Stocks Making The Biggest Premarket Moves: Joby, Micron, Wells Fargo, Freyr Battery And More

In premarket trading, several companies have seen notable movements:

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Joby Aviation: Joby shares have gained an additional 17%. The aviation company announced a $100 million equity investment from South Korea's SK Telecom, which further expands their existing partnership. This positive news follows a surge of 40% in share value after Joby received a permit to conduct flight testing for its first electric vehicle takeoff and landing vehicle (eVTOL).

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Micron Technology: Micron shares have increased by 2.3% after the company reported quarterly revenue that exceeded analyst estimates. With revenue of $3.75 billion, Micron outperformed the expected $3.65 billion, according to Refinitiv. The company also expressed optimism about the memory chip industry, believing that it has passed its revenue trough and expects improved profit margins.

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Wells Fargo, JPMorgan Chase, Bank of America: These banks experienced gains following their successful completion of the Federal Reserve's annual stress test. Wells Fargo and Bank of America saw nearly 2% increases, while JPMorgan rose by 1.6%.

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Charles Schwab: Shares of Charles Schwab jumped 2.7% after the Fed's stress tests. The brokerage firm demonstrated the lowest rate of total loan losses, standing at 1.3%.

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Citizens Financial: The regional bank experienced a 1.6% decline in premarket trading. JPMorgan downgraded Citizens Financial to neutral from overweight following the Fed stress tests. The downgrade was attributed to increased capital requirements that are expected to put further pressure on the bank's profitability.

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Freyr Battery: Shares of Freyr Battery surged nearly 11% after receiving an upgrade from Morgan Stanley. The firm upgraded Freyr Battery from equal weight to overweight, with analyst Adam Jonas expressing confidence in the company's ability to achieve significant progress on commercial milestones. Jonas has set a price target of $13, implying a potential 72% rally from Wednesday's closing price.

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Occidental Petroleum: Occidental Petroleum rose over 1% after Berkshire Hathaway announced that it had acquired more shares of the oil giant. According to a regulatory filing, Berkshire Hathaway purchased a total of 2.1 million shares between June 26 and June 28, increasing its position in Occidental Petroleum to 25%.

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Overstock: Shares of Overstock rose 9% in premarket trading following the completion of the company's acquisition of the Bed Bath & Beyond brand out of bankruptcy. Overstock will transition to using the Bed Bath & Beyond name in the coming weeks.

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Virgin Galactic: Shares of Richard Branson's spaceflight company, Virgin Galactic, climbed over 1% in premarket trading. The company is set to launch its first commercial spaceflight later on Thursday.

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