Rivian, Levi Strauss, Biogen, First Solar and more

A Rivian logo on an Amazon.com delivery electric van photographed in Chicago, Illinois, on July 21, 2022.

Jamie Kelter Davis | Bloomberg | Getty Images

Check out the companies making headlines in midday trading.

Alibaba — U.S. shares of the Chinese company added 8.8% in afternoon trading. Earlier on Friday, Reuters first reported that Alibaba’s affiliate company, Ant Group, would pay a $984 million fine to Chinese regulators, which would end several years of dispute. Alibaba also launched an AI tool that can generate images from text prompts.

Rivian Automotive — The electric vehicle maker popped more than 16% after Wedbush raised its price target on shares to $30 from $25, citing an improved outlook. The new target price implies shares rallying almost 39% from Thursday’s close.

Levi Strauss — Shares of the jeans maker slumped 6.7% after the company cut its full-year profit forecast on Thursday. Levi Strauss now expects an adjusted $1.10 to $1.20 per share compared to a previous range of $1.30 to $1.40.

First Solar — The solar company climbed 4.6% after receiving a five-year revolving line of credit as well as a guarantee for a $1 billion facility. JPMorgan will serve as the lead arranger for First Solar.

TG Therapeutics — The pharmaceutical company soared more than 10% after Cantor Fitzgerald reiterated an overweight rating on the stock. The firm said it sees sales of TG Therapeutics’ treatment for relapsing forms of multiple sclerosis, Briumvi, to come in above expectations for the second quarter.

Biogen — Shares slipped more than 2% even after the Food and Drug Administration approved its Alzheimer’s treatment, which was developed with Eisai.

DraftKings — The sports betting platform added 5% in midday trading. A day earlier, Jefferies included the stock as one of the stocks the firm is forecasting is set for gains as the company turns the profit corner.

— CNBC’s Hakyung Kim and contributed reporting

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