Stocks traded higher Tuesday after U.S. consumer prices rose at a 3.1% annual rate in November, decelerating from October’s pace as the cost of gasoline fell. Prices, however, rose for housing, transportation, and some other services. The Federal Reserve is anticipated to hold interest rates steady on Wednesday and it’s likely the data won’t change those expectations.
was falling 12% after reporting fiscal second-quarter revenue of $12.94 billion, missing analysts’ estimates of about $13.1 billion. The enterprise software company said overall cloud revenue—which includes both the company’s
Cloud infrastructure arm and cloud-based applications—was $4.8 billion, up 25% from a year earlier but slowing from 29% in the first quarter. Oracle anticipates revenue growth in the fiscal third quarter of 6% to 8% when including the Cerner business. Analysts expect revenue of $13.3 billion, implying growth of about 7.5%.
Oracle was the worst performer in the
on Tuesday.
Incyte
,
meanwhile, was leading the index higher, rising 9%. Shares of the biopharmaceutical company were on track for their best trading session in more than six years.
was down 9.9% after the luxury electric-vehicle maker said Chief Financial Officer Sherry House resigned, effective immediately, “to pursue other opportunities.”
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was rising 18% after the manufacturer of electric and low-emission school buses reported fiscal fourth-quarter adjusted earnings that beat analysts’ estimates. Bus sales in the period rose 12%.
said it would be cutting nearly 20% of its workers following weak sales of toys and games. The job cuts, amounting to about 1,100 jobs, come as CEO Chris Cocks said
saw weaker-than-expected toy sales through the first three quarters of 2023, down from pandemic-driven highs, and that the weakness likely will persist into 2024. Hasbro already eliminated about 800 jobs earlier this year. The stock fell 2.8%. Shares of fellow toy maker
declined 2.9%.
Johnson Controls International
was down 7.4% after fiscal fourth-quarter earnings at the building heating systems manufacturer missed analysts’ estimates.
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rose 3.7% after the managed-care provider issued guidance for 2024 above analysts’ estimates and said it was authorized by its board to buy back $4 billion of stock.
rose 3.1% after shares of the real-estate company were upgraded to Outperform from Market Perform at JMP Securities.
was down 2.5%. The vacation-home-rental platform was downgraded to Underweight from Equal Weight at
Barclays
.
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was down 0.8% as Google lost an antitrust case filed by videogame maker Epic Games after a California federal jury decided the search giant maintained a monopoly in its app store’s distribution and payments market. Google said it would appeal the decision.
Write to Joe Woelfel at joseph.woelfel@barrons.com
