Benzinga's Top #PreMarket Losers

Oracle ORCL fell 3.01% to $40.30 in pre-market trading after the company reported downbeat fiscal first-quarter results and unexpectedly shuffled its top management. Founder Lawrence J. Ellison stepped aside as CEO and will serve as company's chairman, while presidents Safra A. Catz and Mark V. Hurd were named co-chief executives. The company also boosted its existing buyback program by an additional $13 billion. Analysts at Deutsche Bank downgraded Oracle from Buy to Hold and lowered the target price from $48 to $42. TIBCO Software TIBX shares dropped 4.28% to $19.90 in pre-market trading after the company reported weaker-than-expected third-quarter results and issued a downbeat Q4 forecast. Tokai Pharmaceuticals TKAI dropped 3.84% to $19.01 in pre-market trading after falling 16.79% on Thursday. Glu Mobile GLUU shares slipped 1.88% to $5.22 in pre-market trading after the company announced its plans to sell up to 9.98 million shares though selling holders in an SEC filing..