An employee scans an order in the shipping area of the Overstock.com distribution center in Salt Lake City, Utah.
Ken James | Bloomberg | Getty Images
Check out the companies making headlines during midday trading.
Freyr — Freyr Battery rose 18% after Morgan Stanley upgraded the battery maker from equal weight to overweight. Analyst Adam Jonas’ $13 price target implies more than 70% gains from Wednesday’s close for the stock.
Wells Fargo, JPMorgan Chase, bank of America All three banks traded higher on Thursday after passing a major annual stress test on Wednesday, which showed the central bank that the companies could adequately weather a recession scenario. Wells Fargo climbed 3.4%, while JPMorgan and Bank of America each added more than 2%.
Tenaris – The pipe maker rose 2.4% after Jefferies began covering the stock on a purchase, citing a convincing risk-reward ratio. The company said shares could rise more than 45%.
Micron technology — The chip stock decreased by 3.4%. Micron reported revenue of $3.75 billion late Wednesday, more than the $3.65 billion analysts were expecting, according to Refinitiv. Micron said it believes the memory chip industry has bottomed out in sales, but said the situation in China – which announced in May it would ban some purchases of Micron products – “remains uncertain and volatile.”
Western petroleum — Shares of the oil giant rose nearly 1% after Warren Buffett’s Berkshire Hathaway raised its stake again. The conglomerate bought another 2.1 million shares of Occidental on Monday, Tuesday and Wednesday, boosting its stake in the Houston-based energy producer to 25.1%.
Joby Aviation — Stocks were up nearly 14% during afternoon trading. The company announced a $100 million investment from SK Telecom earlier Thursday. The stock is on the rise this week. On Wednesday, shares rose 40% after the company said it had received a permit to begin testing its first electric vertical takeoff and landing aircraft.
Overstock. com — Stock in the online retailer added 16% on Thursday after the company struck a deal to buy the Bed Bath & Beyond brand out of bankruptcy.
Sigilon Therapeutics — Shares rose more than 500% on news that pharmaceutical company Eli Lilly would buy Sigilon for a whopping $126.56 per share.
BioXcel Therapeutics — BioXcel shares plunged 65% after the company reported a problem with the timeliness of a principal investigator’s correspondence with the US Food and Drug Administration about a Phase 3 trial for an Alzheimer’s treatment.
– CNBC’s Michelle Fox, Alex Harring, Sarah Min and Yun Li contributed reporting.
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