A look at companies making waves in midday trading: Oracle — The software maker’s shares surged more than 13% to an all-time high after the database management company announced cloud deals with Google and OpenAI. Oracle said in November it would move its databases to Google’s cloud. The company is also teaming up with Microsoft and OpenAI to provide supplemental computing power. Investors didn’t mind Oracle’s disappointing fourth-quarter results, which fell short of Wall Street’s expectations. Apple — The iPhone maker rose nearly 3%, briefly surpassing Microsoft in market cap. This follows a 7.3% surge on Tuesday after Apple unveiled its artificial intelligence plans, called Apple Intelligence, during its developers conference. Rentokil Initial — Shares of Terminix parent company Rentokil soared 13.7% after Nelson Peltz’s Trian Partners acquired a significant position in the pest control company. A Trian spokesman told CNBC on Tuesday that the company is now one of Rentokil’s top 10 shareholders and wants to work with management on “ideas and initiatives that will improve shareholder value.” Klaviyo — The marketing automation stock rose 3.9% after Barclays upgraded it to overweight from equal weight. Barclays called the stock a “rare bright spot” compared to its peers. Broadcom — Shares of the semiconductor company rose more than 2% to a record high ahead of its quarterly earnings report after the close on Wednesday. The stock has risen more than 33.5% so far this year. Casey’s General Stores — The convenience store chain surged nearly 17% after the close on Tuesday after profits and revenue beat analysts’ expectations. Casey’s reported fourth-quarter earnings of $2.34 a share, versus the $1.72 expected by analysts surveyed by FactSet. Revenue of $3.6 billion beat the consensus estimate of $3.47 billion. Lennar, KB Home — The homebuilders rose 1.8% and 2.6%, respectively, after UBS reaffirmed its buy recommendation on both companies after periods of underperformance. Analyst John Roballo said the group could be hurt by some markets seeing a rise in existing home inventory, along with mixed economic data and volatile mortgage rates. With that in mind, he said housing supply remains historically low. Lennar and KB Home are both scheduled to report earnings next week. Affirm — The fintech company’s shares surged about 5.8% following the release of a weaker-than-expected CPI in May. The nonbank loan lender is up more than 20% this week on news that its pay-later loans will be integrated into Apple Pay for U.S. iPhone and iPad users later this year. Taiwan Semiconductor Manufacturing — Bank of America raised its price target on Taiwan Semiconductor, saying the company is an “essential and trusted partner” to the iPhone maker. CNBC’s Alex Harring, Yun Li, Pia Xin, Sarah Ming and Michelle Fox contributed reporting.
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