Diamonds and Dogs

6/12/24

Oracle (ORCL) is the diamond today following earnings. The software giant is up to Oracle up 12% to a new high even as earnings and sales missed estimates. Sales actually only grew 3%, But going forward, the company did announce cloud deals with Google Cloud and Open AI.

Energy is one of the few sectors lower even as the price of oil is modestly higher. Valero Energy (VLO) is down 3%. Recent data shows U.S. gasoline stockpiles rose by 2.6 million barrels even as demand is increasing heading into the summer driving season. Daily average fuel demand has been tepid, or 1.5% lower compared to same period last year.

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