Midday movers: Oracle surges; Boeing falls

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Midday movers: Oracle surges; Boeing falls
Credit: © Reuters.
(Updated - March 12, 2024 11:36 AM EDT)

Investing.com -- Main U.S. indexes gained after CPI data for February eased concerns about a resurgence of inflation.

Here are some of the biggest U.S. stock movers today:

Oracle (NYSE: ORCL ) shares surged nearly 11% after clocking stronger-than-expected quarterly earnings thanks to increased demand for its AI offerings.

Boeing (NYSE: BA ) shares slipped 3.3% after authorities in Chile said they had started an investigation into a Latam flight of a Boeing 787 Dreamliner that suffered a "strong movement" during a journey from Sydney to Auckland.

Southwest Airlines (NYSE: LUV ) shares dropped 14% after the carrier said it would post a net loss in the first quarter due to slower than anticipated aircraft deliveries from Boeing.

Acadia Pharmaceuticals (ACAD) dropped 16% after the pharmaceutical group ditched plans to conduct further trials of its pimavanserin drug after a Phase 3 study failed to meet its primary endpoint.

3M (NYSE: MMM ) shares rose 4% after the conglomerate named William Brown as its new Chief Executive Officer.

Carvana (NYSE: CVNA ) shares edged higher after analysts raised their estimate of the used car dealer to "Hold."

IBM (NYSE: IBM ) rose 3.7% after BofA Securities reiterated a ‘buy’ rating on the stock.

On Holding (ONON) declined 14% after the footwear and sports apparel company posted fourth quarter net sales below analyst estimates.

American Airlines (NASDAQ: AAL ) declined 4% after telling investors its sees EPS at the low end of guidance in the first quarter.

Additional reporting by Louis Juricic

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