Stocks making the biggest moves midday: Occidental Petroleum, Wells Fargo, Micron, Joby and more


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An employee scans an order in the shipping area at the 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’s $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 on Thursday after passing a key annual stress test on 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 that 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 on 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 on 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. — Stock in the online retailer added 16% on Thursday after the company closed a deal to purchase the Bed Bath & Beyond brand out of bankruptcy.

Sigilon Therapeutics — Shares soared more than 500% on news that pharmaceutical company Eli Lilly would purchase Sigilon for as much as $126.56 per share.

BioXcel Therapeutics — BioXcel stock plummeted 65% after the company reported an issue with the timeliness of correspondence between a principal investigator with the 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.

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