Record Growth for Cloud Company

By George Banko

June 12, 2024

Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were up on Wednesday. The boost came ahead of today’s CPI report release and the Federal Reserve’s latest decision on interest rates. Yesterday, Apple’s announcement of its new artificial intelligence service fueled a rally in the stock, but the markets didn’t substantially move and it looks like today’s announcements will give investors a better conclusion of where the indexes are at.

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Here’s a look at the top-moving stocks this morning.

Oracle Corporation (NYSE: ORCL)

Oracle is up 8.61% in premarket trading after reporting record growth from AI demand. Its total cloud revenue climbed to $4.7 billion, marking a 23% increase. It also announced partnership deals with tech rivals, which served as a major step in fulfilling Chairman Larry Ellison’s effort to redefine the software company as a major cloud competitor.

Yesterday our Head Trading Tactician Bryan Bottarelli got positioned on ORCL in The War Room.

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Affirm Holdings (Nasdaq: AFRM)

Affirm is up 2.28% in premarket trading after Apple announced a partnership with the buy now, pay later platform. The partnership will integrate Affirm’s service into Apple Pay, and it will enable those users with Apple Pay on iPhone and iPad to be able to apply to pay over time with Affirm.

Yesterday Apple released news on its AI service, and our Lead Technical Tactician Nate Bear got positioned on Apple in Daily Profits Live following the news.

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Casey’s General Stores (Nasdaq: CASY)

Casey’s General Stores is up 5.66% in premarket trading after the convenience store chain posted fourth-quarter revenue that was ahead of expectations. It reported net profit of $87 million, compared with $56.1 million the year earlier. It also mentioned it anticipates inside same-store sales growth of 3% to 5% in the current fiscal year.

GameStop Corp. (NYSE: GME)

GameStop is down 3.77% in premarket trading after a 23% surge on Tuesday. The popular meme stock was up on Tuesday after it raised $2.14 billion from a stock sale.