US Stock Market Move | A $45.5 billion contract reserve explosion sparked a 34% surge in the stock price of Oracle Corporation (ORCL.US).

On Wednesday, Oracle Corporation (ORCL.US) opened up more than 34%, marking its largest single-day increase since 1999 and adding approximately $200 billion in market value. The key factor behind the surge in stock price was the astonishing growth of Oracle Corporation's "Remaining Performance Obligations" (RPO) a measure of future revenue potential which skyrocketed by 359% year-on-year to reach $455 billion. Jefferies analyst Brent Thill's team stated in a report, "RPO performance in the first quarter has been outstanding, far exceeding market expectations, which further confirms the accelerating growth trend in Oracle Corporation's business." The firm maintains a "buy" rating on Oracle Corporation and has raised its target price from $270 to $360. Led by analyst Kirk Materne, the analyst team noted that while Oracle Corporation's overall performance in the first quarter was in line with expectations, the accelerated growth in backlog for Oracle Corporation's cloud infrastructure (OCI) was the core highlight of this earnings report, confirming the company's previous assessment that future revenue and earnings per share will accelerate.