The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions in its benchmark rate.Marketsread more
"I think if yields roll over and start slipping, we may see renewed pressure on stocks," UBS' Art Cashin says.Marketsread more
These are the stocks posting the largest moves midday.Market Insiderread more
Oracle on Thursday saw its stock fall by more than 4 percent after reporting better-than-expected earnings for the second quarter of its 2018 fiscal year, which ended on Nov. 30.
Oracle's stock fell further -- going as low as 7 percent below the closing price of $50.19 -- after CEO Safra Catz provided guidance for the third quarter of its 2018 fiscal year. Catz said Oracle is expecting 68-70 cents in earnings per share, excluding certain items, and 2-4 percent revenue growth in constant currency for that quarter. Analysts had projected 72 cents in earnings per share, excluding certain items, on $9.68 billion in revenue, according to Thomson Reuters.
Revenue rose 6 percent year over year, the company said in a statement. On-premises software brings in more revenue than anything else at Oracle, and in this quarter it generated $6.3 billion, which was up 3 percent. But within that category, new software license revenue of $1.35 billion was flat.
Oracle said it brought in $1.52 billion in cloud revenue for the quarter, which was below the $1.56 billion FactSet consensus of analyst estimates, according to StreetAccount. Oracle on growing its cloud computing revenue amid, generally, falling software license revenue.
The company picks up cloud revenue from applications, platforms and infrastructure. At the infrastructure level, Oracle is competing with the likes of , and , and at the end of the quarter Amazon cloud chief Andy Jassy in particular. Those comments came after CEO Mark Hurd said he about Amazon's cloud, despite that it's the biggest one running.
Oracle's public cloud infrastructure and platform revenue for the quarter was $396 million, which was up 21 percent from the year before but below the FactSet consensus, according to StreetAccount. Hardware and services revenue were both below FactSet analysts' estimates as well, StreetAccount said.
Also in the quarter, Oracle announced a slew of updates across its product portfolio at its OpenWorld conference in San Francisco. Among the announcements was "autonomous" database software technology that updates itself automatically.
"We believe the new innovations announced at Oracle OpenWorld in early October can take Oracle's cloud portfolio to a whole new level, and we believe the stock can continue to move in an upward trajectory over the next year," Drexel Hamilton analyst Brian Write wrote in a Monday note.
Oracle noted in its statement that its board has increased the authorization of share repurchases by $12 billion.
Oracle stock is up 30 percent since the beginning of 2017.