Palantir rose early Wednesday after officially announcing a new deal — valued at $448 million — with the US Navy to manage its submarine maintenance and supply chain.
While Palantir has been rapidly building its business selling software that helps private enterprise companies better use AI technology, its largest customer remains the US government.
PetMed Express soared after disclosing that it had received a take-private buyout offer from Singapore investment firm SilverCape Investments, valuing the company at a significant premium.
SilverCape would pay $4 per share, a 125% premium from the $1.77 the stock closed at on Wednesday. Shares soared 50% in early trading to $2.65.
PetMed said its board would evaluate the offer.
The company, which has been public sine 1997, has reported stagnating sales and slipped into unprofitability in 2024. The online pet pharmacy is down 60% this year and down 96% since its peak in 2018.
Shares of Oracle fell in after-hours trading Wednesday — and remained under pressure in the premarket session Thursday morning, down more than 11% as of 5:20 a.m. ET — after a headline beat on earnings was overshadowed by softer revenue.
Adjusted earnings per share were $2.26, up 54% year on year, blowing past analyst expectations of $1.64 per share. However, this beat was primarily due to the disposal of its Ampere chip company to SoftBank, which boosted pretax earnings by $0.91 per diluted share, Barron’s reported.
Revenue for the quarter was $16.06 billion, up 14% year on year but missing estimates of $16.2 billion.
The big weakness weighing most heavily on the stock this morning seems to be Oracle’s cloud computing unit, where sales came in at $8 billion for the quarter, up 34% year on year. Analysts had been expecting $8.8 billion.
The other major talking point heading into the print — how much Oracle was investing in capex for new data centers — has proven to be another sticking point again. On the earnings call, Doug Kehring, the company’s principal financial officer, said:
“...given the added RPO this quarter that can be monetized quickly starting next year, we now expect fiscal 2026 CapEx will be about $15 billion higher than we forecasted after Q1.”
That will do little to alleviate concerns around Oracle’s diverging free cash flow and net income, though the company’s execs did also say that they expect total cloud revenue to grow 40% to 44% in the coming quarter. Leadership also said they believe they can convert some of the added backlog to revenue sooner than expected, adding $4 billion of “additional revenue in FY27.”
