Oracle Corp.’s stock climbed 14% in extended U.S. trading Monday after the company posted mixed results. The company’s board also declared a quarterly cash dividend of 40 cents a share of outstanding common stock. “Large new cloud infrastructure contracts signed in Q3 drove Oracle’s total remaining performance obligations up 29% to over $80 billion — an all-time record,” Oracle Chief Executive Safra Catz said in a statement announcing the results. The database pioneer ORCL reported fiscal third-quarter net income of $2.4 billion, or 85 cents a share, compared with net income of $1.9 billion, or 78 cents a share, in the same quarter a year ago. Adjusted earnings were $1.41 a share. Revenue improved 7% to $13.28 billion from $12.4 billion in the year-ago quarter.
Analysts surveyed by FactSet had expected on average net income of $1.38 a share on revenue of $13.3 billion. Shares of Oracle have surged 34% over the past year, while the broader S&P 500 index SPX has gained 33%.

The Swiss stock market ended the first trading day of the week with gains, continuing Friday's positive trend. Driven by the defensive index heavyweights, the SMI was able to escape the slightly negative trend on the other European stock markets. Shares of Novartis, Nestle and Roche rose by up to 1.6 per cent. The SMI improved by 0.3 per cent to 11,685 points. Of the 20 SMI stocks, there were 12 losers and 8 winners. A total of 21.39 (previously: 29.65) million shares were traded. By contrast, corporate news was thin on the ground. In many cases, analysts' comments drove share prices. Zurich Insurance shares, for example, rose by 0.9 per cent to 482.70 CHF. The analysts at Jefferies raised their price target by 20 CHF to 430 CHF and confirmed their "Hold" rating. Zurich Airport shares climbed 1.3 per cent to 191.80 CHF. Bank of America upgraded its target price to CHF 214 from CHF 212 and confirmed its "buy" recommendation.

European stocks fell on Monday, as trader focus turned to the U.S. inflation print on Tuesday and what it means for the prospect of the Federal Reserve beginning to cut interest rates. The Stoxx Europe 600 index lost 0.4% to 501.5 points. In Paris, the CAC 40 gave up 0.1% and the SBF 120 shed 0.2%. The DAX 40 in Frankfurt slipped 0.4%, while the FTSE 100 in London gained 0.1%. Electrical and mechanical engineering specialist Spie (+2.4%) signed an agreement to acquire around 92% of the capital held by German service provider ICG Group. Pharmaceutical company Sanofi (+0.7%) announced positive trial results for the use of amlitelimab in the treatment of atopic dermatitis, a chronic inflammatory skin disease that can be disabling. Aircraft manufacturer Dassault Aviation (-2.1%) confirmed that its Board of Directors had decided to cancel 1,850,554 treasury shares, representing 2.29% of its share capital. Luxury goods group Kering (+0.7%) and corrective lenses and frames manufacturer EssilorLuxottica (-0.3%) are among the candidates for the takeover of Italian eyewear manufacturer Marcolin, the Financial Times reported on Saturday, citing unnamed sources. Italian energy company Enel (+0.4% in Milan) revealed that its subsidiary E-distribuzione had reached an agreement to sell some of its distribution activities to Italian company A2A for around €1.2 billion.

The 2024 stock-market rally is taking a breather. The S&P 500 fell for a second straight session Monday ahead of key inflation data that could shed light on when the Federal Reserve might start cutting interest rates. The benchmark index edged down 0.1% but remained within 1% of its record. The Nasdaq Composite was 0.4% lower, while the Dow Jones Industrial Average added 0.1%. Bond yields inched higher, with the 10-year yield hitting 4.103%. Attention is now on the consumer-price index, with the latest report set for release Tuesday morning. The overall inflation rate is expected to have held steady in February at 3.1% from a year earlier, according to economists polled by The Wall Street Journal. Fed Chair Jerome Powell told lawmakers last week that the central bank is “not far” from being able to cut rates but wants greater confidence that inflation is returning to its 2% target. Wall Street traders are currently pricing in a 60% chance of a first rate cut in June. Among individual stocks, natural-gas producer EQT was the S&P 500’s worst performer Monday, tumbling 7.8% after it announced a deal to buy back a former subsidiary. Four of the “Magnificent Seven” group of tech stocks posted declines, led by a 4.4% drop for Facebook parent Meta Platforms. Biotech company Moderna was the S&P 500’s best performer, adding 8.7%. Bitcoin climbed again Monday, touching a new record above $72,000. Gold prices set a new high at $2,182.50 a troy ounce, following a record-breaking week.

Asian stocks were mixed. The Nikkei index, which comprises 225 stocks, lost 0.3 per cent to 38,696 points. Despite falling prices, the BoJ refrained from buying Japanese exchange-traded funds on Monday, fuelling speculation about an imminent exit from the ultra-loose monetary policy. As a result, interest rate-sensitive semiconductor stocks were among the laggards. Renesas Electronics lost 3.3 per cent. The Chinese stock markets were also mixed: while the Shanghai Composite fell by 0.3 per cent, the HSI in Hong Kong rose by 2.2 per cent. China's fifth-largest smartphone manufacturer Xiaomi defied the trend on the Chinese markets: The company announced that it will begin deliveries of its first electric car model SU7 this month. Xiaomi is thus venturing into the world's largest car market in the midst of a brutal price war. Xiaomi shares soared by seven per cent in early trading. Meanwhile, the Kospi in South Korea advanced by 0.6 per cent - driven by battery stocks and shares relating to industrial raw materials.

U.S. ten-year Treasury yields rose by almost 1 basis point to 4.098%. The two-year yield climbed by 5 basis points to 4.538%.

Jefferies upgrades Zurich Insurance target to CHF 430 (410) - Hold
Target price Zurich Airport: Barclays raises target to CHF 220 (200) - Overweight
Deutsche Bank lifts Givaudan target to CHF 3,800 (3,350) - Hold

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