A Rivian logo on an Amazon.com electric van, photographed in Chicago, Illinois, on July 21, 2022.
Jamie Kelter Davis | Bloomberg | Getty Images
Check out the companies making headlines during midday trading.
alibaba — U.S. shares of the Chinese company rose 8.8% in afternoon trading. Earlier on Friday, Reuters first reported that its Alibaba affiliate, Ant Group, would pay a $984 million fine to Chinese regulators, ending several years of litigation. Alibaba has also launched an AI tool that can generate images from text prompts.
Rivian Automotive – The electric vehicle maker rose more than 16% after Wedbush raised its $25 share price target from $30 to $25, citing an improved outlook. The new target price implies that shares are up nearly 39% from Thursday’s close.
Levi Strauss — Shares of the jeans maker fell 6.7% after the company lowered its full-year profit forecast on Thursday. Levi Strauss now expects an adjusted share price of $1.10 to $1.20 per share compared to a previous range of $1.30 to $1.40.
First solar energy — The solar company climbed 4.6% after receiving a five-year revolving line of credit and a $1 billion facility guarantee. JPMorgan will serve as lead arranger for First Solar.
TG Therapeutics — The pharmaceutical company was up more than 10% after Cantor Fitzgerald returned an overweight rating to the stock. The company said sales of TG Therapeutics’ treatment for relapsing forms of multiple sclerosis, Briumvi, will exceed expectations for the second quarter.
biogen — Shares fell more than 2% even after the Food and Drug Administration approved its Alzheimer’s treatment, which was developed with Eisai.
design kings — The sports betting platform added 5% during afternoon trading. A day earlier, Jefferies included the stock as one of the stocks that the company predicts will make a profit as the company turns its earnings angle.
— CNBC’s Hakyung Kim and contributed reporting
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