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1. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 1.12%, the S&P 500 up 1.07%, and the Nasdaq up 1.37%. Salesforce rose over 4%, led by Apples nearly 4% gain. The Wind S7 Index rose 1.44%, with Facebook up over 2% and Tesla up over 1%. Chinese concept stocks generally rose, with iQiyi up over 8% and 21Vianet up about 7%. 2. All three major European stock indices closed higher, with Germanys DAX up 1.8%, Frances CAC 40 up 0.39%, and the UKs FTSE 100 up 0.52%. 3. U.S. Treasury yields fell across the board, with the 2-year Treasury yield falling 1.47 basis points to 3.451%, the 3-year down 1.67 basis points, the 5-year down 2.44 basis points, the 10-year down 3.45 basis points, and the 30-year down 3.80 basis points. 4. International precious metal futures generally closed higher, with COMEX gold futures up 3.82% at $4,374.30/oz and COMEX silver futures up 2.59% at $51.40/oz. The US government shutdown and expectations of a Federal Reserve rate cut have boosted golds safe-haven appeal. The EUs energy policy shift has heightened inflation expectations, and central banks around the world continue to increase their gold reserves. 5. The main US oil contract closed down 0.38% at $56.93/barrel, while the main Brent crude contract fell 0.57% to $60.94/barrel. 6. Most of the base metals in London rose, with LME zinc futures up 1.45% at $2,976/ton, LME lead futures up 1.22% at $1,994/ton, LME copper futures up 1.02% at $10,712.50/ton, LME tin futures up 0.75% at $35,300/ton, LME nickel futures up 0.69% at $15,230/ton and LME aluminum futures down 0.40% at $2,766.50/ton.According to the Wall Street Journal: A group of banks including JPMorgan Chase, Bank of America and Goldman Sachs are working to raise $20 billion in loans for Argentina.On October 21st, the Russian Ministry of Defense reported on the 20th that Russian forces had taken control of the Lenino settlement in the Donetsk region. Over the past day, Russian forces continued operations in multiple directions, including Sumy, Kharkiv, and Donetsk, striking targets such as energy facilities supporting the Ukrainian defense industry, drone storage sites, and temporary deployments of Ukrainian troops. Russian air defense systems shot down three guided air-to-air bombs and 129 fixed-wing drones. On the same day, the General Staff of the Ukrainian Armed Forces reported that 168 engagements had taken place in the frontline areas over the past day, with Ukrainian forces repelling Russian offensives launched from multiple directions. Ukrainian Air Force, missile units, and artillery units struck Russian personnel, weapons, and military equipment concentrations, as well as drone control points and artillery positions.On October 21st, the U.S. Senate voted on the government funding bill for the 11th time on October 20th local time, but still failed to pass it, thus continuing the U.S. government shutdown that began on October 1st. The bill was originally intended to extend government funding until November 21st, but ultimately failed to reach the 60 vote threshold required for passage with 50 votes in favor and 43 votes against.According to Japans Sankei Shimbun: Former Secretary-General of the Liberal Democratic Party of Japan Toshimitsu Motegi will serve as the head of trade negotiations.

Oracle Sales And Earnings Exceed Forecasts Amid Cloud Surge

Aria Thomas

Jun 14, 2022 11:50

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Oracle Corp surpassed Wall Street projections for quarterly profit and sales on Monday, as demand for its cloud products surged in tandem with the industry-wide transition to cloud-based systems.


In extended trading, shares of the Austin, Texas-based corporation whose fourth-quarter sales increased by 5 percent soared by almost 12 percent.


Safra Catz, chief executive officer of Oracle (NYSE:ORCL), stated in a statement, "We think this revenue growth increase signals that our infrastructure business has entered a hyper-growth period."


Oracle, which projected a currency headwind of 5% in the fourth quarter, up from 2% to 3% in the third quarter, forecasts significant revenue growth in its cloud business despite growing inflation and a higher dollar.


Microsoft (NASDAQ:MSFT) in April and Salesforce (NYSE:CRM) Inc in May signaled a solid future for the cloud industry as corporations raise expenditure, but Microsoft reduced its fourth-quarter profit and sales prediction earlier this month owing to unfavorable currency exchange rates.


Oracle predicted a quarterly loss of $100 million in fiscal year 2023 due to the suspension of services in Russia.


However, the business anticipates first-quarter sales growth between 17 and 18 percent, thanks to its $28 billion purchase of healthcare IT provider Cerner Corp. (NASDAQ:CERN).


Oracle's prediction was released on a day when U.S. stock markets plummeted, with the S&P 500 confirming it was in a bear market, as investors feared that aggressive interest rate rises by the Federal Reserve may drive the country into recession.


The business anticipates adjusted first-quarter EPS between $1.04 and $1.08, compared to the average analyst expectation of $1.13.


According to IBES statistics from Refinitiv, revenue for the fourth quarter ended May 31 increased to $11.84 billion, above analysts' average forecast of $11.66 billion.


Excluding adjustments, the company's earnings per share were $1.54, above analysts' predictions of $1.37.