A representative scans an order in the shipping area of the Overstock.com distribution center in Salt Lake City, Utah.
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Check out the companies making headlines in midday trading.
Freyr – Freyr Battery rose 18% after Morgan Stanley upgraded the battery maker from ‘balance’ to ‘overweight’. Analyst Adam Jonas’ price target of $13 implies a gain of more than 70% from Wednesday’s close for the stock.
Wells Fargo, JPMorgan Chase, Bank of America – All three banks traded higher on Thursday after passing a key annual stress test on Wednesday, which showed the central bank companies could reasonably withstand a recession scenario. Wells Fargo rose 3.4%, while JPMorgan and Bank of America each gained more than 2%.
Tenaris — The pipe maker rose 2.4% after Jefferies started reporting the stock as a buy, citing a compelling risk-reward trade-off. The company said shares could soar more than 45%.
Micron technology — Chip stock fell 3.4%. Micron reported revenue of $3.75 billion late Wednesday, beating $3.65 billion expected by analysts, according to Refinitiv. Micron said it believes the memory chip industry is past its sales trough, but said the situation in China — which announced in May it would ban some purchases of Micron products — “remains uncertain and volatile.”
Occidental Petroleum – Shares of the oil giant rose nearly 1% after Warren Buffett’s Berkshire Hathaway increased its stake again. The conglomerate bought an additional 2.1 million shares of Occidental Monday, Tuesday and Wednesday, taking its stake in the Houston-based energy producer to 25.1%.
Joby Aviation — Shares rose almost 14% in midday trade. The company announced a $100 million investment from SK Telecom on Thursday. The stock was in a high phase this week. Shares rose 40% on Wednesday after the company said it had received approval to begin flight testing of its first electric vertical takeoff and landing aircraft.
Overstock.com – Shares of the online retailer rose 16% on Thursday after the company struck a deal to buy the Bed Bath & Beyond brand out of bankruptcy.
Sigilon Therapeutics – Shares soared more than 500% after it was announced that pharmaceutical company Eli Lilly would buy Sigilon for as much as $126.56 per share.
BioXcel Therapeutics – BioXcel shares plunged 65% after the company reported a problem with the timeliness of correspondence between a principal investigator and the U.S. Food and Drug Administration regarding a Phase 3 trial for an Alzheimer’s treatment.
— CNBC’s Michelle Fox, Alex Harring, Sarah Min and Yun Li contributed coverage.