On this episode of Stock Movers:
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Jess Menton and Lisa Mateo.
- Klarna (KLAR) rose 15% in its trading debut after the company and some of its backers raised $1.37 billion in an initial public offering that signals the market for new listings has room to run. The financial services company’s shares, which rose as much as 43% Wednesday, closed at $45.82 each in New York, above the IPO price of $40 apiece. The double-digit oversubscribed offering priced on Tuesday above the marketed range, and about half of the prospective investors placing orders were left empty handed.
- Oracle (ORCL) shares gained the most since 1992 after the company gave an aggressive outlook for its cloud business, cementing the software maker’s place in the race to support demand for artificial intelligence computing. The stock surged 36% Wednesday in New York, bringing its market valuation to about $933 billion. The rally temporarily turned co-founder Larry Ellison into the world’s richest person, with the tech magnate passing Elon Musk for a few hours. AI-related stocks such as chip developer Nvidia Corp. and Asian suppliers also climbed.
- Synopsis (SNPS) shares suffered their worst single-day decline on record after the company warned that US export restrictions are contributing to a slowdown in China, the largest market for semiconductors. As part of the company’s quarterly report on Tuesday, Chief Executive Officer Sassine Ghazi said that a push to develop its own intellectual property isn’t achieving the desired results — partly because of the China challenges. Ghazi said he would be refocusing resources on other areas and is reducing the company’s headcount by about 10%.
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