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Stocks on the Move: Nikola shares sink, Oracle jumps on price target raise

Yahoo Finance's Adam Shapiro has the top stock movers of the day.

Video Transcript

ADAM SHAPIRO: Stocks on the move right now-- I want to pay attention to what's happening with Nikola. So yesterday, we got the Hindenburg Research report-- these are short sellers-- who raised questions about the integrity of Nikola's plans to actually develop and revolutionize the battery industry for vehicles. Shares opened down 10% at the opening bell. Other short sellers are now backing up what Hindenburg Research said.

But you should know that the chairman, Trevor Milton, denied allegations made by Hindenburg Research, called them false, and said-- this is a quote from the company-- "we have nothing to hide and we'll refute these allegations." Still, shares are trading down right now.

Shares of Oracle were up 6% at the opening bell. Oracle reported 2% growth in revenue to $9.4 billion in the previous quarter. Barclay's analyst Raimo Lenschow raised his price target to $59. It had been at $52. And said in a note to investors, quote, "Oracle has delivered a surprisingly strong beat and growth on licenses despite continued macro uncertainty."