Oracle, Carnival, Illumina Lead Midday Stock Movers Today

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Oracle, Carnival, Illumina Lead Midday Stock Movers Today

Stocks are rising as investors await Tuesday’s inflation report and the start of the Federal Reserve’s two-day meeting. Here are some of the market movers for June 12.

Oracle Corporation (ORCL)

Shares of the IT cloud software company are up 6% ahead of its earnings report after tonight’s closing bell. Analysts at Wolfe Research upgraded the stock to Outperform from Peer-perform, citing the company’s early-mover advantage in the artificial intelligence boom. Oracle is expected to report earnings of $1.31 per share on revenue of $11.03 billion, according to Refinitiv estimates.

A collage of logos of Oracle, Carnival, Illumina, Plug Power, Nasdaq and Adenza, the companies featured in the midday stock movers news article.

Carnival Corporation (CCL)

Shares of the cruise operator are up 13% on optimism about the recovering travel sector. Carnival caught a couple of upgrades from Wall Street analysts. JPMorgan Chase raised its rating to Overweight from Neutral, while Bank of America upgraded it to Buy from Neutral. Both firms cited strong demand momentum and improving booking trends for cruises, as well as attractive valuation relative to peers.

Illumina Inc (ILMN)

Shares of the gene sequencing firm rose 3.7% after the company announced a change in leadership on Sunday. CEO Francis deSouza resigned, effective immediately, but will stay on in an advisory capacity through July. The company said it is exploring both internal and external replacement candidates. The change comes after a heated proxy fight with activist investor Carl Icahn, who opposed Illumina’s planned acquisition of Grail, a cancer detection startup.

Plug Power Inc (PLUG)

Shares of the hydrogen fuel cell developer rose 10% after the company announced details of its investor day this week. CEO Andy Marsh said this year’s revenue goal was $1.4 billion, up from $1.2 billion previously. He also said the company expects to achieve positive EBITDA by 2024 and positive free cash flow by 2025. Plug Power is betting on the growing adoption of hydrogen as a clean energy source for transportation and industry.

Nasdaq Inc (NDAQ)

Shares of the exchange operator fell 11% after the company announced it was buying Adenza, a software firm owned by Thoma Bravo, for about $10.5 billion. The deal is expected to close in the first half of 2024, subject to regulatory approvals and other closing conditions. Nasdaq said the acquisition will enhance its technology offerings for capital markets and expand its global footprint.

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A chart showing the percentage change in the stock prices of Oracle, Carnival, Illumina, Plug Power and Nasdaq on June 12, 2023, compared to the previous day’s closing prices. Oracle and Carnival are the biggest gainers, while Nasdaq is the biggest loser.

What is artificial intelligence and how does Oracle use it?

Artificial intelligence (AI) is the ability of machines to perform tasks that normally require human intelligence, such as reasoning, learning, decision-making, and natural language processing. Oracle uses AI to enhance its cloud software products and services, such as databases, enterprise resource planning, customer relationship management, human capital management, and analytics. Oracle also offers AI platforms and tools for developers and data scientists to build and deploy their own AI applications.

What are the challenges and opportunities for the cruise industry?

The cruise industry has been severely impacted by the COVID-19 pandemic, which forced many cruise lines to suspend operations, cancel bookings, and incur losses. The industry also faces challenges such as health and safety regulations, environmental concerns, geopolitical risks, and changing consumer preferences. However, the industry also has opportunities to recover and grow, such as pent-up demand for travel, vaccine rollouts, new destinations and experiences, digital transformation, and innovation.

What is gene sequencing and why is it important?

Gene sequencing is the process of determining the order of nucleotides in a DNA or RNA molecule, which carries genetic information. Gene sequencing is important for understanding the structure and function of genes, as well as their role in health and disease. Gene sequencing can also be used for applications such as personalized medicine, drug discovery, diagnostics, forensics, agriculture, and biotechnology.

What is hydrogen fuel cell technology and what are its benefits?

Hydrogen fuel cell technology is a way of generating electricity from hydrogen and oxygen, without combustion or emissions. The only byproducts are water and heat. Hydrogen fuel cell technology has several benefits, such as high efficiency, reliability, durability, scalability, and sustainability. Hydrogen fuel cell technology can be used for various applications, such as transportation, industry, power generation, and storage.

What is Adenza and why did Nasdaq buy it?

Adenza is a software firm that provides trading technology solutions for capital markets. Adenza’s products include order management systems, execution management systems, risk management systems, market data platforms, and connectivity services. Nasdaq bought Adenza to enhance its technology offerings for capital markets and expand its global footprint. Nasdaq said the acquisition will enable it to offer a comprehensive suite of solutions for trading venues, brokers, banks, clearing houses, and buy-side firms.

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