By Joe Woelfel, Elsa Ohlen, and Mackenzie Tatananni
Stocks rose Thursday as investors shrugged off data showing the consumer price index rose for the fourth month in a row in August, reasoning that the Federal Reserve is still likely to cut interest rates by a quarter of a percentage point at next week's meeting of its policy committee.
These stocks were moving:
Warner Bros. Discovery surged 29% after the Wall Street Journal reported that Paramount Skydance was prepping a takeover bid. Paramount is looking to make a majority cash bid for the entire company including its cable networks and movie studio, the Journal reported, cited people familiar with the matter.
Oracle was down 6.5%, a day after shares of the database-software company gained 36% to hit a record high of $328.33. The move followed news that Oracle's backlog of work under contract rose to $455 billion in its fiscal first quarter from $138 billion in the fourth quarter. The significant jump indicated surging demand for renting artificial-intelligence servers in the cloud.
Nvidia rose slightly in response to the Oracle news. Shares of the leading maker of artificial-intelligence chips were upgraded Thursday to Buy from Neutral at D.A. Davidson.
Broadcom was down 2.9%. Shares of the semiconductor and software company rose 9.8% on Wednesday to close at a record high of $369.57. Oracle's backlog numbers, the frenzy surrounding all things AI, and a filing late Tuesday that revealed CEO Hock E. Tan's stock-based compensation was directly tied to the company's AI revenue all contributed to the gain. The stock has gained 55% this year.
Klarna Group shares fell 5.4% to $44.26. The stock made its trading debut Wednesday at $52 and ended the session at $45.82, up 15% from its initial public offering price of $40. The Swedish buy-now, pay-later service provider raised $1.37 billion from the sale.
Shares of Synopsys, the electronic design automation company, were up 12% after sinking 36% -- the stock's largest same-day percent decrease on record -- on Wednesday. The steep losses came after fiscal third-quarter earnings and revenue missed analysts' estimates. CEO Sassine Ghazi said an 8% decline in revenue at the company's semiconductor intellectual property business was behind the shortfall.
Micron Technology was up 8.6%. Citi Research analysts reiterated a Buy rating on shares of the memory-chip maker and boosted their price target to $175 from $150, citing heavy AI exposure. The firm expects Micron's fiscal fourth-quarter earnings to be in line with consensus estimates, though first-quarter guidance could top Wall Street's lofty expectations.
Delta Air Lines declined 1.5% after the carrier reaffirmed its third-quarter earnings outlook but said it was struggling to fill economy-class seats. Delta President Glen Hauenstein, during an appearance at the Morgan Stanley Laguna Conference on Thursday, indicated the airline continued to see sluggish demand from lower-paying customers. Though corporate travel has been strong, the main cabin economy-class continues to be "negative," he said.
Oxford Industries, the owner of brands such as Tommy Bahama and Lilly Pulitzer, jumped 23% after its second-quarter earnings exceeded forecasts. Oxford said it is sticking with earlier financial guidance. It expects to incur about $80 million of tariff costs over the fiscal year but estimated it has been able to mitigate roughly half of the exposure through actions such as shifting its sourcing.
Opendoor Technologies soared 67% after the online housing platform tapped Kaz Nejatian, Shopify's chief operating officer, as CEO. Nejatian's appointment follows Opendoor's ouster of its former chief executive in August due to pressure from retail investors. Opendoor said it was emphasizing AI and bringing the company's founders back to its board.
Centene gained 11% after the healthcare company said in a securities filing that it was maintaining the fiscal-year earnings guidance it had issued in late July, and issued an encouraging update at an investor conference.
Earnings reports are expected after the closing bell Thursday from Adobe and RH.
Adobe was down 0.2%. Analysts expect the creative software company to post adjusted earnings of $5.18 a share on revenue of $5.9 billion, an increase of 9.2% from a year earlier.
Write to Joe Woelfel at joseph.woelfel@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
September 11, 2025 14:38 ET (18:38 GMT)
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