Oracle Corp. (ORCL) Stock Falls on Lehman Brothers (LEH) Warning
Oracle Corp. (ORCL.O: Quote, Profile , Research) shares fell 5 percent on Wednesday after Lehman Brothers advised clients to sell the stock, saying quarterly sales of its database software might miss Wall Street expectations. "We believe investors are likely to find database results disappointing," Lehman analyst Israel Hernandez said in a note, citing the brokerage's research into quarterly sales trends. Hernandez expects the business software maker to miss his forecast for quarterly database sales of $871 million, and attributed the shortfall to problems closing orders in North America. Oracle officials could not be reached immediately for comment. The company is scheduled to report fiscal second-quarter results on December 18. Hernandez told clients to lock in profits on Oracle shares, which are up about 47 percent so far this year. The Redwood Shores, California, company's stock fell as low as $17.80 in heavy Wednesday morning trade on Nasdaq, before recovering to $17.93, down 93 cents.
Source: Reuters.comLabels: Lehman Brothers, Oracle, ORCL, Stocks, Wall Street
posted by Stock Administrator @ 3:10 PM
Oracle Corp. (ORCL) Stock Falls on Lehman Brothers (LEH) Warning
Oracle Corp. (ORCL.O: Quote, Profile , Research) shares fell 5 percent on Wednesday after Lehman Brothers advised clients to sell the stock, saying quarterly sales of its database software might miss Wall Street expectations. "We believe investors are likely to find database results disappointing," Lehman analyst Israel Hernandez said in a note, citing the brokerage's research into quarterly sales trends. Hernandez expects the business software maker to miss his forecast for quarterly database sales of $871 million, and attributed the shortfall to problems closing orders in North America. Oracle officials could not be reached immediately for comment. The company is scheduled to report fiscal second-quarter results on December 18. Hernandez told clients to lock in profits on Oracle shares, which are up about 47 percent so far this year. The Redwood Shores, California, company's stock fell as low as $17.80 in heavy Wednesday morning trade on Nasdaq, before recovering to $17.93, down 93 cents.
Source: Reuters.com
Source: Reuters.com
Labels: Lehman Brothers, Oracle, ORCL, Stocks, Wall Street
posted by Stock Administrator @ 3:10 PM
0 Comments:
Post a Comment
<< Home