Oracle will find out tomorrow night if its earnings are good enough for Wall Street.
Oracle is expected to report earnings of 18 cents a share after the close on Tuesday, up from 16 cents in the year-ago quarter. Sales are forecast to rise 8% to $3.07 billion.
Analysts generally expect the company to meet or beat estimates, with some reporting that channel checks show evidence of solid demand. With evidence of market share gains, an attractive valuation and revenues growing, Morgan Stanley said it sees upside potential for the stock in coming months.
Stocks fell Monday after tough talk by Fed officials raised fears that the Fed will raise interest rates more aggressively than investors had hoped. Consumer and wholesale inflation data will be released Tuesday morning, and Fed Chairman Alan Greenspan will testify on Capitol Hill. Terror fears were also front and center after revelations that a plot to blow up an Ohio shopping mall had been thwarted.
The Nasdaq fell 29 to 1969, the S&P 500 lost 11 to 1125, and the Dow dropped 75 to 10,334. Volume rose to 1.18 billion shares on the NYSE, and 1.41 billion on the Nasdaq. Decliners led 28-5 on the NYSE, and 23-8 on the Nasdaq. Downside volume was 85% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 41-53 on the NYSE, and 44-60 on the Nasdaq.
After the close, Red Hat announced the resignation of its CFO.
During the day, Drugstore.com plunged 36% on the resignation of its CEO and a warning.
CDW fell 8% on weak sales.
Ctrip.com surged 19% after Japanese firm Rakuten bought 6.6 million shares of the company.
Microtune bolted 22% after settling its differences with Broadcom
.
Evolving Systems soared 26% on a VoIP deal.
eBay lost 2% as it settled a PayPal class action lawsuit.
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