Several companies made headlines in midday trading, with EVgo experiencing a significant increase in share price after receiving a $1.05 billion conditional loan from the Department of Energy. JPMorgan upgraded EVgo to overweight, citing its utilization rate compared to peers and its owner-operator model. On the other hand, Hims & Hers Health saw shares plunge after the FDA resolved a shortage of popular weight loss drugs, impacting the company’s compound versions developed to take advantage of the shortage.
Joby Aviation’s shares dropped after a previous session increase driven by Toyota’s $500 million investment in the company to support the certification and production of its electric air taxi. Levi Strauss experienced a dip in stock price after trimming its full-year revenue outlook and posting weaker-than-expected revenue for the third quarter. The company is also considering selling its underperforming Dockers business. Similarly, Wolfspeed saw a decrease in shares after being downgraded by Mizuho to an underperform rating, citing slowing global electric vehicle sales and increasing competition from China.
Nvidia, on the other hand, saw an increase in share price following CEO Jensen Huang’s comments about the high demand for its new Blackwell artificial intelligence chips. Stellantis, however, experienced a decline in shares after a downgrade by Barclays, noting concerns about the firm’s inventory issues and eroding market shares. Palantir Technologies rose in the stock market after announcing a partnership with Edgescale AI to deliver Live Edge, a platform utilizing artificial intelligence for various industries.
Utility stocks, specifically Vistra and Constellation Energy, saw an increase in share price following Google CEO Sundar Pichai’s comments about considering using electricity from nuclear power plants for data centers. Investors see both companies as key supporters of data center growth for tech companies focused on artificial intelligence technologies. Overall, these companies experienced a mix of positive and negative movements in the stock market, driven by a variety of factors ranging from partnerships and investments to market trends and external influences.
