Midday movers: Oracle surges; Boeing falls

(Updated - March 12, 2024 11:36 AM EDT)

Investing.com -- Main U.S. indexes gained after CPI data for February eased concerns about a resurgence of inflation.

Here are some of the biggest U.S. stock movers today:

Oracle (NYSE:ORCL) shares surged nearly 11% after clocking stronger-than-expected quarterly earnings thanks to increased demand for its AI offerings.

Boeing (NYSE:BA) shares slipped 3.3% after authorities in Chile said they had started an investigation into a Latam flight of a Boeing 787 Dreamliner that suffered a "strong movement" during a journey from Sydney to Auckland.

Southwest Airlines (NYSE:LUV) shares dropped 14% after the carrier said it would post a net loss in the first quarter due to slower than anticipated aircraft deliveries from Boeing.

Acadia Pharmaceuticals (ACAD) dropped 16% after the pharmaceutical group ditched plans to conduct further trials of its pimavanserin drug after a Phase 3 study failed to meet its primary endpoint.

3M (MMM) shares rose 4% after the conglomerate named William Brown as its new Chief Executive Officer.

Carvana (CVNA) shares edged higher after analysts raised their estimate of the used car dealer to "Hold."

IBM (NYSE:IBM) rose 3.7% after BofA Securities reiterated a ‘buy’ rating on the stock.

On Holding (ONON) declined 14% after the footwear and sports apparel company posted fourth quarter net sales below analyst estimates.

American Airlines (NASDAQ:AAL) declined 4% after telling investors its sees EPS at the low end of guidance in the first quarter.

Additional reporting by Louis Juricic