Ivanhoe Electric Subsidiary Cordoba Minerals Corp. Signs Definitive Agreement to Sell Remaining 50% Stake in Alacran Copper Project in Colombia
Initial Cash Proceeds of US $88 Million to be Paid on Closing with an Additional US $12 Million Paid upon Commercial Production
US $100 Million Purchase Price Represents a Value per Cordoba Minerals Corp. Common Share of US $1.10 or CDN $1.52
Ivanhoe Electric Anticipates Receiving a Cash Distribution of Over US $40 Million from the Initial Proceeds
Phoenix, Arizona--(Newsfile Corp. - May 8, 2025) - Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("Ivanhoe Electric") Executive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin are pleased to announce that Ivanhoe Electric's 63%-owned subsidiary, Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) ("Cordoba") has signed a definitive Framework Agreement (the "Agreement") for the sale of the remaining 50% of the Alacrán Copper Project to a consortium of investors including JCHX Mining Management Co., Ltd. ("JCHX"), a 19.8% shareholder of Cordoba, for US $88 million in cash on closing, US $12 million in a deferred payment, and up to US $28 million in a contingent payment (the "Transaction"). JCHX acquired its initial 50% of the Alacrán Copper Project in May 2023 for total cash consideration of US $100 million (refer to Ivanhoe Electric's May 8, 2023 news release).
Mr. Melvin commented: "Today's announcement is an excellent outcome for Cordoba and all of its shareholders. Upon closing, JCHX and its consortium partners will be in a strong position to fund and advance the development of the Alacrán Copper Project. This transaction will be an important milestone for Ivanhoe Electric towards the monetization of our long-term investment in the Alacrán Copper Project. Proceeds received from the transaction will be used to support our U.S.-based projects and other exploration initiatives."
The Agreement was signed on May 8, 2025. Ivanhoe Electric has completed an 8-K filing of the Agreement with the U.S. Securities and Exchange Commission.
A consortium, including JCHX, will acquire the remaining 50% ownership in the Alacrán Copper Project for total cash consideration of up to US $128 million
The Transaction will be completed through the sale of two of Cordoba's indirect, wholly owned subsidiaries, Minerales Cordoba S.A.S. and Exploradora Cordoba S.A.S., to Veritas Resources AG, an entity that currently holds the other 50% interest in the Alacrán Copper Project.
Terms of the transaction include:
1) initial cash payment of US $88 million payable by the consortium upon closing;
2) deferred cash payment of US $12 million on the earlier of:
a) commencement of commercial production at the Alacrán Copper Project; or
b) 36 months from the closing date; and
3) a potential contingent cash payment based on the prevailing copper price at the time of commercial production at the Alacrán Copper Project:
a) US $8 million if the copper price is between US $12,000 and US $13,000 per tonne; or
b) US $28 million if the copper price is greater than US $13,000 per tonne.
After retaining a US $5 million working capital reserve, the payment of taxes, fees, and other costs associated with negotiating and closing the transaction, and after settling all outstanding liabilities and obligations, it is estimated that approximately US $65 to US $70 million in cash will be available for distribution to Cordoba shareholders, of which Ivanhoe Electric's share would be over US $40 million.
It is a requirement of the Agreement that the Transaction is completed by December 31, 2025. Closing of the transaction is subject to certain conditions, including but not limited to:
1) approval by the TSX Venture Exchange;
2) approval by Cordoba shareholders at a special meeting of shareholders held in or around August 2025, but in no event later than September 15, 2025; and
3) approval of the Environmental Impact Assessment for the Alacrán Copper Project by Colombia's Autoridad Nacional de Licencias Ambientales.
Following the closing of the Transaction, Cordoba will continue to be a publicly listed company on the TSX Venture Exchange with its 51%-owned Perseverance Copper Project located in Arizona. Cordoba can earn up to 80% interest in the Perseverance Copper Project by completing a total of CDN $14.2 million in exploration expenditures by April 2026. In addition, Cordoba will search for business development opportunities. Ivanhoe Electric will continue to hold the majority of the Company's shares.
The disclosure of the transactions in this press release is necessarily of a summary nature and is qualified by text of the Agreement itself, which will be filed with the U.S. Securities and Exchange Commission.
About Cordoba Minerals Corp.
Cordoba Minerals Corp. (Cordoba) is a publicly traded copper-gold developer with high-potential projects in underexplored, world-class porphyry copper belts. Cordoba has a management team with a demonstrated track record of acquiring, exploring, and developing mineral projects in the Americas and around the world, and the strong financial and technical backing of cornerstone investors, Ivanhoe Electric and JCHX. Cordoba trades on the (TSXV: CDB) and (OTCQB: CDBMF).
Website: www.cordobaminerals.com
About Ivanhoe Electric
We are a United States domiciled minerals exploration company with a focus on developing mines from mineral deposits principally located in the United States. We seek to support American supply chain independence by finding and delivering the critical metals necessary for electrification of the economy, with a focus on copper. We use our accurate and powerful Typhoon™ geophysical surveying system, together with advanced data analytics provided by our 94.3% owned subsidiary, Computational Geosciences Inc. ("CGI"), to accelerate and de-risk the mineral exploration process as we seek to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Our mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the advancement of our portfolio of electric metals exploration projects, headlined by the Santa Cruz Project in Arizona as well as other exploration projects in the United States, we intend to support the United States' supply chain independence by finding and delivering critical metals necessary for the electrification of the economy. We also operate a 50/50 joint venture with Saudi Arabian Mining Company Ma'aden ("Ma'aden") to explore for minerals on ~48,500 km2 of underexplored Arabian Shield in Saudi Arabia.
Website: www.ivanhoeelectric.com
Contact Information
Mike PattersonVice President, Investor Relations and Business DevelopmentEmail: mike@ivnelectric.comPhone: 1-480-601-7878
Follow us on X
Ivanhoe Electric's Executive Chairman Robert Friedland: @robert_ivanhoe
Ivanhoe Electric: @ivanhoeelectric
Ivanhoe Electric's investor relations website located at www.ivanhoeelectric.com should be considered Ivanhoe Electric's recognized distribution channel for purposes of the Securities and Exchange Commission's Regulation FD.
Forward-Looking Statements
Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ivanhoe Electric, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect Ivanhoe Electric's current expectations regarding future events, performance and results and speak only as of the date of this news release.
Such statements in this news release include, without limitation statements related to the ability and timing of Cordoba and JCHX to obtain all necessary regulatory and third party approvals and satisfy other applicable conditions to close the transaction, including approval of the transaction by the Cordoba shareholders and the TSX Venture Exchange and approval of the Environmental Impact Assessment for the Alacrán Copper Project by Colombia's Autoridad Nacional de Licencias Ambientales; the payments and net proceeds contemplated under the Agreement; the amount of any dividend to Ivanhoe Electric and the use of those proceeds; and Cordoba's ability to earn up to 80% interest in the Perseverance Copper Project.
Forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to significant risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including the inability of Cordoba and JCHX to successfully obtain all necessary regulatory and third party approvals and satisfy other applicable conditions to the transaction; the ability to close the transaction on the timeline anticipated, or at all; the receipt by us and Cordoba of all of the payments called for by the Agreement and such payments being applied in the manner currently anticipated; changes in the prices of copper or other metals Ivanhoe Electric is exploring for; the results of exploration and drilling activities and/or the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations; the final assessment of exploration results and information that is preliminary; the significant risk and hazards associated with any future mining operations, extensive regulation by the U.S. government as well as local governments; changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with Ivanhoe Electric to perform as agreed; and the impact of political, economic and other uncertainties associated with operating in foreign countries, and the impact of the COVID-19 pandemic and the global economy. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors described in Ivanhoe Electric's Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission at www.sec.gov.
No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this news release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release, and Ivanhoe Electric expressly disclaims any requirement to do so.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251270
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 minutes ago
- Yahoo
Is Invesco International Small-Mid Company A (OSMAX) a Strong Mutual Fund Pick Right Now?
If investors are looking at the Non US - Equity fund category, make sure to pass over Invesco International Small-Mid Company A (OSMAX). OSMAX bears a Zacks Mutual Fund Rank of 5 (Strong Sell), which is based on various forecasting factors like size, cost, and past performance. OSMAX is classified in the Non US - Equity area by Zacks, and this segment is full of potential. Non US - Equity funds focus their investments on companies outside of the United States, which is an important distinction since global mutual funds tend to keep a sizable portion of their portfolio based in the United States. Most of these funds will allocate across emerging and developed markets, and can often extend across cap levels too. Invesco is responsible for OSMAX, and the company is based out of Kansas City, MO. Invesco International Small-Mid Company A debuted in November of 1997. Since then, OSMAX has accumulated assets of about $617.61 million, according to the most recently available information. The fund's current manager, David Nadel, has been in charge of the fund since November of 2019. Of course, investors look for strong performance in funds. OSMAX has a 5-year annualized total return of 3.61% and is in the bottom third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 3.26%, which places it in the bottom third during this time-frame. It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower. When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 14.81%, the standard deviation of OSMAX over the past three years is 21.68%. Looking at the past 5 years, the fund's standard deviation is 20.26% compared to the category average of 14.58%. This makes the fund more volatile than its peers over the past half-decade. Investors should not forget about beta, an important way to measure a mutual fund's risk compared to the market as a whole. OSMAX has a 5-year beta of 1.05, which means it is likely to be more volatile than the market average. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. OSMAX has generated a negative alpha over the past five years of -10.71, demonstrating that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns. For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, OSMAX is a load fund. It has an expense ratio of 1.38% compared to the category average of 1%. Looking at the fund from a cost perspective, OSMAX is actually more expensive than its peers. While the minimum initial investment for the product is $1,000, investors should also note that each subsequent investment needs to be at least $50. Fees charged by investment advisors have not been taken into considiration. Returns would be less if those were included. Overall, Invesco International Small-Mid Company A ( OSMAX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively weak performance, worse downside risk, and higher fees, Invesco International Small-Mid Company A ( OSMAX ) looks like a somewhat weak choice for investors right now. This could just be the start of your research on OSMAXin the Non US - Equity category. Consider going to for additional information about this fund, and all the others that we rank as well for additional information. And don't forget, Zacks has all of your needs covered on the equity side too! Make sure to check out for more information on our screening capabilities, Rank, and all our articles as well. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (OSMAX): Fund Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
News24
15 minutes ago
- News24
Pork and chicken are key to easing US trade tensions: Steenhuisen
South Africa, struggling to reset relations with the US, is willing to give way on so-called phytosanitary requirements for poultry-meat imports, but fears an impasse with its second-biggest trading partner over pork shipments. Washington's trade complaints against Pretoria — which have triggered a threat of a 30% tariff on imports from Africa's largest economy — span a range of industries from vehicles to citrus. The meat trade has also been a sticking point, with US producers viewing Pretoria's animal-health requirements as a constraint on doing business, according to Agriculture Minister John Steenhuisen. The health rules and excise duty charged on pork and chicken from the US 'are the two key focus areas' in easing trade tensions, he said in an interview at a meat conference in Somerset West near Cape Town on Thursday. Differences between the two nations extend beyond trade — President Donald Trump has spread the false conspiracy theory that white farmers have been subjected to a genocide in South Africa and the authorities have been seizing their land. There have been no official land seizures in South Africa since apartheid ended in 1994. The US has also criticized South Africa for taking Israel to an international court over its war with Hamas in Gaza and its relations with American foes, including Iran. To assuage concerns over its restrictions on poultry imports from countries that have avian influenza outbreaks, South Africa plans to allow the US to determine when it should halt and resume exports. 'What we've done is build a new system of self-ban, self-lift,' Steenhuisen said. 'We hope that this will be seen as a removal of what they've regarded as a trade barrier.' The minister considered it unlikely the two countries will resolve their difference over South Africa's requirements that glands be removed from pork meat prior to it being sold in the country — a measure intended to avoid the spread of the highly contagious porcine reproductive and respiratory syndrome disease. 'They regard that as a trade barrier because they say that that process renders their meat uncompetitive,' Steenhuisen said. 'It's going to be one of those impasses because we cannot compromise our local pork sector.' South Africa is one of a handful of nations that are free of the disease, and if it were detected it would increase pork production costs as pigs would have to be vaccinated against it, said Peter Evans, the chief executive officer of the South African Pork Producers' Organisation. 'It's a disease we want to keep out of the country,' he said in an interview. The US is 'irked by it. They perceive it as a hindrance to large-scale exports.' The US also complains that tariffs of about 62% on poultry imports, along with the health requirements, have stopped it from filling its annual quotas of about 70,000 tons of chicken meat that it is permitted to ship into South Africa, according to the agriculture minister. That levy, along with those imposed on cars and farm equipment, are higher than those charged on products from the European Union, with which South Africa has a trade agreement. The US has, until recently, given a range of South African goods duty-free to its markets under the African Growth and Opportunity Act (AGOA). 'Their argument is that we are giving you AGOA and all of these things, but you are giving our competitors a better deal,' Steenhuisen said.
Yahoo
20 minutes ago
- Yahoo
Stock market today: S&P 500, Nasdaq slip as Boeing's slump weighs on Dow amid renewed tariff threats
US stocks pulled back on Thursday as more data showed milder inflation pressures, even as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, as component Boeing (BA) slumped in the wake of a deadly plane crash in India. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. Stocks are staying downbeat after the S&P 500 (^GSPC) snapped this week's run of wins. Investors are adding growing tensions in the Middle East to worries over Trump's trade policy, such as the fragility of the US-China detente. Fresh price data showed a so-far mild impact from Trump's tariff policies, as wholesale inflation increased less than economists expected. The report came after the consumer counterpart showed an easing in price pressures in the wake of Trump's "reciprocal" tariff hikes in April. Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest-rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions, with September seen as the most likely spot to resume rate cuts. While investor focus is shifting back to the Fed, Wall Street is still closely following the latest twists and turns in Trump's tariff policy in the hunt for clarity. Read more: The latest on Trump's tariffs US trading partners will get letters within a week or two to set their unilateral tariff rates, Trump reiterated on Wednesday, renewing the threat of no-deal hikes. But Treasury Secretary Scott Bessent told Congress it's "highly likely" that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9. Oracle (ORCL) shares jumped 10% early Thursday after the company's fiscal fourth quarter results topped Wall Street's expectations. Oracle's adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI-related cloud services. "What is clear is that more customers will use the Oracle database to leverage AI," CEO Safra Ada Catz told analysts in a call after the market close Wednesday. "It's been a long wait for people who own the stock because ... they [Oracle] missed the last two quarters, both on the top and the bottom line, despite the fact that they were booking an enormous amount of business," Citizens head of technology equity research Pat Walravens told Yahoo Finance's Julie Hyman on Market Domination Overtime. Analysts at UBS, Cantor Fitzgerald, Deutsche Bank, KeyBanc, and Melius Research raised their price targets on the stock to as high as $240 on Thursday. US stocks pulled back on Thursday as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners, while Boeing (BA) shares sank in the wake of a deadly crash in India. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, with component Boeing slumping after the crash of an Air India flight involving a Dreamliner jet. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. US trading partners will get letters soon within a week or two that will set their unilateral tariff rates, Trump reiterated on Wednesday. Weekly claims for unemployment benefits remained at their highest level in eight months during the first full week of June while the number of Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 248,000 initial jobless claims were filed in the week ending June 7, flat from the week prior and above economists' expectations for 242,000. Meanwhile, 1.956 million continuing claims were filed, up from 1.902 million the week prior and the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here. Oracle (ORCL) shares jumped 10% early Thursday after the company's fiscal fourth quarter results topped Wall Street's expectations. Oracle's adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI-related cloud services. "What is clear is that more customers will use the Oracle database to leverage AI," CEO Safra Ada Catz told analysts in a call after the market close Wednesday. "It's been a long wait for people who own the stock because ... they [Oracle] missed the last two quarters, both on the top and the bottom line, despite the fact that they were booking an enormous amount of business," Citizens head of technology equity research Pat Walravens told Yahoo Finance's Julie Hyman on Market Domination Overtime. Analysts at UBS, Cantor Fitzgerald, Deutsche Bank, KeyBanc, and Melius Research raised their price targets on the stock to as high as $240 on Thursday. US stocks pulled back on Thursday as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners, while Boeing (BA) shares sank in the wake of a deadly crash in India. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, with component Boeing slumping after the crash of an Air India flight involving a Dreamliner jet. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. US trading partners will get letters soon within a week or two that will set their unilateral tariff rates, Trump reiterated on Wednesday. Weekly claims for unemployment benefits remained at their highest level in eight months during the first full week of June while the number of Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 248,000 initial jobless claims were filed in the week ending June 7, flat from the week prior and above economists' expectations for 242,000. Meanwhile, 1.956 million continuing claims were filed, up from 1.902 million the week prior and the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here.
