Lululemon Falls on Tariffs News, Tractor Supply Rises, First Solar Drops
On this edition of Stock Movers:
Lululemon (LU): Lululemon falls as President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariffs rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug. 1. It comes after the president said he has reached an agreement with Vietnam, a key country for the athletic wear manufacturer, late last week.
First Solar (FSLR): First Solar falls after Congress has set fast phaseouts for most of the Inflation Reduction Act’s signature clean energy tax credits. But while credits for sales of electric vehicles and home solar and storage face strict cutoffs by the end of this year, utility-scale wind and solar power projects can potentially hit a narrow six-to-12 month window that could buy them much more time — and subsidies — all the way into next decade. BloombergNEF expects to see developers rush to try to hit that window. JPMorgan analyst Mark Strouse says that while amount of tax incentives was reduced compared to the Inflation Reduction Act, the Big Beautiful Bill act "is materially better than feared" for clean energy.
Tractor Supply (TSCO): Tractor Supply Co. gains as much as 2.6%, rising to the highest intraday level since April, after adjusted sales observed by Bloomberg Second Measure rose 4.3% in the second fiscal quarter. It’s one of the few companies expecting sales to grow with tariff uncertainty based off pet food sales.
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