Movers: Coinbase, Compass, FedEx, EQT, Redfin, Oracle

Barry Adams
14 Jun, 2022
New York City

Oracle Corp jumped 9.9% to $70.35 after the database maker reported higher-than-expected earnings. 

Revenues in fiscal fourth quarter ending on May 31st rose 5% to $11.8 billion and net income dropped 21% to $3.2 billion. 

diluted earnings per share declined to $1.16 from $1.37 a year ago. 

Coinbase Global declined 4.5% to $49.75 after the cryptocurrency exchange in an internal memo announced 18% staff reduction. The company has about 5,000 employees. 

Coinbase stock has plunged 85% from its peak and dropped 80% this year and bitcoin declined to $22,000, extending this year's losses to 53%. 

Natural gas futures plunged following the excess supply in the domestic market after the closure of a LNG terminal exporting the commodity. 

Freeport LNG said it had a fire at Quintana Island, Texas facility and the plant will not return to full-operation till late 2022. 

EQT Corporation plunged 10.10% to $40.55 after natural gas futures plunged 16% to $7.25. 

Southwestern Energy plunged 11.3% to $7.63, Range Resources dropped 8.2% to $29.53, and Comstock Resources declined 8.9% to $16.66. 

FedEx jumped 12.5% to $226.01 after the package delivery company lifted its quarterly dividend 50% to $1.15 a share. 

The package delivery company added two directors and expanded the board as a part of agreement with hedge fund D.E Shaw. 

Compass Inc plunged 11.4% to $4.22 and Redfin Corp dropped 5.5% to $8.07 after the real estate brokerage firms announced layoffs. 

Compass plans to trim 10% of its workforce and Redfin plans to cut about 8%, according to regulatory filings with the SEC. 

Compass and Redfin dropped to new 52-week lows after home sales are expected to continue to decline and mortgage rates for 30-year loans crossed 6% today.