Shares of Navitas Semiconductor Corp (NASDAQ:NVTS.O) surged nearly 160% on Thursday after the company announced a collaboration with Nvidia to supply advanced power solutions for next-generation data centers.
The partnership, revealed after market close on Wednesday, will see Navitas' gallium nitride (GaN) and silicon carbide (SiC) technologies integrated into Nvidia’s 800V high-voltage direct current (HVDC) architecture starting in 2027.
Toronto-Dominion Bank (TSX:TD) shares moved higher as the bank announced an earnings beat for the fiscal second quarter and unveiled a restructuring plan, including a 2% workforce reduction impacting about 2,000 employees.
The restructuring plan aims to save between C$550 million to $650 million pre-tax from the workforce reduction and other cost savings measures, including real estate optimization.
US-listed solar energy stocks tumbled on Thursday after the House of Representatives passed a sweeping budget and tax bill that proposes to eliminate key clean energy incentives, triggering fears of a sharp slowdown in industry investment.
The legislation, backed by Republicans and branded by former President Donald Trump as the “One Big, Beautiful Bill,” calls for the immediate repeal of the 30% federal tax credit for residential solar installations.
Urban Outfitters, Inc. (NASDAQ:URBN) shares jumped 22% on Thursday morning after the apparel retailer reported better-than-expected earnings and revenue for its fiscal first quarter, driven by strong performance across all its brands and a sharp rise in profitability.
The company posted net income of $108.3 million, up 75.3% from the year-ago period, while revenue climbed 10.7% to a record $1.33 billion, beating Wall Street expectations of $1.29 billion.
Snowflake Inc (NYSE:SNOW) shares added more than 11% after the cloud data platform posted an earnings beat for the first quarter and raised its full-year product revenue outlook.
Revenue for the quarter reached approximately $1.04 billion, a 26% year-over-year increase and exceeding the consensus forecast of about $1.01 billion.
Shares in Software Circle PLC (AIM:SFT) dropped 9% after the company revealed it had fallen victim to a suspected authorised push payment fraud, resulting in the loss of £426,770 from one of its business units.
The group, formerly known as Grafenia, said the transaction was identified shortly after it occurred and that both the bank and law enforcement were notified immediately. An internal review is underway and the bank’s specialist fraud team is investigating.