MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple.

Shares of MP Materials fell 6% in premarket trading on Thursday. They have surged 275% so far this year, giving the company a market value of $9.57 billion.

The $500 million agreement with Apple is a coup for MP and a rare investment by a tech company aiming to reduce its supply risks for rare earth magnets.

The Las Vegas-based company also signed a multibillion-dollar agreement with the U.S. Department of Defense last week as the government seeks to reduce its reliance on China, which restricted rare earths exports in April in response to President Donald Trump's tariffs. Though the U.S. and China reached a deal in June that has resolved much of the rare earths dispute, broader trade tensions continue to underscore demand for non-Chinese supply.

Shares of struggling drug developer Sarepta Therapeutics skyrocketed nearly 32% in premarket trading on Thursday after the company unveiled a major restructuring plan.

The company said it will slash its workforce by 36%, or roughly 500 employees, in order to to generate $100 million in annual cost savings starting in 2026. Another $300 million is expected to come from pausing several programs in its drug development pipeline.

Sarepta's stock has collapsed this year after two patients taking its Elevidys drug for Duchenne muscular dystrophy died of acute liver failure. Through Wednesday's close, its shares were down 85% from the start of the year.

Sarepta said it agreed to a Food and Drug Administration request to introduce a black box warning label for Elevidys covering acute liver injury and acute liver failure.

Sarepta posted preliminary net product revenue of $513 million for the second quarter, of which $282 million came from Elevidys. The company is expected to release its full results for the second quarter in early August.

Novartis fell 1% after disappointing sales for its key psoriasis drug and the looming retirement of its respected finance chief overshadowed a modest outlook raise.

United Airlines said on Wednesday travel demand has picked up since the beginning of July, thanks to less geopolitical and macroeconomic uncertainty.

The Chicago-based airline, however, expects its earnings to suffer in the current quarter due to operational constraints at Newark airport near New York City - one of its largest hubs and among the busiest in the country.

United Airlines shares dropped 2.9% in premarket trading on Thursday.