Meta Platforms' shares surged 11% after it was confirmed that the company is developing a new cloud business to sell its excess artificial intelligence computing power to external customers. This move could diversify Meta's revenue streams and enhance its position in the competitive cloud market.
General Mills experienced a more than 6% increase in its stock price after reporting fourth-quarter adjusted earnings of 95 cents per share on revenue of $4.61 billion, surpassing analyst expectations. The company also revealed plans to achieve $3 billion in cumulative cost savings by fiscal year 2030, which could improve its profitability.
Progress Software's shares rallied over 18% after it reported second-quarter earnings of $1.62 per share on revenue of $253.5 million, exceeding expectations and providing strong guidance for the next quarter. Datadog's stock rose more than 2% following its acquisition of AI startup Adaptive ML, indicating a strategic move to enhance its AI capabilities.
Nike's shares increased over 4% despite a 12% drop in sales in China, as its fiscal fourth-quarter results beat analyst forecasts. Conversely, Shutterstock and Getty's stocks fell sharply after Getty canceled a proposed merger due to regulatory issues, with Shutterstock dropping nearly 30%.
Alcoa's shares fell 9% after announcing a $4.1 billion acquisition of South32's assets, which may raise concerns about the company's financial leverage. Finally, both Salesforce and ServiceNow saw their stocks rise after Guggenheim upgraded them to 'buy', citing attractive valuations and resilience against AI competition.
Bloom Energy's stock increased over 2% following an expanded partnership with Brookfield for AI infrastructure projects, reflecting ongoing demand in this sector. In contrast, memory chip manufacturers Sandisk and Micron Technology saw declines of 9% and 8%, respectively, as they faced profit-taking after a strong second quarter