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On April 7th, Futures News reported that soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Monday, with the benchmark contract rising 1.5%, mainly due to active arbitrage trading between soybean oil and soybean meal, and a firm rise in international crude oil futures. A moderate rise in international crude oil futures on Monday, coupled with active oil-meal arbitrage trading, boosted the soybean oil market. Iran rejected the US proposal to immediately reopen the Strait of Hormuz in exchange for a 45-day ceasefire, demanding a permanent ceasefire, the lifting of sanctions, war reparations, and a new arrangement for the governance of the strait. Trump responded that Irans demands were "not good enough, but its an important step forward." Trump also stated that he would not postpone Tuesdays deadline for Iran to open the Strait of Hormuz, otherwise he would launch military strikes against its power plants and bridges.Japanese Finance Minister Satsuki Katayama: There is no problem with oil reserves; the problem lies in our ability to support our Southeast Asian partners.Japanese Finance Minister Satsuki Katayama: The amount needed to continue subsidies to control gasoline prices has not yet been estimated.Japanese Finance Minister Satsuki Katayama: G7 finance ministers and central bank governors agree that sharp fluctuations in oil prices are causing high volatility in financial and foreign exchange markets.1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.36% to 46,669.88 points, the S&P 500 rose 0.44% to 6,611.83 points, and the Nasdaq Composite rose 0.54% to 21,996.34 points. Boeing rose nearly 2%, and American Express rose more than 1%, leading the Dow Jones gains. The Wind U.S. Tech Seven Giants Index rose 0.42%, with Amazon and Google rising more than 1%. The Nasdaq China Golden Dragon Index fell 0.21%, with BaWangChaJi rising more than 3% and iQiyi falling more than 4%. 2. Major Asia-Pacific stock indexes closed higher across the board. The Nikkei 225 rose 0.55% to 53,413.68 points. The South Korean KOSPI rose 1.36% to 5,450.33 points. The Indian SENSEX 30 rose 1.07% to 74,106.85 points. 3. The WTI crude oil futures contract closed up 0.96% at $112.61 per barrel; the Brent crude oil futures contract rose 0.61% to $109.7 per barrel. 4. International precious metals futures generally closed lower. COMEX gold futures fell 0.08% to $4676.10 per ounce, and COMEX silver futures fell 0.15% to $72.81 per ounce. 5. US Treasury yields were mixed. The 2-year Treasury yield rose 2.06 basis points to 3.850%, the 3-year Treasury yield rose 0.57 basis points to 3.874%, the 5-year Treasury yield was unchanged at 3.983%, the 10-year Treasury yield fell 1.00 basis point to 4.333%, and the 30-year Treasury yield fell 2.35 basis points to 4.886%.

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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