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Oracle to the Rescue?

by @ 10:27 pm
Filed under: financial — Tags: ,

OracleThe market hasn't been feeling so well lately. Maybe it's the European crisis or the not so great news on jobs or the bad housing numbers or the gushing BP oil, or the brutal summer heat. It was yet another bad day with the Dow off 145 points or 1.4%.

What the market needs is a bit good news to cheer it up and it might have received that in the form of Oracle's earnings release tonight. Fresh off Sun's acquisition Oracle reported earnings of $0.46/share, handily beating the analysts' estimates. In response, Oracle's shares rose 4% in after-hours trading.

Oracle's good news could bode well for the market tomorrow, specially for the tech sector so we may finally see some solid gains. The rosy earnings could be interpreted as a signal that businesses have started robust spending. That should eventually translate into more hiring which is exactly what this economy needs to pull it out of its long malaise.

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