Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Wachovia Cuts Oracle Rating

Oracle (ORCL) reported third quarter earnings per share of $0.09. Wachovia downgraded its investment recommendation on the shares to market perform from buy.

Analyst Jason Maynard says the third quarter results were below his original forecast. He notes that the company conceded it may be losing some market share in its applications business. Maynard thinks Oracle's customer relationship management (CRM) solutions business continues to struggle. He says Oracle cut fourth quarter guidance to $0.13-$0.14 EPS on a 25%-30% year-over-year decline in license revenue, given the state of the economy, competition, recent management changes, and lack of visibility. The analyst sees $0.41 fiscal 2002 (May) EPS and cut his $0.52 fiscal 2003 EPS estimate to $0.45. Given his revised fiscal 2003 estimate, Maynard believes the stock is currently fairly valued.

blog comments powered by Disqus