These companies are trending in intraday trading. Viasat – Shares rose more than 8% after Viasat announced that the U.S. Space Force has been awarded a multi-year contract to provide dual-band satellite systems under the Protective Tactical SATCOM-Global program. EchoStar – The satellite communications company rose more than 8% ahead of SpaceX’s initial public offering scheduled for Friday. EchoStar owns a stake in SpaceX stock. General Dynamics – The defense contractor saw its stock price rise almost 5% on the back of an upgrade from its acquisition from Jefferies. The company said General Dynamics’ investments were “paying off” and noted that “[near-term]performance remains strong.” Jefferies’ new $400 price target implies an upside of 17% from Wednesday’s closing price. Adobe – The software giant’s stock fell nearly 5% to a new 52-week low. Adobe is scheduled to release second-quarter financial results after the bell. Analysts surveyed by FactSet expected earnings of $5.82 per share and revenue of $6.45 billion, both numbers within the company’s previous guidance. Intel — The semiconductor company was double upgraded from underperforming to buyout by Bank of America, citing rising demand for central processing units amid increased attention to agent-based artificial intelligence. The stock price rose 5%. Oracle — Shares fell 11% after the software giant announced plans to raise an additional $20 billion in equity and debt to fund its artificial intelligence expansion. However, the company reported overall beats on both sales and bottom line, and raised its full-year adjusted profit forecast. Chip Equipment Stocks — Oracle’s increased capital spending plans drove chip equipment stocks higher. Applied Materials and Lam Research rose 7% and 8%, respectively. KLA rose nearly 9% and ASML Holding rose more than 5%. Navan — Shares soared 14% after the travel management platform announced second-quarter and full-year revenue that beat FactSet expectations. Navan also reported first-quarter non-GAAP earnings and revenue beats. Alcoa — The aluminum company rose more than 2% after falling 9.5% in the previous session. Morgan Stanley reiterated its Buy rating on Alcoa’s stock, saying Wednesday’s decline due to pressure on Alcoa’s alumina business was “excessive.” SPACE COMPANIES — Shares of space companies soared after Wednesday’s losses and ahead of SpaceX’s initial public offering. Intuitive Machines rose 12% and Redwire rose 8%. Rocket Lab rose 5% and AST SpaceMobile rose 7%. Memory stocks — Chipmakers in the memory space rose after a broad decline in the sector on Wednesday. SanDisk rose 8%. Western Digital, Seagate Technology and Micron Technology each increased about 4%. —CNBC’s Lisa Kailai Han, Nick Wells and Darla Mercado contributed reporting.
