Shares of Oracle (Ticker: ORCL) rose 5.1% in premarket trade after the enterprise software giant reported adjusted earnings and sales for the fourth fiscal quarter that beat analysts’ forecasts. Cloud revenue rose 54% to $4.4 billion during that period. The company expects revenue to increase 8% to 10% in the fiscal first quarter and adjusted earnings to be between $1.12 and $1.16 per share for the first quarter, in line with analyst estimates.
Apple (AAPL) closed at a record high on Monday, up 1.6% at $183.79. The iPhone maker’s shares are up more than 41% this year. The stock has posted solid gains since last week’s Worldwide Developers Conference, where Apple unveiled its first entry into the augmented reality market: a battery-powered pair of glasses called the Vision Pro. Apple lost 0.7% in premarket trading on Tuesday. The stock was downgraded from “buy” to “neutral” by UBS.
Tesla (TSLA) is up 0.8% in premarket trading on Tuesday after closing higher for a 12th straight session on Monday. Shares of the electric vehicle maker were boosted by optimism around tax credits, its charging network and cybertruck. Separately, Cathie Wood’s ARK Invest reported Monday that it had sold 324,511 shares of Tesla worth about $80 million.
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Urban Outfitters (URBN) rose 3.4% after analysts at Morgan Stanley upgraded the retailer’s shares from “Equal Weight” to “Overweight.”
Bunge (BG) slipped 2.9% after the agribusiness reached an agreement to merge with privately held Viterra in an approximately $8.2 billion stock and cash transaction. Bunge will assume $9.8 billion in Viterra debt as part of the agreement.
Roblox (RBLX) rose 1.6% after the online gaming company issued a buy rating to Canaccord.
Ultimate beauty
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(ULTA) gained 1% after the cosmetics retailer was upgraded to a ‘buy hold’ by analysts at Loop Capital.
Home Depot (HD) will hold its investor and analyst conference Tuesday starting at 9 a.m. Eastern time. The world’s largest home improvement retailer reiterated its guidance for the fiscal year ahead of the conference, and the stock rose 0.7% in premarket trading.
Write to Joe Woelfel at [email protected]