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1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 1.05% to 49,407.66 points, the S&P 500 rose 0.54% to 6,976.44 points, and the Nasdaq Composite rose 0.56% to 23,592.11 points. Caterpillar Inc. rose more than 5%, and Walmart Inc. rose more than 4%, leading the Dow. The Wind U.S. Tech Giants Index rose 0.11%, with Apple Inc. rising more than 4% and Google Inc. rising more than 1%. The Nasdaq China Golden Dragon Index fell 0.65%, with XPeng Motors Inc. falling more than 8% and TAL Education Group Inc. falling more than 4%. Investors temporarily ignored the recent declines in silver and Bitcoin, and instead focused on the earnings reports of tech giants and the January non-farm payroll report. 2. All three major European stock indexes closed higher. The German DAX Index rose 1.09% to 24,806.1 points, the French CAC40 Index rose 0.67% to 8,181.17 points, and the UK FTSE 100 Index rose 1.15% to 10,341.56 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 4.71 basis points to 3.572%, the 3-year Treasury yield rose 5.66 basis points to 3.643%, the 5-year Treasury yield rose 4.52 basis points to 3.837%, the 10-year Treasury yield rose 4.39 basis points to 4.279%, and the 30-year Treasury yield rose 4.14 basis points to 4.912%. 4. The WTI crude oil futures contract closed down 4.42% at $62.33 per barrel; the Brent crude oil futures contract fell 4.1% to $66.48 per barrel. 5. International precious metals futures closed mixed. COMEX gold futures fell 1.35% to $4,680.90 per ounce, while COMEX silver futures rose 0.93% to $79.27 per ounce. Federal Reserve officials emphasized that interest rates would not be cut in 2026, maintaining a tight monetary policy. Hawkish nominees for chairman reinforced tightening expectations, boosting the dollar. Geopolitical safe-haven demand weakened, and exchanges increases in margin requirements exacerbated the clearing of leveraged funds. 6. London base metals all fell. LME copper fell 1.96% to $12,900 per tonne, LME zinc fell 2.45% to $3,318.5 per tonne, LME nickel fell 5.06% to $17,045 per tonne, LME aluminum fell 2.78% to $3,056.5 per tonne, LME tin fell 12.22% to $45,605 per tonne, and LME lead fell 1.92% to $1,970.5 per tonne.Nvidia (NVDA.O) shares rose as much as 0.8% in after-hours trading.OpenAI founder Altman: We are delighted to partner with NVIDIA (NVDA.O), whose AI chips are among the best in the world. We hope to become a major long-term customer.According to SEC filings, Berkshire Hathaway (BRK.AN, BRK.BN) sold 1,658,480 shares of DaVita common stock on the open market on January 29 at a price of approximately $120.55 per share.On February 3, Lead Intelligent Equipment announced on the Hong Kong Stock Exchange that it plans to issue 93,616,000 H shares in its Hong Kong listing (subject to the exercise of the offering size adjustment right and over-allotment option), with a maximum price of HK$45.8 per share. Trading of the H shares is expected to commence on February 11.

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.