Oracle Corporation ORCL shares are trading higher by $3.68 (8 percent) at $46.73 in Thursday's session. The catalyst for the rally is a Q4 EPS beat along with a $400 million beat for revenues.
Most of the rally took place in the after-hours session and instigated a much higher opening print of $46.39, which is one penny from the current low for the session. So far, the follow-through on the rally has taken it beyond its former all-time high (from December 2014 at $46.71) to $46.99. Perhaps some institutional sell orders at $47.00 have so far capped the rally.
The monster rally in the issue may have caught some traders off guard as the company disappointed in its last two quarters and incurred substantial losses in the sessions after those respective reports.
See Also:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
