24H｜Wolfspeed Soars 71%; BigBear.ai Gains 4%; Tesla Falls 2%; AeroVironment Drops 6%; Quantum Sinks 10%

Wolfspeed said it has filed for Chapter 11 bankruptcy protection, as the chipmaker grapples with huge debt amid slowing demand from electric vehicle and industrial markets. The shares soared 70.5% in overnight trading.

Cassava Sciences shares jumped 7.7% in overnight trading. On June 30, 2025, Cassava Sciences announced promising preclinical data for simufilam, presented at the TSC International Research Conference. The data demonstrated that simufilam reduced seizure activity by 60% in a preclinical mouse model of TSC-related epilepsy, and showed a favorable safety profile in human Phase 3 studies for Alzheimer’s disease.

BigBear.ai shares gained another 3% in overnight trading. The shares surged 16% on major airport, defense contracts.

Tesla shares dropped another 2% in overnight trading. Shares of electric-vehicle maker fell 1.8% on Monday after closing down 0.7% on Friday. The Senate bill would end tax credits for the purchase of EVs after September, quicker than the House proposal's call for eliminating them by the end of the year for most vehicles. Tesla CEO Elon Musk slammed the legislation as Republicans narrowly advanced the measure in a 51-49 weekend vote.

AeroVironment shares fell 6% in overnight trading after the defense technology company announced plans to raise as much as $1.35 billion through public offerings of stock and convertible debt.

Quantum Corporation stock fell 9.7% in overnight trading after the company announced it would delay filing its annual report for the fiscal year ended March 31, 2025.