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Strong dollar hurts Oracle revenue

Tuesday, March 17, 2015 - 01:56

Oracle revenues came in lighter than forecasts. Stocks closed mostly lower ahead of the Fed's Wednesday statement on monetary policy. Bobbi Rebell reports.

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Oracle earnings out after the bell- in line with forecasts- but missing on the revenue. The company has been transitioning to a more cloud based business. Investors getting nervous about the Fed policy meeting sold off stocks- though the Nasdaq managed a small gain.They're hoping the statement the Fed releases on Wednesday, along with the press conference, will clarify the timing of an interest rate hike. But Moody's John Lonski says, don't get your hopes up. SOUNDBITE: JOHN LONSKI, CHIEF FINANCIAL MARKETS ECONOMIST, MOODY'S ANALYTICS (ENGLISH) SAYING: "I don't think the Fed is going to change its policy statement. After all the U.S. economy is slowing, the global economy is slowing the world economy - the dollar is going through the roof." Also contributing to the downdraft: crude prices dropped to a six-year low. Apple rose amid a setback for cable stocks. The iPhone maker plans to launch streaming TV service for $30-$40 a month come fall, according to the Wall Street Journal. It'll only carry around 25 channels, but it's a lot cheaper than cable. Comcast, Time Warner and Cablevision fell. Flying higher: American Airlines. It'll replace drugmaker Allergan in the S&P 500 index on Friday. DSW sprinted higher. The footwear retailer's strong same-store sales helped its quarterly sales and profit top forecasts. On the downside: Weight Watchers. Credit Suisse downgraded the shares to underperform from neutral and slashed its price target by nearly two-thirds. It said the weight loss company's marketing and product changes for the January season were less effective than expected. Also down: housing starts. Bad weather pushed them down to their lowest level in a year last month. But building permits rose last month. That suggests February's decline was a temporary setback for housing. In Europe, stocks retreated after a disappointing read on German economic sentiment. But British stocks ended the day higher.

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Strong dollar hurts Oracle revenue

Tuesday, March 17, 2015 - 01:56