Oracle shares drop and drags Wall Street down

Oracle stocks lost ten per cent of their value.


Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

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.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Related tags:

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar