Oracle's Amazon “Milestone”

And, Elon Musk's Dogecoin influence.

September 10, 2024

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Today is Tuesday, September 10, 2024.

The Early Bird Index today is 68.58.

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Oracle's Amazon “Milestone”

Oracle (NYSE: ORCL) jumped 8.88% in after-hours trading on Monday after posting strong financial results and announcing a new partnership.

Details: Oracle reported earnings of $1.39 per share and revenue of $13.3 billion; both were better than expected.

Powering the Story: Oracle also announced a partnership with Amazon’s (Nasdaq: AMZN) cloud business, Amazon Web Services (AWS). The new offering gives customers access to the Oracle Autonomous Database on dedicated infrastructure and Oracle Exadata Database Service within AWS.

Quote: “Our recently signed AWS contract was a milestone in the MultiCloud Era. Soon customers will be able use the latest Oracle database technology from within every Hyperscaler's cloud.” - Oracle Chairman and CTO, Larry Ellison.

Early Bird’s Nest Egg Gains: Oracle's new strategic partnership with AWS represents a significant advancement in Oracle's multicloud strategy.

  • By tapping into AWS's large customer base, Oracle gains access to new potential database customers and revenue streams.

  • This alliance is part of Oracle's "multicloud trifecta", as the company now has partnerships with Microsoft Azure, Google Cloud, and AWS.

Final Thoughts: Oracle investors should be pretty happy. The stock was already up 34% this year.

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Notables

Notable Earnings Today: Dave & Buster's Entertainment (Nasdaq: PLAY), GameStop (NYSE: GME), Academy Sports + Outdoors (Nasdaq: ASO), Cognyte Software (Nasdaq: CGNT), Petco Health and Wellness (Nasdaq: WOOF), Comerica (NYSE: CMA), Bioceres Crop Solutions (Nasdaq: BIOX), Cantaloupe (Nasdaq: CTLP), Mama’s Creations (Nasdaq: MAMA), InnovAge Holding (Nasdaq: INNV), Evolution Petroleum (NYSE American: EPM).

Notable IPOs Today: XCHG Limited American Depositary Share (Nasdaq: XCH), Trident Digital Tech Holdings Ltd American Depository Shares (Nasdaq: TDTH).

Notable Equity Crowdfunding Campaigns Ending Today: N/A.

Notable Economic Events Today: API Weekly Crude Oil Stock (4:30 p.m. ET).

Elon Musk's Dogecoin Influence

The price of the cryptocurrency Dogecoin surged by about 8% on Monday thanks in part to its most famous cheerleader, Elon Musk.

Details: Over the past few days, Musk posted a cryptic "D.O.G.E" post on X (formerly Twitter) and retweeted other Dogecoin accounts.

  • This prompted more people to buy Dogecoin and improved the market sentiment for the so-called meme coin.

Final Thoughts: Despite the recent uptick, Dogecoin is down about 2% in the last 30 days.

NerdWallet’s $50 Million Stock Buyback

Finance company NerdWallet (Nasdaq: NRDS) ticked up 1.38% in after-hours trading after announcing a $50 million stock buyback to raise the stock price.

Final Thoughts: The stock is down 15% this year.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.