By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks were mostly in the
red early Friday, with Oracle Corp. one of the biggest decliners
following a disappointing quarterly report from the
business-software company.
Oracle (ORCL) shares fell more than 5% to $40.14 after the
company reported a fiscal fourth-quarter profit of $3.64 billion,
or 80 cents a share, on revenue of $11.3 billion. During the same
period a year ago, Oracle earned $3.8 billion, or 80 cents a share
on $10.94 billion in sales.
Excluding one-time items, Oracle would have earned 92 cents a
share. Analysts surveyed by FactSet had forecast Oracle to earn 95
cents a share on $11.48 billion in revenue. The company has been
dealing with sluggish sales of late as it has been transitioning to
cloud-based services and software.
In addition to Oracle, losses also came from Pandora Media Inc.
(P), down by 2.6%; Groupon Inc. (GRPN), which gave up 1.8% and
LinkedIn Corp. (LNKD) off by 2%.
Amazon.com Inc. (AMZN) was also off by 2% at $320.75 a share two
days after the company unveiled its Fire smartphone.
Apple Inc. (AAPL) rose by 20 cents a share to $92.08 following
reports that the company will release a multiple versions of a
smartwatch this fall.
The Nasdaq Composite Index (RIXF) was off slightly at 4,358 and
the Philadelphia Semiconductor Index (SOX) also dipped into the
red.
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