Midday Fly By: Disney invests $1B in OpenAI, Oracle reports mixed Q2

The major averages were mixed near noon, with the Dow rising and the Nasdaq sliding.

Disappointing corporate news and lingering concerns over the technology sector are weighing with Oracle’s shares sharply lower after a downbeat forecast and heavy capital spending tied to its AI business. This drag on tech names like Nvidia, Microsoft, Broadcom and other AI-linked equities has knocked the Nasdaq lower.

Looking to commodities, gold prices are sharply higher and inching closer to the $4,300 threshold. Oil prices are sharply lower following the release of EIA natural gas storage data.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Disney (DIS) announced a Sora licensing agreement with Microsoft-backed (MSFT) OpenAI and is making a $1B equity investment in the ChatGPT maker
• Oracle (ORCL) reported mixed Q2 results and reiterated its FY26 revenue guidance
• Coca-Cola (KO) named Henrique Braun to succeed James Quincey as CEO in 2026
• Ciena (CIEN) reported better-than-expected Q4 earnings and revenue
• Eli Lilly (LLY) reported that each dose of retatrutide met all primary and key secondary endpoints in its TRIUMPH-4 clinical trial

2. WALL STREET CALLS:

• Visa (V) upgraded to Buy at BofA
• Unity (U) upgraded to Buy at BTIG and to Overweight at Piper Sandler
• Alcon (ALC) double downgraded to Underperform from Buy at BofA
• PayPal (PYPL) downgraded to Neutral at BofA
• Roku (ROKU) upgraded to Buy at Jefferies, added to Best Idea List at Wedbush

3. AROUND THE WEB:

• Cal-Maine Foods (CALM) is producing record profits, and its shares are poised to appreciate by almost 20%, Barron’s says
• Apple (AAPL) CEO Tim Cook has met with U.S. lawmakers to lobby against legislation that would require app store operators to authenticate user ages, Bloomberg reports
• SK On has decided to end its joint venture with Ford (F) for their joint battery factories in the U.S. as part of a business overhaul to focus on growth areas like energy storage systems, Reuters says
• Google (GOOGL) is set to be hit by a large EU fine by the end of the year if it does not do more to ensure its app store complies with EU rules aimed at access and competition, Reuters reports
• At least two fistfights broke out between PDD Holdings (PDD) employees and Chinese regulators at the e-commerce company’s Shanghai premises, Bloomberg says

4. MOVERS:

• Planet Labs (PL) increases after reporting Q3 results and raising its guidance for FY26
• Geron (GERN) gains after announcing a restructuring plan and plans to reduce one-third of its workforce
• Gemini (GEMI) higher after receiving a designated contract market license from CTFC
• T1 Energy (TE) falls after offering to sell $140M of stock
• Ur-Energy (URG) lower after filing to sell $100M in convertible notes

5. EARNINGS/GUIDANCE:

• Freight Technologies (FRGT) reported Q3 results and lowered its guidance for FY25
• Lovesac (LOVE) reported Q3 results, with EPS lower year-over-year
• Manchester United (MANU) reported Q1 results, with CEO Omar Berrada commenting, “These robust financial results reflect the resilience of Manchester United”
• Hooker Furniture (HOFT) reported Q3 results, with EPS and revenue lower year-over-year
• Electrovaya (ELVA) reported Q4 results, with EPS and revenue beating consensus

INDEXES:

Near midday, the Dow was up 1.06%, or 510.96, to 48,568.71, the Nasdaq was down 1.03%, or 244.77, to 23,409.39, and the S&P 500 was down 0.34%, or 23.23, to 6,863.45.