[ad_1]
Check out the companies making headlines in midday trading. Oracle – Shares of the software maker surged more than 12% to an all-time high after database management company announced cloud deals with Google and OpenAI. Oracle said it would bring its database to Google’s cloud in November. It’s also partnering with Microsoft and OpenAI to deliver supplemental computing capacity. Investors looked past Oracle’s disappointing fourth-quarter results that fell short of Wall Street expectations. Apple – The iPhone maker climbed another 4%, briefly surpassing Microsoft in market value.This comes after Apple jumped 7.3% Tuesday after unveiling its artificial intelligence plans Apple Intelligence during a developers conference. Rentokil Initial – Terminix-parent Rentokil’s shares jumped 14.5% after Nelson Peltz’s Trian Partners amassed a significant position in the pest-control provider. A Trian spokesperson told CNBC on Tuesday that the firm, currently one of Rentokil’s top 10 shareholders, wants to work with leadership on “ideas and initiatives to improve shareholder value.” Klaviyo – The marketing automation stock popped 5.8% on the heels of a Barclays upgrade to overweight from equal weight. Barclays called the stock a “rare bright spot” compared with peers. Broadcom – Shares of the semiconductor company rose 2% to a record high ahead of quarterly earnings results due after the bell on Wednesday. The stock is up more than 33.5% so far this year. Casey’s General Stores – The convenience store chain surged nearly 17% after earnings and revenue topped analyst estimates postmarket Tuesday. Casey’s posted fiscal fourth-quarter earnings per share of $2.34 compared to the $1.72 expected from analysts polled by FactSet. Revenue came in at $3.6 billion, versus a $3.47 billion consensus estimate. Lennar , KB Home – The homebuilders climbed 4% and 5.7%, respectively, after UBS reiterated buy ratings on both following a period of underperformance. On top of mixed economic data and volatile mortgage rates, analyst John Lovallo said the group may be hurt in some markets seeing rising existing home inventories. With that in mind, he said housing availability is still at low levels historically. Lennar and KB Home are both set to report earnings results next week. Affirm – Shares of the fintech company spiked 7% following May’s cooler-than-expected CPI reading. The non-bank loan lender is up more than 20% this week following news that its buy now, pay later loans will be embedded into Apple Pay for U.S. users on iPhones and iPads later this year. Taiwan Semiconductor Manufacturing — Shares jumped more than 5% after Bank of America hiked its price objective on Taiwan Semi, saying the investment case for the chipmaker is stronger now that Apple has announced its push into artificial intelligence. Taiwan Semi is an “indispensable and reliable partner” of the iPhone maker, the bank said. — CNBC’s Alex Harring, Yun Li, Pia Singh, Sarah Min and Michelle Fox contributed reporting.
[ad_2]
