Oracle shares drop and drags Wall Street down

<p>Oracle stocks lost ten per cent of their value.</p>

The share price of Oracle plummeted today (March 21st), with the losses sustained by the company dragging Wall Street down.

A number of brokerages have cut their forecasts for the firm and as a result its stocks lost close to ten per cent of their value in today's trading.

The decision to slash price targets for Oracle's share price came on the back of the company announcing a set of third-quarter results that did not meet expectations.

Frank Gretz, chief technical analyst at Shields & Co in New York, stated there are positive signs despite the losses on the Dow Jones and the S&P 500 today.

He told Reuters: "There is definitely more momentum left to the upside. In many days, we see the market start off lower but we manage to cut that by the end of the day."

At 16:20 GMT, Oracle shares had rebounded slightly and were recorded at 32.81, a drop of more than eight per cent on the start of the day's trading.

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