An employee scans an order in the shipping area at the Overstock.com distribution center in Salt Lake City, Utah.
Ken James | Bloomberg | Getty Images
Discover the latest developments in the stock market.
Freyr
— Morgan Stanley upgraded battery maker Freyr to overweight from equal weight, causing a surge of 18% in the stock. Analyst Adam Jonas predicts a potential 70% increase from the previous day’s closing price.
Wells Fargo
,
JPMorgan Chase
,
Bank of America
— Following their successful completion of a key annual stress test, Wells Fargo, JPMorgan Chase, and Bank of America all experienced a rise in their stock prices. Wells Fargo climbed 3.4%, while JPMorgan and Bank of America both saw increases of over 2%.
Tenaris — Jefferies initiated coverage of the pipe manufacturer with a buy rating, resulting in a 2.4% rise in the stock. The firm believes there is significant potential for the shares to increase by more than 45%.
Micron Technology
— Despite reporting revenue that exceeded analysts’ expectations, the chip stock dropped 3.4%. Micron remains uncertain about its situation in China, where the government announced restrictions on purchases of their products.
Occidental Petroleum
— Following Berkshire Hathaway’s increased stake in the oil giant, Occidental Petroleum’s stock rose by nearly 1%. Warren Buffett’s conglomerate purchased an additional 2.1 million shares, raising its stake in the company to 25.1%.
Joby Aviation
— Shares of Joby Aviation saw a 14% increase in midday trading. The company announced a $100 million investment from SK Telecom, contributing to its recent success. Just the day before, Joby Aviation’s stock surged 40% after receiving a permit to begin flight testing its first electric vertical takeoff and landing aircraft.
Overstock.com
— After successfully closing a deal to acquire the Bed Bath & Beyond brand, Overstock.com’s stock increased by 16%.
Sigilon Therapeutics
— After the announcement of Eli Lilly’s purchase of Sigilon Therapeutics for a price of up to $126.56 per share, Sigilon’s stock soared more than 500%.
BioXcel Therapeutics
— Following news of an issue with correspondence between a principal investigator and the U.S. Food and Drug Administration regarding a phase 3 trial, BioXcel Therapeutics stocks dropped by 65%.
— This article was contributed by CNBC’s Michelle Fox, Alex Harring, Sarah Min, and Yun Li.
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