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Oracle falls on earnings miss

Thursday, Jun 19, 2014 - 02:10

June 19 - Summary: Oracle earnings disappoint; Icahn wants Family Dollar sold; S&P hits another record; Jobless claims fall; Blackberry up on smaller loss; Coach falls after warning; Bobbi Rebell reports.

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Stocks came back from losses, closing mostly higher with the S&P 500 ending at another record high. Oracle shares fell in after-hours trading on Thursday- after the company missed earnings forecasts. Oracle said new software sales and internet-based software solutions were flat- a big disappointment to investors. Also after the close: Family Dollar getting a letter from Carl Icahn saying it is imperative the company be put up for sale immediately. Icahn controls about 9 percent of the company, and said he may seek to replace three board members with his own. Coach stock taking a hit- after warning revenue will fall over the next year and saying it will close 70 underperforming stores. Shares of financial information provider Markit surged in their debut on the Nasdaq. The IPO raised $1.28 billion dollars, most of which will go to the 12 major banks that held more than half of the company before the offering. Gold rose above $1300 an ounce. Bearish investors moving into the commodity a day after the Fed signaled it will stick with a near zero interest rate policy for longer than some traders had expected. Fewer Americans than expected filed for new jobless benefits last week- a sign of improving labor market conditions. And factory activity in the mid-Atlantic region of the U.S. grew at a faster pace than expected in June. The Philadelphia Fed also said its business activity index came in better than forecasts. Dov Charney is out as chairman of American Apparel. The retailer ousted the controversial founder who is being investigated for alleged misconduct. He has been repeatedly been targeted in sexual harassment lawsuits. The board also moved to fire him as CEO and president for cause- after a contractual 30-day period. Blackberry lost less money than forecasts. Shares of the smartphone company rallied. Investors cheering some sign its turnaround efforts could possibly be starting to work. In Europe: stocks rallied- taking their cue from the U.S. Fed's comments that over the long run, interest rates would be lower than it had previously indicated.

Oracle falls on earnings miss

Thursday, Jun 19, 2014 - 02:10

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