Movers: GameStop, Oracle, Home Builders, Energy Complex, Zions Bancorp

Scott Peters
13 Jun, 2023
New York City

The S&P 500 index increased 0.5% to 4,321.57 and the Nasdaq Composite added 1.1% to 13,401.41. 

The yield on 2-year Treasury notes increased to 4.52%, 10-year Treasury notes edged down to 3.72% and 30-year Treasury bonds eased 3.88%. 

Oracle Corporation jumped 4.8% to $122 after the database developer reported better-than-expected fiscal fourth quarter results. 

Revenue in the fiscal fourth quarter ending in May increased 17% to $13.8billion and net income increased to $3.3 billion from $3.2billion and diluted earnings per share rose to $1.19 from $1.16 a year ago. 

Cloud segment revenue soared 54% to $4.4 billion and cloud infrastructure jumped 76% to $1.6 billion. 

The board of directors declared a quarterly dividend of 40 cents to shareholders on record July 12 payable on July26.  

GameStop Corp surged 6% to $25.80 after Chairman Ryan Cohen disclosed in a regulatory filing the purchase of 443,842 shares of the video game developer. 

The purchase amounts to $10.8 million based on Monday's closing price.

Exxon Mobil, Valero Energy, Chevron Corporation, Marathon Petroleum Corporation, EQT Corp and EOG Resources increased between 0.5% and 2%  after crude oil prices rebounded. 

Home builders were in focus after inflation dropped in May raising hopes that the Federal Reserve will pause its rate hike cycle at the end of a two-day meeting on Wednesday. 

Lennar Corp, Toll Brothers Inc, PulteGroup and NVR Inc advanced between 0.6% and 1.2%. 

Zions Bancorporation decreased 2.5% to $29.58 after the company said its net interest outlook is "decreasing" in a presentation posted on the company's website on Monday. 

A shift in funding from deposits to short-term borrowings "negatively impacted" the margin in first quarter 2023 to 3.33% from3.53% a year ago and trending towards 2.85% as of June 12. 

At the end of first quarter 2023, average total loans increased to $56.2 billion from $50.9 billion and total yield jumped to 5.3% from 3.52% from a year ago. 

Average total deposits declined from $81.6 billion in the first quarter to $70.2 billion and  cost of total deposits increased to 0.47% from 0.03% a year ago.