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Oracle (ORCL) up 1.9%, Lululemon (LULU) down 6% on reports
Oracle (ORCL), Costco (COST) and Lululemon (LULU) were among the companies to post quarterly reports on a busy day of trading on Friday that saw broader markets struggle.
Oracle closed 1.9% higher at $60.61 after Q2 beats and a slew of modest price target upgrades from analysts helped the computer software company to rally during the late afternoon.
The Redwood City-based enterprise logged $1.06 adjusted earnings per share and $9.8bn revenue versus the $1 and $9.77bn Wall Street consensus.
Analysts were not blown away by the numbers, with several claiming that they were waiting on stronger revenue growth.
BMO Capital Markets, adding a single dollar to a new $64 price target, said that Oracle “has had a very mixed track record on hitting targets, particularly [revenue]-growth targets”.
Oracle’s chief executive officer Safra Catz revealed in a conference call that internal revenue forecasts for Q3 are $10bn-$10.4bn.
Costco also eked out gains of 0.62% at the end of the week after posting better-than-expected results for fiscal Q1.
The retailer’s $2.29 adjusted earnings per share and $43.21bn revenue were above the $2.09 and $43.08bn expectations.
Analysts were more bullish about Costco, with Cowen noting that the company is now in a great position to “continue delivering robust earnings growth”.
Oppenheimer, like Cowen, reaffirmed an outperform rating and listed seven reasons to support its position.
They included “open-ended worldwide growth prospects”, “strong team management” and a “unique and improving consumer value proposition”.
Meanwhile, Lululemon (LULU) shares slumped 6.71% even though the athletic apparel retailer delivered Q3 beats and Jim Cramer urged investors to buy into the stock.
Lululemon said that sales jumped 22% year over year to $1.1bn, while earnings per share came in at $1.16 versus the $0.88 forecast.
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