bank of America, Melius Research LLC and Telsey Advisory Group all stepped back from their buy-equivalent calls since the company’s earnings report on Wednesday, flagging issues including the difficult macroeconomic backdrop, an uncertain outlook and exposure to President Donald Trump’s tariff policies. That’s dragged Target’s consensus rating — a Bloomberg proxy for the ratio of buy, hold and sell recommendations — down to 3.5, the lowest it has been since November 2018 and below peers such as Walmart Inc., TJX Cos Inc. and Costco Wholesale Corp.
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