Movers: Bank Stocks, Joby Aviation, Micron Tech, Occidental Petroleum, Overstock.com

Scott Peters
29 Jun, 2023
New York City

The S&P 500 index decreased 0.1% to 4,373.44 and the Nasdaq Composite fell 0.2% to 13,579.28.  

The S&P 500 index advanced 4.7% in June and jumped 6.5% in the second quarter, third quarterly gain in a row. 

Micron Technology Inc decreased 1.8% to $65.94 after the company reported quarterly results. 

Revenue in the fiscal third quarter ending on June 1 dropped to $3.7 billion from $8.7 billion and the company swung to a net loss of $1.9 billion from a profit of $2.6 billion and diluted earnings per share was ($1.73) compared to $2.34 a year ago. 

The company forecasted revenue in the fiscal fourth quarter of $3.9 billion with a band of $200 million and gross margin of (12.5%) with a band of 2.5% and diluted loss per share of $1.34 with a band of 7 cents. 

The company's board of directors declared a quarterly cash dividend of 11.5 cents a share payable on July 25 to shareholders on record on July 10. 

Bank stocks were on the upswing after 23 largest banks passed the annual stress test conducted by the Federal Reserve. 

JP Morgan Chase increased 1.9% to $141.20, Wells Fargo advanced 2.9% to $41.83 and Bank of America Corp jumped 2.4% to $28.75. 

Joby Aviation Inc soared 28% to $11.22 after the electric vehicle aviation company confirmed a $100 million investment from an existing investor SK Telecom. 

On Wednesday, Job's stock jumped more than 38% after the company received permission to test its electric vehicle landing and takeoff. 

Occidental Petroleum increased 1.6% to $58.37 after Berkshire Hathaway acquired 2.1 million more shares in the company between June 26 and 28, according to a regulatory filing. 

After the purchase, Berkshire Hathaway's stake in the company rose to 25%. 

Overstock.com Inc increased 13.5% to $29.15 after the company said it completed the purchase of the Bed Bath & Beyond brand out of bankruptcy.