Oracle Shares Punished After Q4 Miss

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Oracle Corporation ORCL shares were trading sharply lower by $3.70 (8.2 percent) at $41.21 in Thursday's session. The issue is being punished for its Q4 EPS and revenue shortfalls.

The bashing that started in the after-hours and pre-market sessions has carried over to the regular session. After a sharply lower open ($41.91 vs. Wednesday's close of $44.91), it only managed a brief pop to $42.03 before the decline continued.

Related Link: Here's How Analysts Are Reacting To Oracle's Earnings Report

So far, it has declined to $40.97 and is attempting to distance itself from that depressed level. That marks the lowest level for the issue since it bottomed on June 17 at $40.68.

The decline is taking place on much higher than average volume. So far, it has traded 24.5 million shares compared with its 20-day average of only 12.5 million with over four hours remaining in the session.