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Author: Alan LittleDate: 2020-12-14

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.

ORCL Stock Chart
ORCL Stock Chart

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.

Oracle

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.

LULU Stock Chart
LULU Stock Chart

Sources:

  • https://bit.ly/3gMm9Pb
  • https://bit.ly/3aaI41d
  • https://bit.ly/3gJ7apg
  • https://bit.ly/3gIZxz6
  • https://bit.ly/2JSBamR
  • https://bit.ly/3nhxObp

 

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