Stocks are set to open slightly lower as all three major averages are on pace to post monthly losses, Oracle is upgraded to buy by UBS, and Salesforce is removed from JPMorgan's Analyst Focus List ahead of earnings.
Oracle stock jumped 3% after UBS analyst Karl Keirstead upgraded the rating, citing the company's potential in both cloud business and artificial intelligence.
Oracle stock closed trading Tuesday up 2.5% after an analyst upgraded the company's stock, citing its cloud business growth and potential as an artificial intelligence leader.
Oracle is set to release its earnings, and the focus will be on its success in the artificial intelligence sector.
Oracle reported impressive Q1 earnings, with Non-GAAP EPS of $1.19, beating expectations, although revenue of $12.45B missed by $20M; cloud services revenue grew 30% to $4.6 billion and now accounts for 77% of Oracle's total revenue.
Oracle narrowly missed market expectations for first-quarter revenue due to reduced spending on cloud services, leading to a drop in shares, but the company's advancements in networking technology make it well-suited to capture AI workloads and potentially boost its cloud infrastructure business.
Oracle's stock is facing a decline, but now is a good time to invest in its AI potential.
Shares of Oracle Corp. are set to suffer their worst one-day performance in 21 years after the software and cloud services company reported disappointing earnings and provided a downbeat outlook for the next quarter.
Oracle shares dipped 13.5% after disappointing earnings and revenue guidance, while WestRock rose 2.8% following news of a merger with Smurfit Kappa, and Apple shares fell 1.8% ahead of the launch event for its new iPhone.
Oracle stock dropped by 13% after its earnings fell short of AI expectations, with slower cloud sales growth and lower guidance contributing to the disappointment on Wall Street.
Oracle's stock experienced a significant drop, resulting in Oracle chairman Larry Ellison losing billions of dollars and becoming the largest loser among billionaires, after the company's earnings report fell short of investor expectations.
