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Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index was decreasing 0.6%.Oil prices rose Monday as the 60-day ceasefire between the US and Iran expired, with no signs of near-term engagement prospects. The US and Iran agreed to a memorandum of understanding to end their war in June and negotiate a final deal. However, the truce apparently collapsed as tensions over the control of the Strait of Hormuz escalated.Front-month West Texas Intermediate crude oil rose 2.3% to $84.31 a barrel, and the global benchmark Brent crude contract added 2.4% to $90.66 a barrel. Henry Hub natural gas futures fell 1.5% to $2.69 per 1 million BTU.In corporate news, Chevron (CVX) said Monday that its Cabinda Gulf Oil unit has made an oil and gas condensate discovery offshore Angola. The company said the well, which was drilled in the Lower Congo Basin, reached an oil and gas condensate column of more than 600 meters with more than 90 meters of net pay in reservoir quality rock. Chevron shares rose 1.5%.Palantir (PLTR) Co-Founder Peter Thiel has acquired over 1.1 million American depositary shares in Vista Energy (VIST) worth about $75.9 million, according to a filing with the US Securities and Exchange Commission. Vista Energy shares gained 5.7%.Fermi (FRMI) shares were down nearly 4% after it received a subpoena from the US District Court for the Eastern District of New York on July 30 requesting documents related to Project Matador, the company and certain former management members.NexGen Energy (NXE) is sharing information and holding talks with BHP (BHP) about its Rook I mining project in Saskatchewan, as it seeks to raise $1 billion in capital over the next nine months, Reuters reported, citing NexGen CEO Leigh Curyer. NexGen shares rose 3.3%, and BHP added 1.6%.

$BHP$CVX$FRMI$NXE$VIST
Wire

Update: Fermi Shares Fall After Receiving Subpoena From Eastern District of New York Over Project Matador

(Updates with the company's latest stock move in the headline and first paragraph.)Fermi (FRMI) shares were down 3.1% in Monday afternoon trading after it received a subpoena from the US District Court for the Eastern District of New York on July 30 requesting documents related to Project Matador, the company and certain former management members.The company also received a voluntary document-production request from the US Securities and Exchange Commission on Aug. 3 involving similar matters, according to a Friday filing.Fermi said both requests are broad and do not contain any allegations of wrongdoing and that it is fully cooperating with the EDNY and SEC, it added.Price: $6.21, Change: $-0.20, Percent Change: -3.05%

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Wire

Macquarie Adjusts Fermi Price Target to $15 From $18, Maintains Outperform Rating

Fermi (FRMI) has an average rating of Buy and mean price target of $15.22, according to analysts polled by FactSet.Price: $6.36, Change: $-0.24, Percent Change: -3.71%

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Wire

Fermi Signs First Binding Lease Agreement at Project Matador in Texas; Shares Rise After Hours

Fermi (FRMI) said late Monday it has signed its first binding customer lease at its Project Matador campus in Texas, a deal expected to generate about $6.5 billion over its initial 15-year term for the first phase.The lease between Fermi's subsidiary Fermi Campus 1 and TensorWave TEX1, a unit of TensorWave, covers a facility supported by 222 megawatts of total power once the final delivery phase begins.The agreement includes expansion rights for two additional data centers that would bring the partnership to more than 650 MW if exercised.Project Matador's first power is targeted for 2026, with construction already underway and permits secured for about 6 GW of the planned 17-GW campus.Fermi shares jumped 19% in after-hours trading.

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Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 3.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 3%.The Philadelphia Oil Service Sector Index climbed 0.9%, and the Dow Jones US Utilities Index was up 0.9%.Crude oil prices surged after reports that President Donald Trump will reinstate a blockade on Iranian ships transiting the Strait of Hormuz. Trump said the US would charge a 20% toll on eligible cargo, escalating tensions after a weekend of attacks by both nations to assert control of the critical waterway, the Associated Press reported.West Texas Intermediate crude oil jumped 8.8% to $77.70 a barrel, and global benchmark Brent climbed 9.1% to $82.90 a barrel. Henry Hub natural gas futures fell 2.2% to $2.88 per 1 million BTU.In sector news, the White House is organizing a voluntary agreement between utility companies and data center developers to prevent AI electricity demand from inflating consumer bills, Reuters reported.In corporate news, Shell (SHEL) said its Shell Overseas Investment unit agreed to sell Solenergi Power to Aditya Birla Renewables for $1.8 billion. Shell shares rose 2.1%.Pembina Pipeline (PBA) shares gained 4.2% after Wells Fargo upgraded the stock to overweight from underweight.Eni (E) agreed to fuel BMW corporate fleet vehicles in Italy with a diesel biofuel produced from renewable materials. Separately, Eni's Eni Industrial Evolution unit and Seri Industrial's FIB have established Faenix, a commercial platform focused on battery energy storage systems based on lithium iron phosphate technology. Eni shares climbed 3.7%.Fermi's (FRMI) co-founder and largest shareholder, Toby Neugebauer, said Miles Everson's resignation from the company's board stemmed from a governance dispute rather than personal reasons, according to a statement. Neugebauer said Everson, Fermi's former chief financial officer, resigned after the board was not notified of a $375 million convertible note offering before it was publicly announced. Fermi shares were down 4.9%.

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Wire

Fermi's Neugebauer Says Everson Resignation Not Personal, Cites Governance Lapses

Fermi Inc.'s (FRMI) co-founder and largest shareholder, Toby Neugebauer, said Miles Everson's resignation from the company's board stemmed from a governance dispute rather than personal reasons, according to a statement.Neugebauer said Everson, Fermi's former chief financial officer, resigned after the board was not notified of a $375 million convertible note offering before it was publicly announced.He said Everson's resignation letter cited a lack of board minutes and governance records over several months as the reason for stepping down.Neugebauer said he remains confident Fermi can secure its first tenant for its Amarillo, Texas-area project, and that the Melissa A. Neugebauer 2020 Trust retains the right to name a replacement board nominee and is vetting candidates.Fermi did not immediately respond to a request for comment from.Price: $6.14, Change: $-0.46, Percent Change: -6.90%

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Wire

Top Midday Decliners

Silo Pharma (SILO) said Friday it has agreed to a private placement of common stock and warrants to raise gross proceeds of up to $11.7 million.Shares sank 26% as intraday trading volume jumped to over 284,000 from a daily average of about 199,000.Virax Biolabs (VRAX) shares slumped 33% after the company agreed to reduce the exercise price of certain outstanding preferred investment options to $6 from $10.More than 1.41 million shares of the company traded intraday compared with a daily average of about 2.19 million.Fermi (FRMI) priced an upsized private offering of $375 million of 5% convertible senior notes due 2031, it said late Thursday.Shares dropped 13% as intraday trading volume catapulted to over 54.4 million from a daily average of about 18.7 million.Price: $5.69, Change: $-2.04, Percent Change: -26.40%

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Wire

Fermi Plans to Launch $350 Million Notes Offering

Fermi (FRMI) said Thursday it intends to offer $350 million of convertible senior notes due 2031 to qualified institutional buyers.Initial purchasers will have a 13-day option to buy up to an additional $52.5 million of the notes, according to a statement.The company said it plans to use the proceeds to fund capped call transactions and for general corporate purposes.Shares were down nearly 13% in after-hours trading.

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Wire

Fermi Urges Shareholders to Revoke Consent Over Former CEO's Special Meeting Bid

Fermi (FRMI) said Monday it sent a letter to shareholders urging them to revoke consent and return a white revocation card in response to former Chief Executive Toby Neugebauer's solicitation to call a special meeting, while disputing statements he made on June 16.The company also urged shareholders not to sign or return any green agent designation cards sent by Neugebauer and affiliated parties.In the letter, Fermi said Neugebauer was attempting to claim credit for the company's recent momentum and argued that his actions could disrupt the company's progress. The company previously said Neugebauer was terminated for cause.Fermi previously filed a preliminary consent revocation statement opposing Neugebauer's effort to call a special shareholder meeting and gain control of the board. The company has also said Neugebauer's proposed May 29 special meeting was invalid and canceled under its bylaws.Shares of Fermi were down 3.5% in Monday afternoon trading.Price: $9.17, Change: $-0.34, Percent Change: -3.53%

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Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index falling 1.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.7%.The Philadelphia Oil Service Sector Index shed 3.3%, and the Dow Jones US Utilities Index added 0.2%.Front-month West Texas Intermediate crude oil rose 0.1% to $76.86 a barrel, and the global benchmark Brent crude contract added 0.1% to $79.62 a barrel. Henry Hub natural gas futures gained 2.5% to $3.22 per 1 million BTU.US natural gas stocks rose 73 billion cubic feet in the week ended June 12, below the 76 billion rise expected in a Bloomberg survey, and following an increase of 108 billion cubic feet in the previous week.In corporate news, New Fortress Energy (NFE) shares fell 13%. The firm said Thursday the UK restructuring plan between its subsidiaries and some creditors was approved at a hearing in the High Court of Justice of England and Wales.Energy Fuels (UUUU) shares jumped more than 6% after the company said Thursday it obtained a conditional $725 million senior-secured debt commitment from the US Office of Strategic Capital.Energy Transfer (ET) said it is expanding its Nederland, Texas NGL export terminal, adding 240,000 bpd of ethane capacity and 55,000 bpd of LPG capacity, with all ethane volumes committed under long-term contracts into the 2040s. Its shares were fractionally lower.Double Eagle Energy said Thursday that it has no interest in a publicly proposed arrangement that would see principal John Sellers serve as chairman of Fermi Inc. (FRMI), operating as Fermi America. Fermi shares climbed past 6%.

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Wire

Double Eagle Rejects Proposal to Place Principal at Fermi America

Double Eagle Energy said Thursday that it has no interest in a publicly proposed arrangement that would see principal John Sellers serve as chairman of Fermi Inc. (FRMI), operating as Fermi America.The company said it was not consulted on the proposal, which was put forward in an open letter by Toby Neugebauer, and has not discussed it with Fermi Inc. either.Price: $9.27, Change: $+0.61, Percent Change: +6.99%

$FRMI
Insider Trading

Fermi Insider Sold Shares Worth $1,000,394, According to a Recent SEC Filing

Mesut Uzman, Chief Nuclear Construction Officer, on June 03, 2026, sold 158,541 shares in Fermi (FRMI) for $1,000,394. Following the Form 4 filing with the SEC, Uzman has control over a total of 1,341,459 common shares of the company, with 670,968 shares held directly and 670,491 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/2071778/000121390026065466/xslF345X05/ownership.xml

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Wire

Fermi Posts Q1 Net Loss

Fermi (FRMI) reported a Q1 net loss Thursday of $0.30 per diluted share.Two analysts polled by FactSet expected a net loss of $0.03 per share.Year-ago figures were not provided, and no revenue was reported for the quarter ended March 31.Shares of Fermi were down more than 3% premarket Thursday.Price: $5.77, Change: $-0.23, Percent Change: -3.84%

$FRMI
Research

UBS Downgrades Fermi to Neutral From Buy, Adjusts Price Target to $6 From $8

Fermi Inc. (FRMI) has an average rating of Buy and mean price target of $21.56, according to analysts polled by FactSet.

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Wire

Fermi Names Marius Haas as Chairman; CEO Toby Neugebauer Steps Down; Shares Down Pre-Bell

Fermi (FRMI) said Monday that it has named lead independent board director Marius Haas as chairman, effective immediately.The company also said that Chief Executive and co-founder Toby Neugebauer has stepped down but remains a member of the board.During the transition, a new office of the CEO composed of several people will serve as an operational leadership team, the company said.Fermi said its board has initiated a formal search process for its next CEO.The company added that it is in negotiations with a candidate to serve as interim Chief Financial Officer after the resignation of Miles Everson, who will remain as a board director.Shares of the company were down more than 20% in recent premarket trading Monday.Price: $5.19, Change: $-1.36, Percent Change: -20.76%

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Insider Trading

Fermi Insider Sold Shares Worth $3,669,396, According to a Recent SEC Filing

Charles Lynn Hamilton, Chief Site Development Officer, on April 08, 2026, sold 774,090 shares in Fermi (FRMI) for $3,669,396. Following the Form 4 filing with the SEC, Hamilton has control over a total of 13,175,910 common shares of the company, with 5,525,910 shares held directly and 7,650,000 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/2071778/000121390026042677/xslF345X05/ownership.xml

$FRMI
Insider Trading

Fermi Insider Sold Shares Worth $3,938,728, According to a Recent SEC Filing

Blanes Jacobo Ortiz, Chief Operating Officer, on April 08, 2026, sold 830,908 shares in Fermi (FRMI) for $3,938,728. Following the Form 4 filing with the SEC, Ortiz has control over a total of 13,344,092 common shares of the company, with 5,469,092 shares held directly and 7,875,000 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/2071778/000121390026042676/xslF345X05/ownership.xml

$FRMI
Insider Trading

Fermi Insider Sold Shares Worth $3,935,415, According to a Recent SEC Filing

Miles E. Everson, Chief Financial Officer, on April 08, 2026, sold 830,209 shares in Fermi (FRMI) for $3,935,415. Following the Form 4 filing with the SEC, Everson has control over a total of 10,869,791 common shares of the company, with 9,969,791 shares held directly and 900,000 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/2071778/000121390026042674/xslF345X05/ownership.xml

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