These Stocks Moved the Most Today: Sunrun, GMS, Oracle, HPE, Juniper Networks, Robinhood, Palantir, and More

Traders work on the floor of the New York Stock Exchange. (Spencer Platt/Getty Images)

Stocks rose Monday and the S&P 500 and Nasdaq Composite added to their record highs after Canada rescinded its digital sales tax, bolstering hopes the U.S. will be able to broker a trade deal with its northern neighbor.

These stocks made moves Monday:

Shares of GMS surged 12% to $108.75 after the building-products supplier entered into a definitive agreement to be acquired by Home Depot. The retailer’s subsidiary, SRS Distribution, has offered to buy GMS for $110 a share, or roughly $4.3 billion. Including debt, the deal is valued at $5.5 billion. Home Depot’s deal tops a rival bid for GMS by QXO, a construction-supplies company, that was made earlier this month. QXO rose 3.9% while Home Depot declined 0.5%.

Enphase Energy and other clean energy stocks were falling. The U.S. Senate’s latest version of the tax-and-spending megabill will phase out tax credits for large-scale wind and solar projects by the end of 2027–earlier than in previous drafts. The latest version also includes a surprise new tax on projects that use supplies from China, the world’s biggest source of renewable energy equipment. The tax would apply to all projects completed after Dec. 31, 2027. Enphase was down 3%. Renewable energy developers NextEra Energy and AES also traded lower, slipping 2.1% and 1.9%, respectively.

Conversely, First Solar, the largest U.S. solar manufacturer, was up 8.8%, while Sunrun, the largest residential solar developer, was up 10%. Baird analyst Ben Kallo said the tax on Chinese components was “good for domestic producers” like First Solar. As for Sunrun, while the Senate bill limits its ability to receive tax credits for leasing panels to homeowners, it leaves the door open for the company to get credits for a similar product known as a power purchase agreement.

Oracle rose 4% to $218.63. In a regulatory filing, Oracle said CEO Safra Catz plans to tell the company’s employees today that the software company “signed multiple large cloud services agreements including one that is expected to contribute more than $30 billion in annual revenue starting in FY28.” The company has emerged as the third-party cloud provider of choice for companies such as Nvidia.

Shares of electric-vehicle maker Tesla fell 1.9% after closing down 0.7% on Friday. The Senate bill would end tax credits for the purchase of EVs after September, quicker than the House proposal’s call for eliminating them by the end of the year for most vehicles. Tesla CEO Elon Musk slammed the legislation as Republicans narrowly advanced the measure in a 51-49 weekend vote.

Juniper Networks jumped 8.4% after the Justice Department settled a lawsuit challenging Hewlett Packard Enterprise’s $14 billion acquisition of the provider of wireless networking solutions. As part of the settlement, HPE will have to divest its global Instant On campus and branch business. A trial was scheduled to begin July 9. Shares of HPE climbed 11%.

Nvidia was up 0.2% after wavering throughout the session. The chip firm’s shares had already closed at a record high on Friday, rising 1.8% to $157.75. Also on Friday, Nvidia market capitalization reached $3.8 trillion, making it the most valuable company in the U.S., and putting it on course to become the world’s first company to reach $4 trillion.

Wells Fargo stock rose 0.9%, JPMorgan Chase stock gained 1%, and Goldman Sachs Group stock was up 2.2% after the results of the Federal Reserve’s annual stress tests indicated the largest U.S. lenders were well-positioned to withstand a severe economic downturn. The outcome suggests banks will announce plans to distribute more capital to shareholders in the coming days.

Palantir Technologies stock climbed 4.3%. The data-analytics company ended Friday’s session as the worst stock in the S&P 500, falling 9.4%. Even with the sharp drop, Palantir stock remains up 73% this year.

Robinhood Markets gained 13%. Shares of the cryptocurrency exchange hit an all-time intraday high of $93.36 on Monday after Robinhood unveiled a slate of new products including “tokens” that will allow customers in the European Union to trade U.S.-listed stocks and exchange-traded funds.

Progress Software was scheduled to report fiscal second-quarter earnings after the closing bell Monday.

Reports are expected later in the week from Constellation Brands, MSC Industrial Direct, Greenbrier Cos., and UniFirst.

Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com