ORACLE Q4 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
Oracle’s stock is currently trading at 56.06-higher by 6.39% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 6.30%. The stock has continued gaining after the opening bell.
The Redwood, California-based company on Wednesday reported earnings for the fiscal fourth quarter that beat the market expectation.
Oracle generated an EPS (excluding certain items) of $1.16 for its latest quarter. The EPS was above the market expectation of $1.07. The company brought in $11.14 billion in revenue for the fourth quarter. Revenue was above the consensus estimates of $10.93 billion. Oracle’s revenue grew 1% year-over-year in the quarter ended 31st May.
The company expects EPS of 80 cents to 82 cents, excluding certain items, and revenue to be flat to up 2% in the first quarter of the 2020 fiscal year. The markets were expecting EPS of 80 cents excluding certain items, and a 1.7% revenue rise in the first quarter.
On the technical front, the RSI is currently at 67.22% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 56.00 TAKE PROFIT AT 56.62 STOP LOSS AT 55.70