Cramer: I ‘Gave Up’ on Oracle, Buying Facebook
Jim Cramer said his charitable trust sold its position in Oracle this week, “throwing in the towel” on the stock, while adding to its position in another name: Facebook.
Oracle on Thursday reported it missed expectations for software sales and subscriptions for the second straight quarter, sending its shares plunging as investors worried CEO Larry Ellison may have trouble getting the technology giant back on track.
Oracle executives the same day forecast new software sales and subscriptions will rise 0 percent to 8 percent this quarter, blaming weakness in the past quarter on disappointing sales in Asia and Latin America.
Wall St. rebound fades, Oracle drags on Nasdaq
Large bank shares were hit hard as the Treasuries selloff continued, on fears of sharp writedowns linked to their bond holdings. Citigroup (C.N) dropped 4 percent to $45.97 and Morgan Stanley (MS.N) lost 3.1 percent to $24.37.
Oracle Transferring Stock Listing to NYSE From Nasdaq July 15
Oracle Corp. (ORCL) is transferring its stock to the New York Stock Exchange from the technology-heavy Nasdaq Stock Market, becoming the fourth Nasdaq-100 company to transfer to the Big Board during the past year.
“Oracle’s decision to transfer to the New York Stock Exchange validates the strength of the NYSE brand and our global leadership across all sectors–including technology,” said NYSE Euronext (NYX) Chief Executive Duncan L. Niederauer.
Oracle’s 4Q Earnings In Line; Revs Miss
Revenues of $10.96 billion remained flat on a year-over-year basis while jumping 22.2% sequentially. Revenues were within management’s guided range of (1.0%) – 4.0% growth forecast.
The flat year-over-year revenues were primarily due to lower-than-expected growth in the software segment coupled with lackluster performance from the hardware and services segment in the quarter.