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Stock market today: Live updates
Baird initiates coverage of Oracle with a buy rating, says it’s a beneficiary of AI boom
Oracle could be still be poised to take advantage of the craze in artificial intelligence and generate big returns for investors, according to Baird.
The firm initiated coverage of the name with an outperform rating and set its price target at $365, which implies that shares could rise 27% from their Wednesday closing price. Analyst Rob Oliver pointed to Oracle’s strong positioning as an AI growth story.
“We view ORCL as very well positioned to benefit from the accelerating spend on AI infrastructure, and the convergence of AI, data and use-cases that will emerge from the move from training to inference,” the analyst wrote. CNBC Pro subscribers can read more here.
ORCL, 6-month
The move comes just days after a drop in Oracle shares weighed on the broader market following a report that the software company is seeing lighter margins on its cloud business and facing trouble renting out Nvidia chips.
Despite the recent pullback, the name has still seen a big run-up in shares over the last few months, with the stock soaring more than 106% in the last six.
— Lisa Kailai Han, Sean Conlon
Delta Air Lines rises on earnings beat, strong guidance
Delta Air Lines shares rose more than 5% after the company issued strong guidance and posted third-quarter results that beat analyst expectations.
The airline earned an adjusted $1.71 per share on revenue of $15.2 billion. Analysts expected by LSEG expected a profit of $1.53 per share on revenue of $15.06 billion. Delta also issued fourth-quarter earnings guidance that exceeded estimates.
— Fred Imbert
Akero Therapeutics rallies on Novo Nordisk acquisition
Akero Therapeutics shares rallied nearly 20% after the biopharma company announced it would be acquired by Novo Nordisk for $54 per share, or $4.7 billion, in cash.
Akero makes drugs aimed at treating metabolic dysfunction-associated steatohepatitis, or MASH. Its efruxifermin drug, EFX, is in phase 3 trials.
“If approved, we believe it could become a cornerstone therapy, alone or together with Wegovy (semaglutide), to tackle one of the fastest-growing metabolic diseases of our time. This acquisition embodies Novo Nordisk’s relentless ambition to move faster, go further, and ultimately deliver on our commitment to pursue leadership in diabetes, obesity and their associated comorbidities,” Novo Nordisk CEO Mike Doustdar said in a statement.
Novo Nordisk shares fell nearly 2%.
— Fred Imbert
PepsiCo shares rise after earnings beat
PepsiCo shares rose in the premarket after the snacks and beverage giant reported third-quarter results that beat analyst expectations.
The company earned an adjusted $2.29 per share on revenue of $23.94 billion. Analysts expected a profit of $2.26 per share on revenue of $23.83 billion, according to LSEG.
The stock was last up about 1%.
PEP 5-day chart
Gold still exposed to potential macro headwinds, says BCA
BCA Research strategists noted that, while gold’s rally to record highs appears unstoppable, the metal could still take a hit due to macro headwinds.
“Gold’s decisive break above $4,000/oz … reinforces the structural bull case driven by persistent central bank demand and mounting fiscal concerns globally,” they said in a note to clients. “These structural forces have overwhelmed the yellow metal’s historically inverse relationship with real yields and the greenback.”
“However, when adjusted for its long-term appreciation trend, gold price still exhibits a clear inverse sensitivity to real rates and the USD, confirming that cyclical factors continue to shape near-term volatility. This pattern highlights that while gold’s structural uptrend remains intact, tactical corrections are likely when real rates firm or the dollar strengthens,” they added.
Gold futures are up more than 53% year to date.
Gold futures year to date
Bassett Furniture shares slide following earnings report
Bassett Furniture Industries fell nearly 2% in extended trading on Wednesday despite showing an improvement in earnings from a year ago.
The company earned 9 cents per share on $80.1 million in revenue for the third quarter. In the same period a year prior, Bassett lost 52 cents a share and saw revenue of $75.6 million.
Bassett shares rallied 5.7% in Wedneday’s session as the report loomed. The stock is up more than 21% in 2025.
— Alex Harring
Stock futures are little changed
Dow, S&P 500 and Nasdaq 100 futures were all near flat shortly after 6 p.m. ET.
— Alex Harring
