US markets are once again lower on Tuesday morning after stumbling squarely into bear market territory over the last few sessions of trading. Investors remain anxious about high inflation and reports suggest that the US Federal Reserve could agree to up interest rates by 0.75% when they meet later this week.
Gold and Bitcoin prices are lower this morning, but oil is on the up.
Here are today’s trending stocks:
FedEx Corporation (NYSE: FDX)
This Memphis-based delivery colossus is buoyant today after the company announced a long-term plan to create more value for shareholders. This namely consists of a change to dividend policy, with FedEx stating that it has increased its quarterly dividend to $1.15 per share from $0.75.
Raj Subramaniam, the company’s president and CEO, said:
“Through decades of investments, innovation, and expertise, we have built a global portfolio that serves as the foundation of our competitive advantage. Our focus is to build on this foundation and continue creating long-term value for our stockholders.”
The package delivery giant has seen its share price climb by more than 12% this morning.
Oracle Corporation (NYSE: ORCL)
A successful earnings update has seen Oracle come out as one of the winners of Tuesday morning trading. The stock gained by more than 10% in the early hours after its earnings impressed watching investors.
The multinational computing business topped expectations with both its earnings and revenues for the three-month period. This success came amid improved demand for cloud computing infrastructure, with cloud revenue climbing by almost 20% compared to the same period 12 months prior.
Oracle CEO, Safra Catz, said:
"We believe that this revenue growth spike indicates that our infrastructure business has now entered a hyper-growth phase. Couple a high growth rate in our cloud infrastructure business with the newly acquired Cerner applications business—and Oracle finds itself in position to deliver stellar revenue growth over the next several quarters."
Kaival Brands Innovations Group Inc (NASDAQ: KAVL)
Kaival has enjoyed a share price boost after the company confirmed it has reached an agreement with Philip Morris Products, a wholly owned affiliate of Philip Morris International, for the development and distribution of electronic nicotine delivery system products in markets outside of the US.
The company is currently focused on the development and distribution of a range of vaping products. It has exclusive US distribution rights to Bidi Vapor products, which are one-time use only, closed system, disposable vaping devices available in convenience stores which are tamper-resistant and recyclable.
The company’s share price jumped by nearly 30% after the market open on Tuesday.
SeaChange International (NASDAQ: SEAC)
Of course, it’s not all been good news this morning. SeaChange International, a provider of video technology, veered sharply lower on Tuesday morning, with its share price dropping by more than 40%.
This came as it emerged that the company’s reverse merger with Triller has run into troubled waters, with Triller announcing the termination of the deal which had been intended to take the video sharing app public.
This appears to have left SeaChange all at sea in the eyes of investors, with the deal having collapsed just weeks from its 30 June deadline.
Sonim Technologies (NASDAQ: SONM)
This manufacturer of rugged and durable mobile devices has seen its share price explode on Tuesday morning after it secured additional purchase orders totalling $6.4m for stocking inventory of the upcoming XP5plus feature phone.
Sonim Technologies said the orders for the new phone, which is set to be released this summer, are from a top US carrier and two Canadian outfits. The shipments are anticipated to take place in the fall.
Peter Liu, the company’s CEO, commented:
"These additional awards speak to the expected market enthusiasm for our next generation rugged devices, purpose built with Sonim's rugged engineering technologies to work in field applications where traditional consumer devices simply do not get the job done."
Early trading saw the company’s share price climb by almost 45%.