Oracle's Healthcare Strategy
And, Raytheon’s $6B stock buyback.
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Oracle's Healthcare Strategy
Strong cloud and healthcare financial results boosted shares of Oracle (NYSE: ORCL) by 2.08% in after-hours trading on Monday.
Financials: Oracle reported earnings of $1.21 per share and revenue of $12.27 billion; both were better than expected.
In The Cloud: It was an amazing quarter for Oracle’s cloud business. Revenue for cloud jumped 43%. Cloud application revenue went up 40%, while cloud infrastructure revenue soared 50%.
Healthy Results: Cerner, the healthcare technology company acquired by Oracle, contributed $1.5 billion to total revenues in the quarter.
Quote: “We are just beginning our mission to modernize healthcare information systems. In the wake of the COVID pandemic, there is a worldwide sense of urgency to transform and improve national healthcare systems.” - Oracle Chairman and CTO, Larry Ellison.
Glass Half Empty: If there was one weakness for Oracle it was the strengthening of the U.S. dollar compared to foreign currencies, which the company said had a significant impact on the results. Without the strengthening of the U.S. dollar, earnings per share would have been 9 cents higher.
Stock Price: Oracle’s stock is down 7% this year, but has rebounded 3.5% in the last 30 days.
Final Thoughts: It’s still a tough time for investors in technology, but Oracle’s positive results are hard to ignore.
Notable Earnings Today: Photronics (Nasdaq: PLAB), PHX Minerals (NYSE: PHX), Core & Main (NYSE: CNM), ABM Industries (NYSE: ABM), Vince Holding (NYSE: VNCE), Braze (Nasdaq: BRZE), Aspen Group (Nasdaq: ASPU).
Notable IPOs Today: SONDORS Inc. Common Stock (Nasdaq: SODR), GraniteShares 1.75x Long BABA Daily ETF (Nasdaq: BABX), GraniteShares 1.5x Long Meta Daily ETF (Nasdaq: FBL), GraniteShares 1.5x Long NVDA Daily ETF (Nasdaq: NVDL).
Notable Equity Crowdfunding Campaigns Ending Today: AllCertified (StartEngine), Imperia Caviar (StartEngine), PDX Biotech (StartEngine), Pencilish Animation Studios (StartEngine).
Notable Economic Events Today: Consumer Price Index / Core Consumer Price Index (8:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
Raytheon’s $6 Billion Stock Buyback
Shares of Raytheon Technologies (NYSE: RTX) ticked up 0.62% in after-hours trading on Monday after the aerospace and defense company introduced a $6 billion stock buyback program.
Final Thoughts: Raytheon's stock is up 14% this year. This announcement continues the company’s success.
Equity Crowdfunding Spotlight: Inbox Beverage
Briefly describe your business. Inbox Beverage builds and fabricates turnkey breweries and distilleries using shipping containers, making it easy for startups and existing enterprises to create products. Our patent-pending design is engineered to eliminate barriers to entry.
What are the terms of the investment for your campaign? See StartEngine for more details.
What makes your startup special? The company has launched within the commercial market following successful prototype development and has a sales pipeline valued at $6M. Along with an experienced team that includes international executives and 50+ years in the brewing industry.
Trends to Watch
Huge Outflows: Binance Withdrawals Surge as Concerns About Its Reserve Report Spook Traders (CoinDesk)
Zeekring an IPO: Zeekr, a premium Geely electric car brand, seeks over $1 billion in U.S. IPO (Reuters)
Arrested Development: Sam Bankman-Fried, FTX’s founder, is arrested in the Bahamas (CNN)
Jump the Ark: Investors Are Losing Faith in Cathie Wood’s ARK Innovation (The Wall Street Journal)
More of the Same: Goldman to Cut Hundreds More Jobs as Consumer Unit Scaled Back (Bloomberg)
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