A Joby Aviation Electric Vertical Take-Off and Landing (eVTOL) aircraft outside the New York Stock Exchange (NYSE) during the company’s initial public offering in New York, U.S., on Aug. 11, 2021.
Michael Nagle | Bloomberg | Getty Images
Discover the premarket movers:
Joby Aviation — Joby’s shares surged 17% in premarket trading. The aviation company secured a $100 million equity investment from SK Telecom, a South Korean company, expanding their existing partnership. The announcement followed a 40% increase in shares after receiving a permit to begin flight testing for their first electric vehicle takeoff and landing vehicle (eVTOL).
Micron Technology — Micron’s shares rose 2.3% after surpassing analysts’ revenue estimates for the latest quarter. With revenue of $3.75 billion, surpassing the expected $3.65 billion, Micron stated that it believes the memory chip industry’s revenue has bottomed out and anticipates improved profit margins.
Wells Fargo, JPMorgan Chase, Bank of America — Following their passing of the Federal Reserve’s annual stress test, the banks experienced an increase in their stock prices. Wells Fargo and Bank of America rose nearly 2%, while JPMorgan saw a 1.6% increase.
Charles Schwab — Schwab’s shares jumped 2.7% after the Fed’s stress tests. The brokerage firm exhibited the lowest rate of total loan losses, at 1.3%.
Citizens Financial — The regional bank’s stock dropped 1.6% in premarket trading. JPMorgan downgraded the Providence, Rhode Island-based lender to neutral from overweight due to increased capital requirements that will further impact profitability.
Freyr Battery — Freyr Battery experienced an 11% increase in shares after being upgraded by Morgan Stanley from equal weight to overweight. Analyst Adam Jonas expressed confidence in the company’s ability to achieve significant progress on commercial milestones. With a price target of $13, Jonas suggests a 72% rally from the previous day’s closing price.
Occidental Petroleum — Following Berkshire Hathaway’s announcement of purchasing more shares of Occidental Petroleum, the stock rose over 1%. According to a regulatory filing, Berkshire Hathaway bought a total of 2.1 million shares between June 26 and June 28, increasing its position to 25%.
Overstock — The retailer’s shares rose 9% in premarket trading after finalizing the acquisition of the Bed Bath & Beyond brand, which was bought out of bankruptcy. Overstock will transition to using the Bed Bath & Beyond name in the near future.
Virgin Galactic — Richard Branson’s spaceflight company saw its shares climb over 1% in premarket trading. Virgin Galactic is scheduled to launch its first commercial spaceflight later today.
— CNBC’s Tanaya Macheel, Jesse Pound, Sarah Min, Michael Bloom and Brian Evans contributed to this report.
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