Stocks plunged yesterday afternoon, finishing the day with all sectors down. This morning, futures for the major indices are making a comeback before pre-market trading, pointing to a slightly green open. Today’s session could get interesting as we finish up the week.
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Share price for Oracle (ORCL) is getting a boost after the software giant beat Wall Street’s first-quarter earnings and revenue expectations. Oracle reported 2% growth in revenue to $9.4 billion, while earnings rose 16% to 72 cents a share. Analysts were expecting sales of $9.17 billion and earnings of 67 cents.
The earnings beat has inspired multiple analysts for some of the top firms to raise their price target for ORCL shares.
- $62 from $58 Morgan Stanley
- $69 from $61 Goldman Sachs
- $68.75 from $62.50 Wells Fargo
- $59 from $52 Barclays
- $66 from $62 Credit Suisse
- $50 from $44 Piper Sandler
- $65 from $55 Jefferies
If the tide shifts for the market at large in today’s session (like it did yesterday), it could weigh heavy on ORCL’s momentum. If the recent earnings beat and raised price targets are any indicator, ORCL may bring solid gains through the weekend and beyond.