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by David Gibbs

Shares of software giant Oracle Corp. (NYSE:ORCL) established a new 52-week high Friday, finishing the day at $24.34 for a hefty gain of 6.38% and helping to power the NASDAQ up 1.45% — far outpacing the other major averages.

Earnings for the 3rd quarter came in at $0.39 / share, beating analyst estimates of $0.36, on net income of $1.46 billion, up some 12% year over year.

The report signals a turning point for ORCL, according to analyst Ross MacMillan of Jefferies & Co, who stated that, “enterprise spending on software is really starting to improve.” These feelings were echoed by company President Safra Catz, who remarked that Oracle is “definitely seeing customers back buying, and it was extremely widespread,” adding that the company is “really seeing a recovery.”

Not everything was rosy, however, as new software sales, which rose 2%, actually fell 5% after exclusion of currency fluctuations. This did little to impede demand for shares though, as prospects improved for completion of the $5.6 billion acquisition of Sun Microsystems (JAVA), which will allow ORCL to offer customers full-service hardware and software solutions.

Overall, both the fundamentals and technical specs are pointed in the right direction for ORCL, and shares are poised to partake in any continuing economic recovery, and can be expected to be a market leader so long as markets continue their uptrend.

Disclosure: No positions in ORCL.

Source: Oracle's Recovery: Both Fundamentals and Technicals Point in the Right Direction