News on Stocks in Our Portfolios
Oracle rises after earnings top
forecasts. Oracle's (ORCL) shares were +2.1% premarket after the company's FQ2 results beat
expectations as net profit jumped 18% to $2.58B, EPS came in at $0.64 - boosted
by a $3B share buyback - and revenue rose 3% to $9.09B. New software
license/cloud subscription sales climbed 17%, up from growth of 6% in FQ1,
although hardware product sales were still ugly at -23%. Oracle provided FQ3
guidance that was in line with consensus and predicted that hardware revenues
would "improve" to flat to -10%.
Tobacco firms to pay $1.5B less in settlement. Altria (MO), Reynolds American (RAI) and Lorillard (LO) have reached a deal with 19 states that will allow the cigarette manufacturers to receive over $1.5B in credits that are connected to a 1998 settlement in which tobacco firms agreed to pay over $200B to cover smoking-related health costs. Under the latest deal, the companies will be able to cut their payments based on market-share losses to rivals that didn't sign the original settlement.
Tobacco firms to pay $1.5B less in settlement. Altria (MO), Reynolds American (RAI) and Lorillard (LO) have reached a deal with 19 states that will allow the cigarette manufacturers to receive over $1.5B in credits that are connected to a 1998 settlement in which tobacco firms agreed to pay over $200B to cover smoking-related health costs. Under the latest deal, the companies will be able to cut their payments based on market-share losses to rivals that didn't sign the original settlement.
Economics
This Week’s Data
Weekly
jobless claims rose 17,000 versus expectations of a 15,000 increase.
Third
quarter GDP growth was revised to up 3.1%
versus estimates of +2.8% and the prior revised number of +2.7%. Unfortunately, the bulk of the improvement
came from inventory build versus final sales---not a good sign.
Other
Quotation
of the day (short):
Politics
Domestic
Jonah Goldberg
on gun control (medium):
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