This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

The Night Watch: Oracle Pulls Back on Weak Forecast

Updated from 5:47 p.m. EDT

Software giant Oracle (ORCL - Get Report) posted a solid fourth quarter, and investors initially cheered the numbers and sent the company's shares higher after the close. Then came the outlook.

The company, whose shares rose more than 10% following the release of its quarterly results, warned that the first quarter will likely be below expectations. Lately shares of Oracle were up only 1.7% to $9.36.

Oracle's forecast combined with warnings from Apple (AAPL - Get Report) and Advanced Micro Devices (AMD - Get Report) to paint a grim picture for the tech sector, at least for the near term.

Oracle's quarterly report was on the schedule, but shortfalls from Apple and AMD weren't. Apple said its earnings and revenue for the fiscal third quarter would be weaker than expected, largely because of weak demand at the consumer level. The PC maker's shares were down 9.2% to $18.30.

Meanwhile, chipmaker AMD slashed its second-quarter forecast, saying the top line would come in well short of expectations, leading to a "substantial" operating loss. AMD was losing 13.6% to $8.90 and was one of the extra session's biggest percentage losers.

Intel (INTC), AMD's bigger rival, was off 3.5% to $21.25. Intel had its own announcement after the close, saying it would take a $100 million charge to exit the Web hosting business.

Contract manufacturer Jabil Circuit (JBL - Get Report) was one of the big winners in extended trading on the heels of its quarterly report. Jabil said it earned 12 cents a share on revenue of $851 million in the latest third quarter, and the company's shares climbed 9.7% to $21. Another electronics manufacturer, Flextronics (FLEX), was tacking on 2.1%.

Networker Ciena (CIEN - Get Report) was getting hit hard, falling 8% to $4.05 after the company said its third-quarter revenue would likely suffer from the continuing slowdown in the telecom sector. Ciena also said shareholders approved the company's proposed merger with ONI Systems (ONIS).

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $128.46 0.00%
AMD $3.11 0.00%
CIEN $20.92 0.00%
JBL $21.97 0.00%
ORCL $43.82 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs