Check out the companies making headlines in midday trading.
Oracleposted disappointing earnings and revenue guidance for its fiscal second quarter. Oracle’s revenue, which came in at $12.45 billion, was weaker than the $12.47 billion forecast by analysts. Its forward guidance of 5% to 7% revenue growth in the second quarter also fell short of the 8% implied growth expected by analysts polled by LSEG, formerly known as Refinitiv.
Beauty Healthannounced a cost-cutting program. The first phase of the program is forecast to generate $20 million in annualized cost savings during the first quarter of 2024. Beauty Health’s board of directors also authorized a $100 million share repurchase program.
Blockreiterated an outperform rating on the stock and designated shares as a bullish fresh pick. The Wall Street firm said shares may be oversold after the company experienced a temporary outage on its payment processor Square.
Cintasupgraded Cintas to buy from neutral, calling the corporate apparel maker a “best-in-breed company” that can benefit as recession risks wane. The firm attributed the new rating to its growing confidence in a potential soft landing for the U.S. economy.
Geronfollowing an upgrade to buy from Goldman Sachs earlier Tuesday. Analyst Corinne Jenkins noted optimism over recent U.S. Food and Drug Administration approval for myelodysplastic syndromes treatment imetelstat.
— CNBC’s Yun Li, Samantha Subin, Hakyung Kim, Lisa Kailai Han, Jesse Pound, Pia Singh and Brian Evans contributed reporting.