The Nasdaq-100-tracking PowerShares QQQ (NasdaqGM: QQQ) slipped more than 2% on Wednesday after Oracle (NasdaqGS: ORCL) reported a rare revenue miss.
Oracle accounts for 5.9% of the Nasdaq ETF. Shares of the tech giant were down nearly 14% after the company accouned disappointing quarterly results.
“New license revenue, which generates a future stream of recurring and highly profitable maintenance fees, grew at the weakest pace since the June-August 2009 quarter,” said Morningstar analyst Rafael Garcia in a note Wednesday.
“Furthermore, the results of the hardware segment, which posted the third straight year-over-year decline in quarterly revenue, were disappointing. Not surprisingly, results from Europe and North America reflected difficult business conditions,” the analyst added.