JPMorgan Tech Conference: Oracle Gives Little Reason for Immediate Optimism
SAN FRANCISCO -- There's a fear right now in the software sector.
Which is why investors at the JPMorgan H&Q Technology Conference asked Executive Vice President George Roberts during a breakout session Monday if the company was going to warn again for its fiscal fourth quarter, ending in May, as it did for the one ended in February.
"I have no comment on that," Roberts said. "The good news is we have a Constitution, and we're a free country, so people can say what they want."Roberts was referring to a research note out Monday morning by Deutsche Banc Alex. Brown analyst Jim Moore that cautioned investors about a possible warning from the company in the next few weeks. In the note, Moore said consultants at a users' conference in Atlanta last week reported softness in Oracle's pipeline and that they didn't expect a turnaround for several quarters. On top of that, Moore wrote that the company was offering significant discounts, cutting prices for its applications by 50% to 70% upon initial meetings with customers. "We believe Oracle's guidance for
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