Larry Ellison & Co., a.k.a. Oracle Corp. (NASDAQ: ORCL), is seeing shares hit rather hard in after-hours trading. Shares closed down 0.6% at $20.94, which was above that 200-day moving average we had cited.
The enterprise software giant posted $0.30 EPS, in-line with First Call estimates of $0.30. But revenues came in a tad light at $5.35 Billion, under the $5.42 Billion estimate. Its software revenues also came in at $4.24 Billion as service revenues were $1.11 Billion. Wall Street wasn’t expecting light revenues out of Oracle, particularly with the currency benefits.
That 200-day moving average is probably going to be a resistance level for a while now. Shares are down almost 8% to $19.29 in after-hours trading. It’s probably a safe bet that analysts either take down target prices tomorrow if they don’t issue outright downgrades on "merger integration issues."
Unless Larry Ellison says something major on the earnings conference call, this one is probably range-bound for a while.
Jon C. Ogg
March 26, 2008
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