Shares of Oracle (ORCL) were moving fast today trading over 124 million shares today. The company’s stock went down in value almost 10% as well following a disappointing third-quarter new software revenue, which it blamed on poor sales execution
The stock was on track for its largest single-day loss since December 2011, when it also reported disappointing quarterly results. Credit Agricole reduced its rating on Oracle, the world’s No. 3 software maker, to “underperform” from “outperform” and cut its share target price to $35 from $38. Evercore Partners cut its rating to “equal-weight” from “overweight.”
Cisco Systems Inc. (CSCO) traded twice its daily average today with over 65 million shares trading hands. One of the reasons for the movement was FBR & Co. lowered its rating on the stock, citing reduced demand for its components.
Cisco had gained 10 percent this year through yesterday as the Standard & Poor’s 00 Index rose 9.3 percent. Scott Thompson, an FBR analyst in New York, issued a report today saying; Demand for network switches and routers is weakening as innovations “blur the lines” between those components and servers. This caused the rating to change to underperform from market perform.
Disclaimer: This article is intended for informational and entertainment use only, and should not be construed as professional investment advice. They are my opinions only. Trading stocks is risky — always be sure to know and understand your risk tolerance. You can incur substantial financial losses in any trade or investment. Always do your own due diligence before buying and selling any stock, and/or consult with a licensed financial adviser.