Closing Bell: Oracle Hits Record, Boeing Slumps on Plane Crash, GameStop Pivots

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Alix Steel, Carol Massar and Tim Stenovec.

- Oracle (ORCL) shares soared to a record high after the software maker projected a 70% gain in cloud infrastructure sales this fiscal year, giving a bullish outlook for the closely watched business. The company, long known for its database software, has been gaining traction in its effort to become a major player in the business of cloud computing — renting out computing power and storage — by targeting clients focused on artificial intelligence work. Earlier this year, it announced a joint venture dubbed Stargate to provide OpenAI with massive sums of computing power.

- Boeing (BA) as investors digested the news that of the Boeing plane that crashed in India. The Air India flight was bound for London, and the crash killed all but one of the 242 people on board the Boeing Dreamliner, making it the deadliest aviation accident in more than a decade. The airline confirmed that 241 of those on the London-bound flight had died. The sole survivor is being treated in a hospital, the carrier said. Officials earlier said that emergency responders had recovered more than 200 bodies at the crash site, though they didn’t immediately say how many were passengers, crew or area residents. They said the toll could rise as emergency workers comb through the wreckage.

- GameStop (GME) the largest standalone video-game retailer in the US, will focus on growing its trading card business, Chief Executive Officer Ryan Cohen said at the company’s annual shareholder meeting Thursday. The business of Pokémon and sports trading cards “is in line with our heritage,” Cohen said. “It fits our trade-in model, it appeals to our core customer base and it’s deeply embedded in physical retail.” GameStop investors have seen some dramatic share price swings since Cohen, the founder of online pet product retailer Chewy Inc., became chairman in 2021. The shares dropped more than 20% on Thursday after the company announced a $1.75 billion bond sale. The proceeds will be used for general corporate purposes, including investments and potential acquisitions, the company said.

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