Oracle just had its best day in the stock market since 1992
Oracle shareholders are singing “I Will Always Love You” to the stock.
The last time Oracle had a day in the stock market better than this, Whitney Houston’s “I Will Always Love You” was early in its 14-week run atop the Billboard Hot 100 chart.
It was nearly Christmas in 1992 when shares ran up 44%. Today, Oracle shareholders got a nice gift, too — the stock rose 36% after the company posted mind-boggling backlog numbers that more than tripled from the previous quarter and said it expected to 14x its “Cloud Infrastructure” revenue by fiscal 2030. The news also created a halo effect, sending investors scrambling to buy a wide swath of AI-adjacent companies.
That marked Oracle’s third-best trading day ever, which is saying something for a company that has been publicly traded since 1986. It added $243 billion in market cap, more than an entire Goldman Sachs’ worth of market value, in one day. (Goldman’s market cap is $231 billion.) Even before today’s move, Oracle had been on a tear, with the stock up 45% year to date.
(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)
Opendoor bulls have often pointed to signs that Robinhood CEO Vlad Tenev appears to be fond of the company, from what appeared on-screen during a demo of a social trading feature at HOOD’s conference in Las Vegas in September to offering support to Opendoor CEO Kaz Nejatian in setting up an opportunity for retail shareholders to ask questions during the online real estate company’s next earnings call.
Opendoor is currently in a quiet period ahead of earnings, which restricts what type of announcements a company can make.
The call options seeing the most demand expire this Friday with strike prices of $8, $8.50, and $9.
