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Market Update

Intel Lifts Revenue Forecast, Oracle Net Jumps 5%

Author: Mukesh Buch
Last Update: 12:34 PM ET September 16 2016

12:00 PM New York Unilever in negotiation to acquire retailer Honest Co for $1 billion. Intel lifted revenues and gross margin forecast for the third-quarter. Oracle profit jumped 5%. UPS plans to hire approx 95,000 seasonal employees between Novembers and through January 2017.

Tollbooth Index slumped 64.28 or 0.6% to 10,917.64.

Earnings Review

The Honest Company, Inc, privately held non-toxic baby products retailer co-founded by actress Jessica Alba was offered to be acquired by Unilever Plc for about $1 billion.

The company generates annual revenue of about $300 million and the offer was significantly below the $1.7 billion valuation in a fundraising round in 2015.

The news was first reported by Wall Street Journal.

Intel Corporation (INTC) jumped 2.3% or 84 cents to $37.39 after the computer processor maker lifted revenues forecast for the third-quarter to about $15.6 billion, plus or minus $300 million, compared to the previous range of $14.9 billion, plus or minus $500 million.

Intel estimated gross margin range at 62 percent, plus or minus a couple of points, and spending is expected to be approximately $5.2 billion, $100 million higher than the prior expectation.

The chip maker is scheduled to release its third-quarter result on October 18.

Oracle Corporation (ORCL) declined 3.7% or $1.51 to $39.35 after the enterprise information technology provider reported total revenues in the first-quarter ending in August increased 2% from a year ago to $8.60 billion.

Net income in the quarter jumped 5% to $1.83 billion or 43 cents per diluted share compared to the $1.75 million or 40 cents per share from the same quarter last year.

United Parcel Service, Inc (UPS) slipped 84 cents to $106.24 after the package delivery services provider said that it plans to hire approx 95,000 seasonal employees to support the anticipated increase in package volume that will begin in November and continue through January 2017.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc