Market Overview

Oracle Lower After Q1 Sales Miss

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

Oracle Corporation (NYSE: ORCL) shares were trading lower by $1.23 (3.3 percent) at $37.04 in Thursday's session. Despite reporting better-than-expected Q1 EPS ($0.53 vs. $0.52 estimates), the Street is focusing on its lower sales ($8.4 billion vs. $8.54 billion). The company is expecting Q2 adjusted EPS at $0.63-$0.66 vs. $0.65 estimates.

After a lower open ($36.74 vs. Wednesday's close of $38.27), it declined another $0.24 to $36.50 before reversing course. The ensuing rally could not even reach Wednesday's low ($37.93), only reaching $37.67 before falling back to the $37 area.

It has been a rough year for the issue as it made a new all-time high in December ($46.71) before ending the year at $44.97. At $37, it is lower by 18 percent compared to the S&P 500 decline of nearly 3 percent.

The only analysts comment came from JP Morgan, who remains Underweight on the issue and lowered its price target from $38 to $37.

Posted-In: Premarket outlookTechnicals Intraday Update Movers Trading Ideas

 

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