HIMS, JOBY, LEVI and more
Check out the companies making headlines in midday trading. EVgo — Shares soared nearly 61% after the electric vehicle charger company received a $1.05 billion conditional loan from the Department of Energy. JPMorgan also upgraded EVgo to overweight . Analyst Bill Peterson pointed to EVgo’s utilization rate compared to peers as well as its owner-operator model. Hims & Hers Health — The health and wellness platform saw shares plunge 9.6% after the U.S. Food and Drug Administration said the shortage of popular Zepbound and Mounjaro weight loss drugs from Eli Lilly has been resolved. Hims & Her Health had previously developed compound versions of the drugs to take advantage of the shortage. Joby Aviation – Shares dropped more than 8%, paring back gains made in the previous session. On Wednesday, Joby soared nearly 28% after Toyota announced it’s investing $500 million in the company to support the certification and production of its electric air taxi. Levi Strauss – The stock dipped more than 7% after the denim maker trimmed its full-year revenue outlook and posted weaker-than-expected revenue for the third quarter. Levi is also contemplating selling its Dockers business, which the company said has been underperforming. Wolfspeed – Shares fell 5.9% after Mizuho downgraded the semiconductor manufacturer to an underperform rating from neutral. The company sees slowing global electric vehicle sales in the next two years, and cited mounting China competition as another headwind. Nvidia – The chipmaker advanced more than 3% following CEO Jensen Huang told CNBC’s ” Closing Bell: Overtime ” on Wednesday that the company is seeing “insane” demand for its new Blackwell artificial intelligence chips. The chief executive also said that Blackwell is in “full production” and on schedule to ship in the fourth quarter. Stellantis – Shares fell around 4%, hitting a new 52-week low during the session, following a downgrade to equal weight from overweight at Barclays. Analyst Henning Cosman said that the firm was “wrong-footed” on the stock, as it was “too slow to acknowledge its US inventory issue and eroding EU/US market shares.” Palantir Technologies – The software stock rose more than 4%, adding to the gains seen in the previous session. Palantir recently announced that it’s partnering with Edgescale AI to deliver Live Edge, a platform that will utilize artificial intelligence for manufacturing, utilities and other areas. Utility stocks – Shares of electricity suppliers Vistra and Constellation Energy jumped more than 5% and 4%, respectively, after Google CEO Sundar Pichai said in an interview with Nikkei that the tech giant is considering using electricity from nuclear power plants for its data centers. Investors see both Vistra and Constellation as becoming key supporters of data center growth for developing tech companies’ artificial intelligence technologies. — CNBC’s Yun Li, Lisa Kailai Han and Hakyung Kim contributed reporting.
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