Oracle (ORCL) reported earnings after the bell just minutes ago that were not up to par as the stock is down almost 10% trading around $19 a share after hours. This in turn has sent the rest of the Tech stocks tumbling and alongside it the NASDAQ futures.
As of now the NASDAQ is down over .5% after hours, and looks to be continuing to slide.
The reason why Oracle is having such a big impact on the overall sector is because of its strength historically and independence from the current economic conditions. Many investors feel Oracle should have had a strong quarter because of its strong international exposure and slew of recent acquisitions. This news then puts a damper on the rest of the market as the thinking goes if Oracle is having problems, then something simply isn't right.
I will see you in a few hours with my Nightly Stock Picks.
[...] Oracle tanked 10% on earnings at the closing bell. This brought down the rest of the NASDAQ in post-hours trading which now looks [...]