Consumer Business Recap: Wal-Mart Dumps Amazon, Oracle’s Fiscal 1st Quarter Numbers
These were Thursday’s top stories:
Contract negotiations between the Canadian Auto Workers and General Motors Company (NYSE:GM) are still at a standstill, says a union official. The sticking point has to do with issues involving local factories. Ford Motor Company (NYSE:F) on Monday reached a tentative agreement with the CAW.
An internal memo from the management of Wal-Mart Stores, Inc. (NYSE:WMT) says that “We have recently made the business decision to not carry Amazon tablets and eReaders beyond our existing inventory and purchase commitments.” The retailer now joins Target in ceasing the sales of the Kindle products that bring Amazon.com, Inc. (NASDAQ:AMZN) closer into their turf.
Oracle Corporation (NASDAQ:ORCL) has posted its fiscal first quarter earnings per share of 53 cents, which is in-line with consensus. Revenue of $8.18 billion, which is down 2 percent year-over-year, misses by $240 million. During the period, some $3.1 billion worth of shares were repurchased, which is a major reason that earnings met the forecasts. Additionally, software licenses rose by 6 percent year-over-year, and license update and support revenue rose by 3 percent. Research and development increased by 14 percent.
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