On this episode of Stock Movers, we look at some of the biggest gainers and decliners of the week, including:
- Intel (INTC) shares rallied this week on news Nvidia agreed to invest $5 billion in the chipmaker and said the the two will co-develop chips for PCs and data centers, a surprise move to help prop up an ailing archrival that sent Intel shares soaring. Nvidia will buy Intel common stock at $23.28 per share, the two companies said on Thursday. Intel will use Nvidia’s graphics technology in upcoming personal computer chips and also provide its processors for data center products built around Nvidia hardware. Intel shares surged 23% at the close in New York on Thursday, the biggest single-day jump since October 1987. Nvidia stock gained 3.5% and has increased 31% this year.
- Oracle (ORCL) shares surged in trading on Friday on reports it's in in discussions with Meta Platforms Inc. for a cloud computing deal worth about $20 billion, providing further evidence that the company has become a significant infrastructure provider. Under the multiyear deal, Oracle would provide the social media giant with computing power for training and deploying artificial intelligence models, according to people familiar with the talks. The total commitment amount may increase and other deal terms could still change before a final agreement, said the people, who asked not to be named because the discussions were private.
- Darden Restaurants (DRI) shares slipped after several analysts reduced their price targets following the restaurant company's disappointing results on Thursday. Sales for the company’s core restaurant brands showed greater-than-expected deceleration from the previous quarter. Profits also trailed Street expectations for the quarter, hurt in part by food inflation, while slight boost to annual top-line forecasts fail to flow to the bottom line, which was maintained.
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