ORACLE EARNINGS ON SCHEDULE-MARKET LOOKING BEARISH
In the Premarket trading session on Monday, Oracle’s stock was trading at 46.32- lower by 0.60% as compared to its previous close.
Oracle will report its fiscal first-quarter earnings after the market close on Monday. The markets expect that the database giant will report a revenue of $9.52 billion and EPS of $0.78 for the quarter. The revenue estimate implies a 1% decline on a Year-on-Year basis while the EPS implies a growth of 11% from the year-ago quarter. About $6.63 billion of the revenue is expected to come from cloud services and license support, according to FactSet.
Oracle’s cloud woes have been a concern to investors for more than a year. The company’s cloud reputation took a further hit in September when top cloud executive Thomas Kurian left the company.
Oracle stocks are down nearly 4% from their previous earnings report in September, when cloud revenue came in below market expectations.
On the technical front, the current price is below the MA5 (46.85) and MA20 (48.13). The current price is below the middle line of the Bollinger Bands and is heading downwards. The stock is expected to open lower today.
TRADE SUGGESTION-LIMIT SELL AT 46.45 TAKE PROFIT AT 45.95 STOP LOSS AT 46.70