U.S. Movers: Apple, Hewlett Packard Enterprise, Oracle, Southwest

Scott Peters
10 Sep, 2024
New York City

Oracle Corp. jumped 10.4% to $154.90, and database developer and cloud infrastructure company reported better than expected quarterly results. 

Revenue in the quarter ending in August increased 7% to $13.3 billion, net income rose to $2.9 billion from $2.4 billion, and diluted earnings per share advanced to $1.03 from 86 cents a year ago. 

Cloud services revenues were up 21% from a year ago to and up 22% in constant currency to $5.6 billion. 

Cloud license and on-premise license revenues were up 7% and up 8% in constant currency to $870 million. 

“As Cloud Services became Oracle’s largest business, both our operating income and earnings per share growth accelerated,” said Oracle CEO, Safra Catz.

Hewlett-Packard Enterprise fell 7.7% to $16.22, and the company plans to sell $1.35 billion of Series C mandatory convertible preferred stock. 

Apple declined 1.6% to $216.89, and investors reviewed the latest new products released by the mobile computing device maker. 

On Monday, Apple released the iPhone 16 and iPhone 16 Plus, and both devices are packed with artificial intelligence features, a larger screen, and enhanced battery life. 

The latest iPhone models are priced between $800 and $1,200. 

Separately, the European Court of Justice ruled that Apple owes Є13 billion in back taxes, in a dispute that has been running since at least 2007. 

The latest court ruling forces the company to pay for taxes on profits generated from the licensing or sale of intellectual properties. 

Southwest Airlines dropped 3.4% to $28.71, and the regional airline's chairman, Gary Kelly, plans to retire next year after activist investor Elliott Investment pushed for a leadership change.