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RH shares crater on missed Q4 results, sets guidance below street view. (00:14) Oracle (ORCL) begins laying off employees to support AI buildout: report. (01:19) Baidu (BIDU) robotaxis halt mid-ride in Wuhan, stranding passengers. (02:27)
This is an abridged transcript.
Shares of RH (RH) are down 17% in premarket action.
Fourth-quarter results and expectations for the first quarter and full year disappointed investors despite indications that the company is navigating “a dire housing market.”
RH (RH) stated that fourth quarter and 2025 net revenues were negatively impacted by approximately $30M due to higher than anticipated backorder and special order balances as a result of tariff-related resourcing, as well as ~$10M due to adverse weather at the end of the quarter.
For the first quarter, revenue is seen declining by 2% to 4%, translating to a range of $781.4M and $797.7M, below $876.7M estimates.
For FY26, revenue is expected to increase by 4% to 8%, representing a range of $3.58B and $3.71B, below the $3.77B consensus estimate.
Oracle (ORCL) closed 6% higher on Tuesday, the same day the company started laying off employees.
According to Business Insider, Oracle (ORCL) is trying to drive down costs to support its artificial intelligence infrastructure buildout.
Tech Layoff Tracker posted on X that the layoffs will affect 18%, or 30,000, of Oracle’s global workforce.
Seeking Alpha reached out to Oracle, but a spokesperson declined to comment on the matter.
Oracle sent out an email on Tuesday to its affected employees. It said in part:
“We are sharing some difficult news regarding your position,” the email read. “After careful consideration of Oracle’s current business needs, we have made the decision to eliminate your role as part of a broader organizational change. As a result, today is your last working day.”
Seeking Alpha analyst Justin Purohit said the layoffs are “difficult, but necessary.”
He said via email, “While the headlines are understandably concerning, this looks to me like an efficiency-driven shift rather than a signal of weakening fundamentals.”
Baidu (BIDU) faced disruption in China’s Wuhan city on Tuesday after several Apollo Go robotaxis stopped in the middle of a ride.
Local police said they received multiple reports of vehicles stuck in traffic and unable to move. Authorities worked with Baidu staff to respond to the situation, which was preliminarily attributed to a system fault.
Passengers were able to exit safely and no injuries were reported. The exact number of affected vehicles remains unclear.
Apollo Go is China’s largest robotaxi operator.
The disruption echoes a similar episode last year involving Alphabet’s (GOOGL) Waymo robotaxis in San Francisco, which stalled during a power outage and left riders stranded.
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Apple (AAPL) will mark its 50th anniversary since its founding by Steve Jobs, Steve Wozniak, and Ronald Wayne. The company is celebrating the milestone with global events and a message reflecting on its history, innovation, and impact.
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The highly anticipated Aptiv (APTV) spinoff of its electrical distribution systems business will become effective. Shareholders are slated to receive one Versigent share for every three Aptiv shares they owned as of March 17.
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Universal Pictures (CMCSA) will debut The Super Mario Galaxy Movie in the U.S. The highly anticipated film was produced by Illumination and Nintendo (NTDOY).
Stock index futures are higher before the bell as Wall Street looks to continue its upbeat mood amid hopes of a resolution to the Iran conflict.
The announcement comes after Trump said he expects the conflict to wind down in the coming weeks, adding that the U.S. has largely achieved its military objectives. He also indicated that reopening the Strait of Hormuz would be left to other nations.
Dow, S&P and Nasdaq futures are in the green. Crude oil is down 1% at $100. Bitcoin is up 0.2% at $68,000. Gold is up 1% at $4,721.
The FTSE 100 is up 1.7% and the DAX is up 1.9%.
The biggest movers for the day premarket: NIKE (NKE) -9% – Shares fell after the company issued weaker-than-expected guidance despite delivering an FQ3 beat. Nike expects FQ4 sales to decline 2%–4%, missing expectations for growth, with a sharp ~20% drop projected in Greater China. Management also flagged a more volatile macro backdrop, citing Middle East disruptions and rising input costs, which could weigh on consumer demand and near-term performance.
Economic calendar:
And of course this is launch day for NASA’s Artemis II mission. Look out for pre-launch coverage in today’s edition of the Wall Street Breakfast newsletter. Here’s a link to register.