The US Department of Defense said it will terminate a plan to use Oracle, $ORCL, software to manage its civilian workforce as part of the Pentagon’s cost-cutting efforts

QUICK MARKET SUMMARY: CONSUMER: 🔸 Calavo Growers ( $CVGW): $25M buyback. 🔸 Tesla ( $TSLA): Upgraded to Overweight at Cantor, PT $425. 🔸 Waldencast ( $WALD): Q4 EBITDA missed slightly; FY guidance below estimates. ENERGY/INDUSTRIALS/MATERIALS: 🔸 Kratos ( $KTOS): Building $50M hypersonic facility in Indiana. 🔸 Mosaic ( $MOS): Upgraded to Overweight at Barclays, PT $33. FINANCIALS: 🔸 Goldman Sachs ( $GS), Carlyle (CG), Jefferies (JEF): Downgraded at Oppenheimer. 🔸 Morgan Stanley ( $MS): Plans 2,000 job cuts. 🔸 StoneCo ( $STNE): Strong Q4 EPS and revenue beat; upbeat 2025 profit outlook. HEALTHCARE: 🔸 Absci ( $ABSI): Missed Q4; cash runway into 1H’27. 🔸 Gilead ( $GILD): Shares drop as CDC HIV division review raises concerns. 🔸 HealthEquity ( $HQY): Slight Q4 miss; FY guidance in line. 🔸 Inovio ( $INO): Missed Q4; cash runway into Q1’26. 🔸 OmniAb ( $OABI): Revenue beat; stronger FY outlook. 🔸 Pfizer ( $PFE): Raised $3.3B from Haleon stake sale. 🔸 Purdue Pharma: Filed new bankruptcy plan for opioid settlement. 🔸 Trevi ( $TRVI): Positive trial data; strong cash position. TECH/MEDIA/TELECOM: 🔸 Asana ( $ASAN): Filed mixed securities shelf. 🔸 Foxconn: Expects server revenue to surpass iPhones in 2 years. 🔸 FuboTV ( $FUBO): Partnered with Texas Rangers for streaming broadcasts. 🔸 HPE & NVIDIA ( $NVDA): Launched new AI solutions. 🔸 Oracle ( $ORCL) & NVIDIA (NVDA): Announced major AI integration. 🔸 Synopsys ( $SNPS) & NVIDIA: Teaming up to speed chip design. 🔸 Teradyne Robotics ( $TER): Showcasing AI robotics at NVIDIA GTC 2025.

$ORCL - ORACLE IS LEADING CONTENDER TO HELP RUN TIKTOK IN NEW DEAL - THE INFORMATION

Oracle's, $ORCL, Larry Ellison said governments should consolidate all national data for consumption by AI models, calling this step the “missing link” for them to take full advantage of the tech, per Bloomberg.

Oracle, $ORCL, dropped 14% yesterday, the most since 2002.

JEFFERIES: DEEPSEEK EVOLUTION, NOT REVOLUTION; AI EFFICIENCY DRIVES ADOPTION 🔸 Sees software market selloff as overdone 🔸 Maintains bullish stance on $MSFT, $AMZN, $META, $GOOGL, $SNOW 🔸 Predicts growth for $DT, $DDOG amid AI expansion 🔸 Views $ORCL drop as overreaction; core AI demand stable

Good night to everyone:

BREAKING: The Trump administration is negotiating a deal that would see Oracle, $ORCL, take over TikTok alongside new U.S. investors, per NPR

Oracle, $ORCL, CEO Larry Ellison said that AI technology will soon be able to design personalized mRNA vaccines for every individual to combat cancer.

Everything you need to know on The Rundown podcast by @public TOP MARKET HEADLINES * $NFLX adds a record 19M subscribers * $ORCL, AI stocks rally on Stargate news * $PG tops sales estimate for first time in over a year https://t.co/2dDEwMWkXa

$ORCL - ORACLE SHARES UP 8.5% AFTER TRUMP ANNOUNCES $500 BLN INVESTMENT IN JOINT VENTURE WITH CO, OPENAI AND SOFTBANK

MORNING RECAP ❖ Alaska Airlines ( $ALK) to launch direct flights to Tokyo and Seoul from Seattle in 2025 post-Hawaiian acquisition. ❖ Casey’s General Store ( $CASY) Q2: EPS $4.85, revs down 2.9% to $3.95B. Grocery up 8.8%, Fuel down 8.8%. ❖ eBay ( $EBAY) downgraded to Underperform by Jefferies, target cut to $52 from $60. ❖ Stellantis ( $STLA) and CATL to invest €4.1B for a low-cost EV battery plant in Spain. ❖ Toll Brothers ( $TOL) Q4: EPS $4.63, revs up 10% to $3.33B. Backlog down 6.9%, contracts up 30%. ❖ Vail Resorts ( $MTN) Q1: EPS ($4.61), revs $260.28M. Guides net income to $240M-$316M. ❖ Anglo American ( $NGLOY) faces charges in Chile over El Soldado copper mine issues. ❖ Celanese Corp. ( $CE) appoints Scott Richardson as CEO effective Jan 1, 2025. ❖ Fluence Energy ( $FLNC) offers $300M in convertible bonds due 2030. ❖ Planet Labs ( $PL) Q3: EPS loss (-$0.02), revs $61.3M. Q4 revenue expected at $61M-$63M. ❖ Amazon ( $AMZN) and Intuit ( $INTU) expand partnership, leveraging AWS since 2013 for enhanced customer experiences. ❖ Arthur J. Gallagher ( $AJG) offers $8.5B in common stock at $280/share. ❖ Cohen & Steers ( $CNS) AUM up to $91.4B from $89.7B, driven by $1.9B market appreciation, offset by net outflows. ❖ Lazard ( $LAZ) AUM at $234.4B, with $3B market appreciation, $2.3B net outflows, and $2.2B forex depreciation. ❖ Eli Lilly ( $LLY) launches $15B share buyback, increases dividend by 15% to $1.50/share. ❖ Fate Therapeutics ( $FATE) shares positive Phase 1 data for FT819 in treating lupus, showing sustained B-cell depletion and remission in first patient. ❖ HealthEquity ( $HQY) Q3: EPS $0.78 vs. est. $0.72; revs $300.4M vs. est. $290M; adjusted EBITDA up 24% to $118.2M. Forecasts FY24 EPS $3.08-$3.16, revs $1.185B-$1.195B. ❖ Oracle ( $ORCL) Q2: adj EPS $1.47 vs. $1.48 est., revs $14.06B vs. $14.12B est. AI demand boosts Oracle Cloud Infrastructure by 52%; Total Remaining Performance Obligations up 49% to $97B; Cloud Revenue up 24% to $5.9B. ❖ Braze ( $BRZE) Q3: adj EPS $0.02 vs. loss (-$0.01) est., revs $152.1M vs. $148.19M est. Q4 guidance and FY25 revenue outlook raised to $588M-$589M. ❖ https://t.co/dPTowbRrks ( $AI) Q2: revs up 29% to $94.3M, adj EPS loss (-$0.06) vs. (-$0.16) est. Q3 revs forecast at $95.5M-$100.5M; FY25 revenue expected at $378M-$398M. ❖ Micron Technology ( $MU) receives $6.1B subsidy for U.S. semiconductor facilities. ❖ MongoDB ( $MDB) Q3: adj EPS $1.16 vs. $0.69 est., revs up 22% to $529.4M. Atlas revenue up 26%, customer base at 52,600. Raises FY25 EPS and revenue forecasts; CFO resigns. ❖ Taiwan Semiconductor ( $TSM) November sales up 34% y/y to NT$276.06B, down 12.2% m/m.

$ORCL - ORACLE SHARES HIT RECORD HIGH, LAST UP 1.1%

#Upgrades - Sep 16, 2024 $ACRV: Ladenburg Thalmann Upgrades to Buy from Neutral $AEE: Mizuho Upgrades to Outperform from Neutral - PT $89 (from $82) $BHP: Bernstein Upgrades to Outperform from Market Perform $BLDR: Truist Securities Upgrades to Buy from Hold - PT $220 (from $165) $BNTX: JPMorgan Upgrades to Neutral from Underweight - PT $125 (from $91) $CHCT: Evercore ISI Upgrades to In Line from Underperform - PT $18 $CMPX: Ladenburg Thalmann Upgrades to Buy from Neutral - PT $5 $DK: Mizuho Upgrades to Neutral Underperform - PT $26 (from $28) $EGP: Evercore ISI Upgrades to Outperform from In Line - PT $204 $ENTG: Citi Upgrades to Buy from Neutral - PT $130 (from $119) $GTLS: Morgan Stanley Upgrades to Overweight from Equalweight - PT $175 $KMI: Morgan Stanley Upgrades to Equalweight from Underweight - PT $24 $OKE: Morgan Stanley Upgrades to Overweight from Equalweight - PT $111 (from $103) $ORCL: Melius Upgrades to Buy from Hold - PT $20 $SFM: Evercore ISI Upgrades to Outperform from In Line - PT $120 (from $96) $SLG: Evercore ISI Upgrades to In Line from Underperform - PT $66 $SPG: Evercore ISI Upgrades to Outperform from In Line - PT $172 $ZG: Wedbush Upgrades to Outperform from Neutral - PT $80 (from $50)

#Downgrades - Sep 10, 2024 $CFB: Janney Upgrades to Buy from Neutral - PT $21 $DK: JPMorgan Upgrades to Neutral from Underweight - PT $26 (from $23) $DKNG: BNP Paribas Upgrades to Neutral from Underperform - PT $35 $EQR: Deutsche Bank Upgrades to Buy from Hold - PT $83 (from $62) $JCI: BofA Securities Upgrades to Buy from Neutral - PT $80 (from $70) $ORCL: JMP Securities Upgrades to Market Outperform from Market Perform - PT $175 $RLAY: Jefferies Upgrades to Buy from Hold - PT $16 (from $10.60)

#Upgrades - Sep 10, 2024 $CFB: Janney Upgrades to Buy from Neutral - PT $21 $DK: JPMorgan Upgrades to Neutral from Underweight - PT $26 (from $23) $DKNG: BNP Paribas Upgrades to Neutral from Underperform - PT $35 $EQR: Deutsche Bank Upgrades to Buy from Hold - PT $83 (from $62) $JCI: BofA Securities Upgrades to Buy from Neutral - PT $80 (from $70) $ORCL: JMP Securities Upgrades to Market Outperform from Market Perform - PT $175 $RLAY: Jefferies Upgrades to Buy from Hold - PT $16 (from $10.60)