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Market briefing --- Matt (slow)
Oracle --- Su (fast)
NYSE --- Julie (slow)
welcome back to the "world financial report." i'm matt nesto. well, the world's third largest software maker reporting i 16% gain in first-quarter profit. this on a surge in database software sales or licenses. shares closed lower, ahead of the report. they were up as much as 5%. they're now up not quite 4% in extended hours' trading and su keenan has been tracking the oracle story all day and through the press release and joins us with the latest.

>> stock performance indicates investors like what they're hearing. the bulk of oracle's revenues come from database sales so when they do well, the company does well. new database sales rose 19%, well above the range of estimates by analysts. software license you revenue, a key measure of new business, rose to $563 million. to overall sales, they rose to 2 $2.2 billion. that's essentially in line with analysts' estimates of $2.23 billion. net income rose to 10 cents a share, compared to analysts' estimates of nine cents a share. oracle's main database software business generates 80% of its sales. an analyst with principle global investors said just before the report that investors needed to see strong performance in oracle's core business. he says it's the main money make er, irrespective of a deal with peoplesoft.

>> there's importance around database. peoplesoft is an applications vendor and augments the applications business at oracle, which has struggled even more so than the database. recall that oracle has pointed in the past to applications as one of their growth drivers and it really hasn't come about the way they expected so peoplesoft is an attempt to do market consolidation and reinvigorate growth.

>> the conference call is expected to shed light on the strategy behind chief executive larry ellison's $7.7 billion hostile takeover bid for peoplesoft. analysts say oracle needs to woo peoplesoft's clients to boost sales. david hilal, analyst with friedman, billings, ramsey, says the deal makes strategic sense for the company's future.

>> oracle accomplishes a couple of things by buying peoplesoft. they eliminate one of their top competitors. two, they gain about 12,000 customers that pay an annual maintenance fee of over $1 billion, a high profit business. oracle gets that maintenance stream. and oracle also helps to shore up some of their own application products to go after new business.

>> more about how oracle expects to go after new business will probably be a big part of the conference call just getting underway. shares of oracle up at this hour, but down 20% year to date.

>> up 4% right now at last check. su, thank you very much. let's give you a closer look at oracle and we'll go into our trusty trend, the bloomberg terminal for this. if you will, i've put together a chart here. this is, guess what, peoplesoft versus oracle. we'll call it deal to date or bid to date, going back from the beginning of june 2003, so about 15 months. peoplesoft is the orange line and oracle is the white line. this is simply a percentage comparison. a couple of things are going to stand out. first and foremost is obviously the gap up in the shares of peoplesoft on the initial bid when the news first came out. then, secondly, is, if we go back to this end, is the recent rally in shares of peoplesoft. and that is, again, after the latest ruling from the judge that said that the justice department's argument that it would lead to antitrust issues was unfounded. so big win in the eyes of investors who think that peoplesoft-we've heard at least two people on this program in the last two days saying they see at least 70% chance that this deal will go through. another one that i think is interesting is to look at the effect. you saw the percentage decrease on shares of oracle and the gain for peoplesoft. well, deal to date, it's cost oracle about $14 billion in lost market cap. this on a $7 billion, seven-odd billion dollar deal. for larry ellison personally, that's a $3 billion bite out of his net worth and he owns about 20% of oracle. looking at the intraday, extended-hours' trade. try to goess where the results came out? that's about 4% higher, the stock up to about $11 a share. if you were to look at $11 a share, when was the last time we were at $11? is that would take us back to just about the middle of july was the last time oracle shares saw $11. healthcare companies led stock gains today as investors went looking for companies less affected by rising energy prices and slowing economy. let's give you the numbers on wall street as they closed today. stocks were up. the dow up for the third day. the s&p up for the fourth straight day. and the nasdaq also up further fourth straight day, .26% higher. a rally in 10-year notes slowed today after retail sales data reassured investors about the strength of the consumer. looking at the bond market -- oil stocks rose in today's session. office depot and l.s.i. logic fell on lowered earnings forecasts. for more on today's trading action, julie hyman has this report from the big board.

>> stocks were little changed in today's session. we had relatively low volume, as well, lower than we have seen over the past week or so. we did see oil stocks rising in today's session, though not as much as may did yesterday. exxon-mobil coming down off a record high it touched earlier in the session to close lower but energy stocks generally helping lead the market higher, up .2%. we also had a number of companies out today with either a changed earnings forecast or earnings themselves. a couple of retailers among them. office depot cutting its forecast for the third quarter and full year saying it was hurt by the hurricanes that hit florida where 10% of its north american stores are located. also by sluggish back-to-school sales. on the other hand, pier 1 rising today. second-quarter earnings were down 31% but the company's third quarter and fourth-quarter forecasts left room to beat analysts' estimates. later in the week, we'll have best buy, which is out with earnings tomorrow. and circuit city coming on friday. that will give more of an indication as to what's going on in the retail industry. a couple of more companies cutting forecasts today, l.s.i. logic, cutting its forecast for the third quarter, saying the loss will be wider than previously expected. they are seeing "a broad-based buildup of inventory." not new news from a semiconductor company. and allied waste cutting its profit forecast for the second time in two months' time seeing higher cost due to truck maintenance. drug stocks and media stocks also gained today. i'm julie hyman, bloomberg news at the new york stock exchange.

>> crude oil rose for a second day on concern that hurricane ivan. slash u.s. offshore production. citigroup analyst says that oil platforms are designed to withstand hurricanes but something will break. looking at the price of oil, up over 1% today. more noticeable was the rise in gasoline, up over 3% today. natural gas also about 1.6% higher. anti-depressants such as effexor and zoloft and paxil may increase the risk of suicide in children and teenagers. advisers to the food and drug administration say behavior ranges from talking about wanting to die to attempting suicide. the f.d.a. will take the panel's recommendation into account as it decides whether to put more precautions on the labels of anti-depressants. u.s. doctors wrote almost 11 prescriptions for children and teenagers for those drugs in 2002. there will be no more burdines or rich's, some of those department store names will be changed to macy's. we'll hear from the c.e.o. of federated stores about the name change and about his company heading into the busy shopping season.
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