Oracle Rises After Beating Street
Oracle (ORCL) - Get Report was up 13.8% in preopen Island trading and sparking buying in other tech stocks after the software company said it believed its key U.S. market was improving. The software giant said first-quarter revenue would be flat with the year-ago period.
The company posted fourth-quarter earnings of 15 cents, beating the
Thomson Financial/First Call
estimate of 14 cents but down from the year-ago 16 cents. Revenue was $3.26 billion, down from $3.37 billion a year ago.
This morning
Merrill Lynch
raised its rating on the stock to long-term buy from accumulate. Among software stocks,
Siebel
(SEBL)
was up 10% and
Microsoft
(MSFT) - Get Report
was up 2.3%.
Loading ...