These Stocks Moved the Most Today: Oracle, Nvidia, Broadcom, Planet Labs, Visa, Ciena, Gemini Space Station, and More

Traders working at the New York Stock Exchange (NYSE)

Key Points

• Oracle falls sharply on higher spending forecasts and guidance below analysts’ estimates.
• Gemini Space Station jumps after its affiliate receives a designated contract market license for prediction markets.
• Broadcom stock declines ahead of its fiscal fourth-quarter earnings report after the close of trading Thursday.

The Dow and S&P 500 marked new highs Thursday, but the Nasdaq fell as concerns over spending on artificial-intelligence infrastructure outweighed optimism over the Federal Reserve’s latest cut to interest rates.

These stocks made notable moves:

Oracle sank 11% after the software and cloud-computing company raised its spending forecast and issued guidance that fell short of estimates. Doug Kehring, Oracle’s principal financial officer, said the company’s capital expenditures forecast for its current fiscal year will be $15 billion higher than it had previously projected.

Other companies exposed to the AI trade were falling. Chip maker Nvidia declined 1.6% after Oracle Executive Chairman Larry Ellison said his company had adopted “chip neutrality” by buying Nvidia chips but also using other options if customers prefer.

Adobe gained 2.1%. The company reported better-than-expected adjusted earnings of $5.50 a share from revenue of $6.19 billion in its fiscal fourth quarter. Analysts surveyed by FactSet were expecting earnings of $5.40 a share from revenue of $6.11 billion

Synopsys was up 0.3% after reporting better-than-expected earnings and issuing an outlook that topped consensus views. Fiscal fourth-quarter adjusted earnings came in at $2.90 a share, ahead of analysts’ estimates of $2.78. Pressure on the broader tech sector appeared to stifle investor enthusiasm.

Ciena jumped 9.3%. The networking-equipment company posted fiscal fourth-quarter earnings and revenue that surpassed expectations and provided upbeat guidance for the coming fiscal year.

Broadcom declined 1.6%. The chip company is expected to report fiscal fourth-quarter earnings after markets close on Thursday, with expectations high after a nearly 78% gain for the stock this year.

Walt Disney was up 2.4% after unveiling a three-year licensing agreement with OpenAI. As part of the deal, Disney characters will be coming to Sora, OpenAI’s video generating app.

Visa rose 6.1% to $345.63, heading for its largest same-day percentage increase since April, on the heels of a supportive note from BofA Securities. Shares of the card network were upgraded to Buy from Neutral with a $382 price target.

Planet Labs soared 35%. The space-based Earth imaging company reported break-even per-share earnings in the third quarter on revenue of $81.3 million. Wall Street was looking for a loss of 6 cents a share on revenue of $73.5 million.

Oxford Industries sank 21%. The owner of the Tommy Bahama and Lilly Pulitzer brands cut its fiscal-year outlook and pointed to a weaker-than-expected start to the holiday shopping season that was driven by tariff-related impacts and “more choiceful” consumer spending.

Gemini Space Station surged 32% after saying it had received a license to operate prediction markets. The cryptocurrency company founded by Cameron and Tyler Winklevoss said Wednesday that its affiliate Gemini Titan has received a designated contract market license.

Cisco Systems declined 1.2% after notching a record closing high Wednesday for the first time since March 27, 2000. Shares of the networking company have been boosted by excitement over demand for AI hardware.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com and Adam Clark at adam.clark@barrons.com