Indicators

Wake Up Call

Hello ! Today is a big day in terms of economic data as investors are preparing for a rare double-whammy of US CPI data and Fed announcement. ORACLE, meanwhile, is set to open at a record high after surging w/ better-than-exp bookings and announced partnership deals with rivals.
US equity futures rose, and bond yields fell to session high today after a key gauge of US consumer prices climbed less than expected in May. Inflation in the US, as measured by the change in the CPI, declined to 3.3% on a yearly basis in May from 3.4% in April, the US BLS reported today. This reading came in below the market expectation of 3.4%. The inflation data could impact the US Dollar value and the September rate cut expectations.
Tonight, FOMC meeting will be one of the most pivotal this year as Fed Jerome Powell may provide the clearest hint yet to the rate-cut timetable. The new dot plot will likely indicate two 25-basis-point cuts this year, compared with three in the March version.

CASEY'S GENERAL +6% 4Q EPS $2.34 vs. $1.49 y/y, est $1.72. Adj EBITDA $224.5m (est $190.1m). Rev $3.60b (est $3.46b). The company also raised its quarterly dividend by 16%.
GAMESTOP +3% raised about $2.14b in an equity offering and completed at-the-market offering program.
ORACLE +7.5% 4Q Cloud Infrastructure rev (IaaS) $2.0b (est $1.97b). Adj rev $14.29b (est $14.57b). Adj EPS $1.63 (est $1.65). Co. declares $0.4 div. Co also sets partnerships w/ GOOGLE and MICROSOFT: Google Cloud will offer some Oracle Cloud Infrastructure services while Microsoft and OpenAI said they’re partnering to extend the Microsoft Azure AI platform to Oracle Cloud Infrastructure.
PARAMOUNT -2.5% slumped after Shari Redstone ended discussions with Skydance. She will now pursue a sale of National Amusements.
RUBRIK +1.5% 1Q Rev $3.60b (est $3.46b). Total rev $187.3me (est $171.5m). Sees FY rev 4cst of $810M to $824M (est $806.3m).

AERCAP signs lease agreements with JD Airlines for Four 737-800 Boeing Converted Freighters June 12, 2024.
AMAZON committed $1.4b to its Housing Equity Fund, extending a push to back affordable housing in the Seattle, Nashville and Washington metro areas. The funds will be used to create 14,000 affordable units in those areas.
APOLLO GLOBAL MANAGEMENT and other investors are seeking to raise as much as $500m in an IPO of Grupo Aeromexico, the Mexican carrier that emerged from bankruptcy protection more than two years ago.
BLACKSTONE to buy paris luxury stores from mandarin oriental.
BREAD FINANCIAL signed a deal to issue Saks’ credit cards starting in August.
ELEVANCE HEALTH reaffirms net income guidance for 2024.
FEDEX plans to cut 1,700 to 2,000 jobs in its back office and commercial teams in Europe, with annual savings of as much as $175m starting in 2027.
GLOBALFOUNDRIES will produce a sample of startup Diraq Pty’s chip equipped with both quantum and classical processors this month.
OPENAI Elon Musk dropped a lawsuit alleging Co. and its CEO Sam Altman breached a founding promise last year by prioritizing profits over humanity, a day before a California judge was set to hear OpenAI’s request for dismissal.
TAKE-TWO announces 2.83m share offering of common stock for holders.
TARGET boosts qtrly div by 1.8% to $1.12/shr.

UPGRADES

DOWNGRADES

INITIATIONS

19:00 US FOMC Rate Decision (Upper & Lower Bound), FOMC Ends Two-Day Meeting
19:30 Fed Chair Powell Holds Post-Meeting Press Conference

DIV EX DATE

Today : Ameren Corp($0.67); HP ($0.2756); Public Storage($3); Regency Centers ($0.67); Steris ($0.52)
Tomorrow : Intercontinental Exchange ($0.45); NXP Semiconductor ($1.014)

EARNINGS