The company is teaming up with OpenAI and Alphabet (GOOGL)
Shares of Oracle Corp (NYSE:ORCL) are up 12.3% to trade at $139.10, and earlier hit a record high of $139.90. Oracle is brushing off worse-than-expected fourth-quarter results after the company issue an upbeat revenue forecast for 2025 due to strong demand for its artificial intelligence-based cloud services. The tech concern also announced a new partnership with ChatGPT parent OpenAI and Alphabet's (GOOGL) Google Cloud, which will extend is cloud capacity.
No fewer than 12 analysts hiked their price targets in response, including Bernstein to $171 from $159. There is room for upgrades, too, as 12 of 29 firms in coverage still rate ORCL a tepid "hold."
ORCL is now on track for its biggest single-day percentage jump since December 2021. The shares have once more spring boarded off their 200-day moving average, a trendline that's stepped up as support in April and May. So far this year, ORCL is up 31.4%.
Options volume is running at 12 times the intraday average volume, with 89,000 calls and 54,000 puts swapped so far today. Positions are being bought to open at the most popular contract, which is the weekly 6/14 140-strike call.