This Week: Oracle, Kroger results; Jobless claims
A look at some of the key business events and economic indicators upcoming this week:
Software giant Oracle is expected to report Monday lower earnings in its fiscal fourth quarter. Analysts surveyed by FactSet forecast the owner of the Java development platform made $1.37 in the March-May quarter, down from $1.54 a year ago. The Austin, Texas-based company’s stock price has fallen nearly 15% since March, when Oracle reported disappointing third-quarter results.
Cincinnati-based grocery chain Kroger reports its first-quarter results Thursday. Analysts surveyed by FactSet expect Kroger made $1.29 in the February-April quarter, up from $1.19 a year ago. Kroger shares jumped over 10% in March after it reported much higher earnings than Wall Street expected. Kroger also owns the Ralphs and Mariano’s grocery chains.
The Labor Department issues its weekly tally of applications for unemployment benefits Thursday.
First-time applications for unemployment aid have been below the pre-pandemic level of 225,000 a week for most of this year. Claims rose to 229,000 two weeks ago, near an historically low level that reflects a robust U.S. labor market. Economists predict jobless claims held steady last week.
Initial jobless benefit claims, weekly, seasonally adjusted:
May 6: 197,000
May 13: 218,000
May 20: 211,000
May 27: 202,000
June 3: 229,000
June 11: (est.) 229,000