Oracle shares surge 12% and head for record close

Oracle stock soared over 12% on Tuesday in response to better-than-expected fiscal third-quarter earnings. The shares, currently trading at over $127, are on track for a record close and are set to achieve their biggest gain since December 2021. Oracle reported adjusted earnings per share of $1.41, surpassing analysts’ expectations. The company’s cloud services and license support segment saw a 12% increase in sales, contributing to the positive earnings report. Deutsche Bank and UBS analysts have both raised their price targets on Oracle shares, citing optimism in the company’s cloud infrastructure and growth prospects.