Oracle will be investors’ latest hope to stop the Nasdaq’s two-month slide when it reports earnings tomorrow night.
Estimates are for 12-cent earnings and $2.51 billion in revenues, and Merrill Lynch and Goldman Sachs said they think an in-line quarter will be enough to boost the stock, particularly if the company can do better than the low end of its license revenue growth guidance of 5-15% and $793-868 million.
After today, investors would probably just be happy to see a green close.
The Nasdaq plunged 31 to 1964, the S&P 500 fell 16 to 1123, and the Dow plummeted 160 to 10,296. Volume rose to 1.65 billion shares on the NYSE, and 2.16 billion on the Nasdaq. Decliners led 24-8 on the NYSE, and 24-7 on the Nasdaq. Downside volume was 88% on the NYSE, and 72% on the Nasdaq. New highs-new lows were 181-12 on the NYSE, and 92-13 on the Nasdaq.
After the close, Tech Data and Comverse Tech
beat estimates.
During the day, Global Crossing plummeted 38% on its first earnings report since emerging from bankruptcy, as investors were concerned about a drop in revenues and pricing pressures.
Interdigital Communications plunged 22% after missing estimates.
Intel fell on Centrino market obstacles in China.
Microsoft lost ground on product delays.
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