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Market news: Lebanese authorities say Wednesdays Israeli attack killed 182 people and injured 890.Futures News, April 9th: Styrene prices rose initially this week before falling. As of April 8th, the average closing price in Jiangsu market was 10,250 yuan/ton, a decrease of 150 yuan/ton from April 1st, representing a 1.44% increase. Price fluctuations this week were primarily driven by costs. 1. Costs: Crude oil prices remained high, continuing their upward trend. On April 8th, European and American crude oil futures experienced their largest single-day drop in six years, with Brent crude down 6.34% from April 1st. Benzene prices also fluctuated with oil prices. Simultaneously, influenced by raw material supply, the market anticipated a tighter benzene supply in April, providing some support for prices. As of the close of trading on April 8th, the average price in East China market was down 1.47% from last Wednesday. 2. Supply and Demand: Although some plants restarted, contributing to increased production, many plants in South China reduced their operating rates, resulting in an overall decrease of 1.22% in styrene production this week. Downstream EPS production is expected to decline, PS production to increase slightly, and ABS production to fluctuate narrowly. Consumption may decrease slightly, with domestic demand entering a relatively stable low-level state. Port inventories at major ports increased rather than decreased during the week, somewhat dampening market sentiment. 3. Forecast: In the crude oil market, market sentiment is volatile, and oil prices may continue to rise in the short term. Regarding styrene fundamentals, although 0.3 million tons of export shipments are expected at major ports next week, increased arrivals by road and sea transport may hinder inventory reduction, potentially suppressing market gains.The subscription multiple for the Japanese five-year government bond auction was 3.58, compared to 3.69 in the previous auction.Musk: Teslas V15 Autopilot is far safer than humans in completely unsupervised and complex situations.April 9th - According to CNN, the latest satellite images provided by the European Space Agency show thick black smoke rising from the Abqaiq processing facility in Saudi Arabias Atatürk. This comes after reports that Iran launched an attack on Wednesday. According to Saudi Aramco, the Abqaiq plant is the worlds largest crude oil stabilization unit, supplying approximately 5% of the worlds oil. The facility processes sour crude oil into sweet crude, which is then transported to Saudi Arabias east and west coasts via the "East-West Pipeline." Due to severe trade disruptions caused by the war with Iran, this pipeline is one of only two routes in the region that bypass the Strait of Hormuz.

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.


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