Uber Jumps, Oracle Soars, Campbells Drops After Cutting Outlook - podcast episode cover

Uber Jumps, Oracle Soars, Campbells Drops After Cutting Outlook

Mar 11, 20264 min
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Episode description

On this episode of Stock Movers:

- Uber (UBER) shares jump after news the company will let customers hail robotaxis from Amazon's Zoox, starting in Las Vegas this summer. Zoox vehicles will also be available on the Uber app in Los Angeles, starting next year, as part of a multiyear agreement between Uber and Zoox.

- Oracle (ORCL) shares increased in early trading after the company reported strong sales and issued an outlook that suggests little letup in demand for AI computing. Revenue in Oracle's infrastructure business jumped to $4.9 billion in the three months ended Feb. 28, surpassing analysts' expectations and up from the previous quarter.

- Campbells (CPB) shares drop after the company cut its profit outlook to the lowest in a decade as consumers eschew chips and pretzels while supply constraints are weighing on sales of freshly baked goods. 

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Transcript

Speaker 1

Bloomberg Audio Studios, podcasts, radio news.

Speaker 2

The Stock Movers Report, your roundup of companies making moves in the stock market harnessing the power of Bloomberg Data.

Speaker 3

Let's take a look at some stocks on the move. I'm Scarlett Foo with Tom Keene in for Paul Sweeny, and we're joined by Bloomberg's Avalon Parnell. Hi Avalon, Hi, Great to see you.

Speaker 1

Yes, great to see you as well.

Speaker 3

What do you have on your radar?

Speaker 1

First off, we have to talk about Uber. That's ticker Uber very easy to remember. It's gaining about three point three percent after inking a deal with Amazon Zooks to offer Robotaxi rides on its network. They're planning to roll out the first rides this summer in Las Vegas, though they're also planning to have some rides available in Los Angeles as soon as next year as well.

Speaker 3

Have you ever ridden one of those cars that drive themselves? I have not, Tom, I don't know how I feel.

Speaker 4

What I do know those car is going to do in fifty ninth Street. I mean, if you come off Madison Avenue and you got that big humped Park Avenue. I GLST cars are going to be in orbit.

Speaker 3

I think they'll just never make a left turn. That's the thing, because you can only make a left turn once the light turns red. I mean, we all know that, but I just don't. Cars just don't get.

Speaker 4

It in, you know. I mean, Evelyn, you're a hipster on this. You're going to be the first one in there. Right.

Speaker 2

Oh.

Speaker 1

I definitely want to try it out at least once. Everything at least once.

Speaker 4

All right, what's next?

Speaker 3

Evlon?

Speaker 1

Next up, we have Oracle that's ticker o RCL. It's up about thirteen percent for its biggest jump since September. That's after the software company reported a pretty clean beat across the board for the third quarter. It also raised its revenue guidance, suggesting potentially continued demand for AI computing, which has been a fairly big concern across the board

within tech and software companies. They all kind of dipped earlier amid questions about AI disruption, But Morgan Stanley SAIDs in a note that the results should begin to reassure investors on Oracle's ability to execute in a very large opportunity ahead.

Speaker 3

All right, So that's definitely something where watching and let's go old school consumer staple.

Speaker 1

Yes, Campbell's ticker CPB falling about seven point two percent right now to hit its lowest inter day level since two thousand and three. That's after the package food company cut its profit outlook to the lowest in a decade, as consumers continue to shift away from salty snacks like chips and pretzels, and also they're facing supply chain constraints

on their freshly baked goods. Also important to note that Barclay's released a note saying that not only would results disappointing, it could also signal that the snacks unit is continued to.

Speaker 4

Be three second time key audible. Please did you at Washington Lee do the mock convention?

Speaker 1

I sure did.

Speaker 4

That's the we explained quickly. You get twenty seconds. Ooh, the mock's like huge.

Speaker 1

Yes, the mock conventions one of the biggest conventions in the country. We basically mock up the out of office democrat.

Speaker 4

Oh, don't put.

Speaker 3

Her on the spot like that.

Speaker 1

We were a Democrat that year because the Republicans were already in office. But that was a really fun time. We brought in a bunch of different guests and yeah, got to see who we expected to be the Democratic nominee.

Speaker 4

It makes itthical look urban. I know, I know, of freaking nowhere exactly.

Speaker 2

The Stockmover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.

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