Akamai Technologies experienced a notable increase in its stock price, rising more than 21% after announcing a seven-year power contract and an $11.6 billion deal with Anthropic. This deal also includes a warrant allowing Anthropic to purchase up to approximately 5% of Akamai's shares at an exercise price of $111.33 each, indicating strong investor confidence in Akamai's future growth potential.
Conversely, Scholastic's shares fell over 10% after the company reported an adjusted loss of $3.63 per share for the fiscal first quarter, which was worse than the $2.52 per share loss reported in the same period last year. The company's revenue of $216.8 million also marked a 4% decline year-over-year, raising concerns about its financial health.
In other market movements, Synopsys gained over 3% following an upgrade to 'buy' from 'hold' by HSBC, with analyst Frank Lee highlighting the company's new business model as a catalyst for high growth in the AI sector. Meanwhile, Nike's shares dropped nearly 2% after Bank of America downgraded the stock to 'underperform' from 'neutral,' citing expected sales declines through fiscal 2027.
Costco Wholesale's shares dipped slightly despite reporting better-than-expected fiscal fourth-quarter results, with an adjusted profit of $6.60 per share on revenue of $95.72 billion, surpassing analyst expectations