Stocks making the biggest moves midday: Occidental Petroleum, Wells Fargo, Micron, Joby and more
An employee scans an order in the shipping area at 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 surged 18% after Morgan Stanley upgraded the battery maker to overweight from equal weight. Analyst Adam Jonas’ $13 price target implies more than 70% upside from Wednesday’s close for the stock.
Wells Fargo, JPMorgan Chase, Bank of America — All three banks were trading higher Thursday after passing a key annual stress test Wednesday, showing the central bank that the firms could adequately withstand a recession scenario. Wells Fargo climbed 3.4% while JPMorgan and Bank of America added more than 2% each.
Tenaris — The pipe manufacturer rose 2.4% after Jefferies initiated coverage of the stock at a buy, citing a compelling risk/reward ratio. The firm said shares can rise more than 45%.
Micron Technology — The chip stock dropped 3.4%. Micron reported revenue of $3.75 billion late Wednesday, topping the $3.65 billion expected by analysts, per Refinitiv. Micron said it believes the memory chip industry has passed its trough in revenue, but said its situation in China — which announced in May it would bar some purchases of Micron’s products — “remains uncertain and fluid.”
Occidental Petroleum — Shares of the oil giant rose nearly 1% after Warren Buffett’s Berkshire Hathaway once again increased its stake. The conglomerate purchased an additional 2.1 million Occidental shares Monday, Tuesday and Wednesday, boosting its stake in the Houston-based energy producer to 25.1%.
Joby Aviation — Shares climbed nearly 14% in midday trading. The company announced a $100 million investment earlier Thursday from SK Telecom. The stock has been on a hot streak this week. On Wednesday, shares surged 40% after the company said it received a permit to begin flight testing its first electric vertical takeoff and landing aircraft.
Overstock.com — Stock in the online retailer added 16% Thursday after the company closed a deal to purchase the Bed Bath & Beyond brand out of bankruptcy.
BioXcel Therapeutics — BioXcel stock plummeted 65% after the company reported an issue with the timeliness of correspondence between a principal investigator with the U.S. Food and Drug Administration concerning a phase 3 trial for an Alzheimer’s treatment.
— CNBC’s Michelle Fox, Alex Harring, Sarah Min and Yun Li contributed reporting.