Oracle Stock Boosted By New Upgrade Citing AI Potential
Oracle stock closed trading Tuesday up 2.5% after an analyst upgraded the company's stock, citing its cloud business growth and potential as an artificial intelligence leader.
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Posted 9/5/2023, 5:25:00 PM
investors.com
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Stocks are set to open slightly lower as all three major averages are on pace to post monthly losses, Oracle is upgraded to buy by UBS, and Salesforce is removed from JPMorgan's Analyst Focus List ahead of earnings.
Oracle stock jumped 3% after UBS analyst Karl Keirstead upgraded the rating, citing the company's potential in both cloud business and artificial intelligence.
Stocks closed higher on Wednesday after revised GDP data showed that the US economy grew slower than previously estimated, while signs of a slowdown in the labor market have heightened hopes for a "soft landing" for the economy.
Summary: U.S. stock markets closed mixed as the key inflation data for July showed steady price increases, with the Nasdaq up 0.1% and extending its winning streak to five days, while the S&P 500 closed down 0.2% and the Dow Jones Industrial Average fell 0.5%.
Kraft Heinz closed the most recent trading day down 1.72%, but analysts are optimistic about the company's next earnings report and estimate year-over-year growth of 4.76%; the stock currently has a Zacks Rank of #3 (Hold) with a discounted valuation compared to its industry average.
Boeing's stock closed at $223.40, with a decline of 0.28% from the previous day, as analysts await its upcoming earnings report. The company is projected to report a year-over-year growth of 94.82%, with estimated quarterly revenue of $20.09 billion. However, recent changes in analyst estimates suggest that short-term business trends are evolving.
Oracle shares dropped by about 5% in extended trading after the company reported slightly lower-than-expected fiscal first-quarter revenue, although earnings per share were better than anticipated.
Oracle's stock is facing a decline, but now is a good time to invest in its AI potential.
Nikola (NKLA) closed the most recent trading day at $0.91, moving +0.72% from the previous trading session, outperforming the S&P 500, but still facing a decline in shares of 50.17% over the past month, as investors await the company's next earnings release.
Rivian Automotive closed trading at $24.18, outperforming the S&P 500 and Nasdaq, and is expected to report positive earnings and revenue growth in its upcoming earnings report.
Stocks closed lower on Wednesday as Wall Street analyzed the Federal Reserve's decision to keep interest rates steady, with the tech-heavy Nasdaq sinking the most, while the Fed's updated forecast showed that interest rates will remain higher for longer than previously anticipated.