Updated from 8:52 a.m. EDT Key technology stocks were down in late morning but they were recovering somewhat after sinking early.
Microsoft (MSFT) - Get Microsoft Corporation Report was down 4.7%, Intel (INTC) - Get Intel Corporation Report was down 6%, Cisco (CSCO) - Get Cisco Systems Inc. Report was down 3.7% and Sun Microsystems (SUNW) - Get Sunworks Inc. Report was down 4.8%.
While the market was closed last week, Oracle said it beat earnings expectations a penny per share for its first fiscal quarter but overall revenue from software sales was down 9% from the same period last year.
The software giant recorded earnings of 9 cents per share on $2.2 billion in revenue. During the same period last year, the company reported earnings of 8 cents per share on $2.3 billion in revenue. Analysts were expecting $2.2 billion in revenue, according to Thomson Financial First Call.