Oracle, Incyte, Lucid, Blue Bird, Hasbro, Johnson Controls, Centene and other providers – Barron's

Stocks traded higher on Tuesday after U.S. consumer prices rose at an annual rate of 3.1% in November, slowing from October, as gasoline prices fell. However, prices for housing, transportation and some other services increased. The Federal Reserve is expected to keep interest rates steady on Wednesday, and it’s likely the data won’t change those expectations.

Oracle slumped 12% after the company reported fiscal second-quarter revenue of $12.94 billion, missing analysts’ estimates of about $13.1 billion. The enterprise software company said total cloud revenue – which includes both the company’s Oracle cloud infrastructure and cloud-based applications – was $4.8 billion, up 25% year over year, however, slowed from 29% in the first quarter. Oracle expects third-quarter revenue growth of 6% to 8%, including Cerner’s business. Analysts expect revenue of $13.3 billion, representing growth of about 7.5%.

Oracle was the worst performer in the S&P 500 on Tuesday. Meanwhile, Incyte led the index with a gain of 9%. Shares of the biopharmaceutical company were on pace for their best trading day in more than six years.

Lucid fell 9.9% after the luxury electric vehicle maker announced that Chief Financial Officer Sherry House had resigned effective immediately “to pursue other opportunities.”

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Blue Bird rose 18% after the maker of electric and low-emission school buses reported fiscal fourth-quarter adjusted earnings that beat analysts’ estimates. Bus sales increased 12% during this period.

Hasbro announced it would cut nearly 20% of its workforce due to weak toy and game sales. The job cuts, amounting to about 1,100 positions, come as CEO Chris Cocks said Hasbro posted weaker-than-expected toy sales in the first three quarters of 2023, falling from pandemic-related highs, and that the weakness would likely continue into 2024 . Hasbro already cut around 800 jobs at the beginning of the year. The stock fell 2.8%. Shares of toy maker Mattel fell 2.9%.

Johnson Controls International fell 7.4% after the building heating system maker’s fourth-quarter earnings fell short of analyst estimates.

Centene

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rose 3.7% after the managed care provider gave 2024 guidance above analysts’ estimates and said it was authorized by its board to repurchase $4 billion in shares been.

Zillow rose 3.1% after shares of the real estate company were upgraded to Outperform from Market Perform at JMP Securities.

Airbnb lost 2.5%. The holiday home rental platform has been downgraded from Equal Weight to Underweight at Barclays.

alphabet

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fell 0.8% as Google lost an antitrust case brought by video game maker Epic Games after a California federal jury ruled that the search giant retained a monopoly in its App Store’s distribution and payments market. Google said it would appeal the decision.

Write to Joe Woelfel at [email protected]


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