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MarketWatch MarketPulseJun 20, 2018
Oracle stock falls after Wedbush downgrades to neutral
Wedbush analyst Steve Koenig downgraded Oracle Corp. shares to neutral from outperform on Wednesday, following the company's latest earnings report. "We're stepping to the sidelines on Oracle, as we're less confident that the company can successfully navigate a transition to the cloud," Koenig wrote. "Oracle's issues likely go beyond execution: they appear more deeply rooted in more intense competition in the cloud, reliance on a perpetual model, and perhaps cultural inertia." He said that while Oracle beat expectations in the latest quarter, it likely missed its goals for cloud bookings. The company stopped breaking out its cloud business with the most recent numbers. Oracle shares are down 4.5% in premarket trading Wednesday, but they're up 0.9% over the past 12 months. The S&P 500 has gained 13% in that time.

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