On the other hand, PDD Holdings, owner of Pinduoduo, saw its shares rise by 12.1% after Jefferies analysts upgraded their rating and price target. Oracle shares also increased by 11.7%, following a 7% revenue gain to $13.3 billion and the addition of generative AI capabilities to its Fusion Cloud Applications Suite. PayPal shares rose by 6.5% as PPRO, a company backed by PayPal, raised 85 million euros to expand its local payments platform.
Key takeaways:
- The CE 100 Index lost 1.2% as the end of earnings season approaches, with Zillow shares sinking 17.6% due to a legal settlement that will lower commissions in the real estate industry.
- Adobe shares slipped 10.7% despite the company's continued rollout of generative artificial intelligence (GenAI) features across its product lines, which have seen strong demand.
- PDD Holdings, owner of Pinduoduo, saw its shares gain 12.1% after Jefferies analysts upgraded their rating and price target, stating that PDD was gaining market share.
- PayPal shares added 6.5% following news that PPRO, a company PayPal backs, has raised 85 million euros to expand its local payments platform, and the expansion of PayPal's Tap to Pay on iPhone offering in the U.S.