While US markets pulled off their day high, the technology sector may be under pressure tomorrow as the world’s largest software company Oracle reported earnings and sales for the most recent quarter that missed on both fronts.
Oracle earnings were 35c per share, shy a penny from consensus analyst estimates with revenue came in at $9 billion vs. estimate of $9.3 billion. Shares fell 6% in after hours trading.
SiAlpha had a NEGATIVE immediate rating on Oracle shares since beginning of March with a price target of $30 for potential downside of another 10% from current levels.
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