On this episode of Stock Movers:
- Oracle's (ORCL) cloud computing business grew faster than analysts projected, with sales in the cloud infrastructure business jumping 121% to $7.4 billion. The company added 850 megawatts of data center capacity in the quarter and reported $28.5 billion in capital expenditures, mostly on data center equipment. Oracle booked more than $30 billion of additional AI cloud contracts during the quarter, raising its remaining performance obligations, a measure of future revenue. Shares of Oracle gained in extended trading on Thursday.
- Apple (AAPL) rallied as analysts and Wall Street traders cheered the company's rollout of the new foldable iPhone, called Duo. The latest addition to the iPhone universe was announced at new CEO John Ternus' first major product reveal on Wednesday.
- Freeport-McMoRan (FCX) shares fell in trading today after the White House was said to be assessing refined copper tariffs as it balances worries about higher prices against the potential benefits of encouraging more domestic mining. According to Reuters, a White House official said the administration had not made a final decision on the tariffs and confirmed that the Commerce Department provided an update to ​Trump by a June 30 deadline.