An employee scans an order in the shipping area at the Overstock.com fulfillment center in Salt Lake City, Utah.
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Check out the companies making headlines in midday trading.
Frere — Shares of Freyr Battery soared 18% after Morgan Stanley upgraded the battery maker to overweight from equal weight. Analyst Adam Jonas’ $13 price target implies an upside of more than 70% from Wednesday’s close.
FuGuo bank, JPMorgan, Bank of America — Shares in all three major banks rose on Thursday after passing a key annual stress test on Wednesday, signaling to the central bank that the companies are well positioned to weather a recession. Wells Fargo rose 3.4%, while JPMorgan and Bank of America each gained more than 2%.
Tenaris — The plumbing maker rose 2.4% after Jefferies started buying the stock, citing a compelling risk/reward ratio. The company said shares could rise more than 45%.
Micron Technology — Chip stocks fell 3.4 percent. On Wednesday night, Micron reported revenue of $3.75 billion, topping the $3.65 billion expected by analysts on Refinitiv. Micron said it believed the memory chip industry had passed the trough in revenue, but said its situation in China — which announced in May that it would ban purchases of some of Micron’s products —”still uncertain and unstable“.
western petroleum corp. — Shares of the oil major rose nearly 1% after Warren Buffett’s Berkshire Hathaway again increased its stake in the oil giant. The group bought an additional 2.1 million Occidental shares on Monday, Tuesday and Wednesday, boosting its stake in the Houston-based energy producer to 25.1%.
Joby Air — Shares were up nearly 14 percent in midday trading.the company announced SK Telecom invested $100 million earlier Thursday. The stock has been on fire this week. Shares soared 40% on Wednesday after the company said it had received the approval Allowed to start flight test Its first electric VTOL aircraft.
Overstock.com — Shares of the online retailer rose 16% on Thursday after the company completed its acquisition of the Bed Bath & Beyond brand to emerge from bankruptcy.
West Geelong Therapeutics — Shares soar more than 500% on news of pharma company Eli Lilly to Acquire Sigilon The price per share was as high as $126.56.
Bio Xcel Therapy — BioXcel plunges 65% after earnings report Timeliness of communications between the Principal Investigator and the FDA A phase 3 trial of a treatment for Alzheimer’s disease.
— CNBC’s Michelle Fox, Alex Harring, Sarah Min and Yun Li contributed reporting.