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Good Morning!
Happy Tuesday! Let’s see what is moving markets:
👉 Oracle reports great earnings
👉 Boeing fails inspections
👉 Dimon warns of recession
Let’s get into it!
ORACLE: Great Earnings
Oracle reported better-than-expected quarterly earnings, causing its shares to rise 13% after hours. For the next quarter, Oracle expects earnings between $1.62 and $1.66 per share, aligning with analyst predictions. They project revenue growth of 4% to 6%, targeting around $14.5 billion, slightly below analyst expectations of over $14.7 billion.
Source: Bloomberg
CEO Safra Catz mentioned Oracle is on track to meet its $65 billion sales target by 2026, indicating current goals may be conservative. Revenue increased by 7% to $2.4 billion, with cloud services and license support, Oracle's largest sector, growing by 12% to $9.96 billion. However, not all divisions performed well, with declines in cloud license and hardware sales.
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BOEING: Failed Inspections
U.S. regulators discovered numerous issues with Boeing and its supplier, Spirit AeroSystems, during an inspection of the 737 Max jet production, as reported by The New York Times. The audit, initiated after a door panel incident on a flight, exposed Boeing's and Spirit's shortcomings in manufacturing standards and documentation.
Source: CNBC
Boeing failed a significant portion of the tests, and Spirit AeroSystems passed just half of theirs, with some repairs using unconventional methods like hotel key cards and soap. Following these findings and a report indicating a disconnect in Boeing's safety culture, the FAA has demanded a plan for quality improvements, with Boeing committing to immediate and comprehensive action.
DIMON: Warns Of Recession
In a recent TV interview, Jamie Dimon warned not to dismiss the risk of a US recession, advising the Federal Reserve to delay cutting interest rates. He believes the chances of a soft landing are lower than most think, with stagflation as a possible worst-case scenario. Dimon mentioned that Covid-19 has made economic data less reliable, suggesting the Fed wait for clearer signs before reducing rates.
Source: Yahoo
Despite a strong US economy, Dimon has changed his stance from his previous optimistic views. Federal Reserve Chair Jerome Powell hinted that interest rate cuts could be near, aiming for stable inflation at 2%.
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