Oracle Lowers Second-Quarter Guidance

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(ORCL) - Get Report

was trading down in Europe after the company reportedly lowered its fiscal second-quarter earnings guidance.

Oracle Chief Executive Lawrence Ellison told a conference at the Comdex show that the company expects to earn 9 cents or 10 cents a share in the quarter, compared with analysts' consensus estimates of 11 cents.

The outlook led Credit Suisse First Boston to drop its rating on the stock to hold from buy.