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Oracle Plunges the Most in Six Years

  • Company gradually moving away from traditional software sales
  • Several analysts downgrade stock following quarterly results
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Oracle Declines on Underwhelming Results
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Oracle Corp. tumbled the most in more than six years after forecasting slowing sales growth in cloud-related products, fueling concern that the company is struggling in efforts to shift away from traditional software and become a powerhouse in programs delivered over the internet.

The stock was hit with downgrades from a number of analysts following the results Monday night, with Bank of America Corp. shifting to neutral from buy. Oracle fell as much as 11 percent to $46.43, the biggest intraday move since December 2011.