On this episode of Stock Movers:
- Oracle (ORCL) surged to a record after the company gave an aggressive outlook for its cloud business, stunning Wall Street and galvanizing hopes that the post-ChatGPT global AI infrastructure build-out is accelerating. Oracle's cloud infrastructure revenue increased 55% to $3.3 billion, with the company signing four multibillion-dollar contracts with three different customers in the quarter and expecting to sign up several additional customers in the coming months.
- Coreweave (CRWV) and Nvidia (NVDA) are following the Oracle rally as they have relationships with the big tech giant.
- Synopsis (SNPS) shares are sinking after warning that US export restrictions are contributing to a slowdown in China. Its price target was also cut at Stifel, Wells Fargo, and KeyBanc. The electronic design automation software company reported third-quarter results that featured a weak read on Design IP revenue. It also gave an earnings outlook that was weaker than expected.
- Novo Nordisk (NVO) shares are up after it announced it will slash 9,000 jobs globally and cut its profit forecast for the third time this year as it fights to recover ground lost to its rival Eli Lilly & Co. in the obesity drug market.
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