Stock Market

Stocks making the biggest premarket moves: Joby, Micron, Wells Fargo, Freyr Battery and more

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

Check out the companies making the biggest moves in premarket trading:

Joby Aviation — Joby shares gained another 17% premarket. The aviation company announced a $100 million equity investment from South Korea’s SK Telecom, expanding an existing partnership. On Wednesday, shares surged 40% after the company said it received a permit to begin flight testing its first electric vehicle takeoff and landing vehicle (eVTOL).

Micron Technology — Shares added 2.3% after latest quarter revenue topped analyst estimates postmarket Wednesday. Micron revenue of $3.75 billion beat the $3.65 billion expected by analysts, per Refinitiv. Micron said it believes the memory chip industry has passed its trough in revenue and now expects profit margins to improve.

Wells Fargo, JPMorgan Chase, Bank of America — The banks moved higher after passing the Federal Reserve’s annual stress test Wednesday. Wells Fargo and Bank of America gained nearly 2%, while JPMorgan rose 1.6%.

Charles Schwab — Shares jumped 2.7% following the Fed’s stress tests. The brokerage firm had the lowest rate of total loan losses, at 1.3%.

Citizens Financial — The regional bank shed 1.6% premarket. JPMorgan downgraded the Providence, Rhode Island-based lender after the Fed stress tests to neutral from overweight, citing increased capital requirements that will put further pressure on profitability.

Freyr Battery — Shares popped nearly 11% after being upgraded by Morgan Stanley to overweight from equal weight. Analyst Adam Jonas said he believes the company can show “meaningful progress on commercial milestones.” His $13 price target suggests a 72% rally from Wednesday’s close.

Occidental Petroleum — Occidental Petroleum rose more than 1% after Berkshire Hathaway on Wednesday said it bought more shares of the oil giant. Between June 26 and June 28, the Warren Buffett conglomerate bought a total of 2.1 million shares, according to a regulatory filing, brining its position to 25%.

Overstock — Shares of the retailer rose 9% premarket after Overstock closed its deal to buy the Bed Bath & Beyond brand out of bankruptcy. Overstock will shift to using the Bed Bath & Beyond name in the coming weeks.

Virgin Galactic — Shares of Richard Branson’s spaceflight company climbed more than 1% premarket. Virgin Galactic is set to launch its first commercial spaceflight later Thursday.

— CNBC’s Tanaya Macheel, Jesse Pound, Sarah Min, Michael Bloom and Brian Evans contributed reporting.

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