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UBS Financial Sees Challenges for Oracle

UBS Financial sees challenges ahead for Oracle (ORCL).

Oracle posted in-line earnings but revenue missed expectations. Analyst Heather Bellini says Oracle's top-line miss included very weak key license results. She notes in the large business group, Oracle faces stiff challenges from IBM and its product-bundling, bucket contract strategies. She thinks Oracle's application performance, its worst results on an absolute basis since August 1998, shows that despite stabilizing information-technology spending, are CIOs hesitant to spend on large deals.

While Oracle's application business could be slightly impacted by its hostile bid for PeopleSoft, she believes this accounts for only a small portion of the revenue miss. Bellini thinks a recovery in software spending will be slow and measured.

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