While Oracle Corp. (ORCL) gave good news that its quarterly profit had risen, other numbers weren’t to investors’ liking and its shares fell, taking technology exchange traded funds (ETFs) with them.
While the company reported a 16% rise in new software sales, that was at the low end of what had been expected, Reuters reports. Those sales are important, because investors look to them as an indicator of the future performance of business software makers.
In after-hours trading, Oracle’s shares dropped 8.3%. Some technology ETFs that count Oracle as a major holding were down today, as well:
- iShares Dow Jones US Technology (IYW), down 1.3%, Oracle is 3.9%
- iShares S&P GSTI Software (IGV), down 2.1%, Oracle is 9.2%
- Technology Select Sector SPDR (XLK), down 1.9%, Oracle is 3.4%
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.