Seeking Alpha

IT hardware stocks rally following Oracle's results/guidance

  • A number of enterprise IT hardware names are moving higher on a slightly down day for the Nasdaq after Oracle provided better-than-expected numbers for its long-struggling hardware unit.
  • After falling 14% Y/Y in the August quarter and badly missing estimates,, Oracle's hardware product sales only fell 3% in the November quarter, a decline that's favorable to a guidance midpoint of -6%. In addition, Oracle has set an FQ3 guidance range for the business of -2% to +8%.
  • H-P (HPQ +2.4%), EMC (EMC +1.7%), NetApp (NTAP +1.3%), SGI (SGI +2.1%), Cray (CRAY +1.5%), Fusion-io (FIO +1.9%), and newly-public Nimble Storage (NMBL +1.8%) are among the companies rallying.
  • Mellanox (MLNX +5.5%), which supplies InfiniBand hardware for Oracle's engineered systems (now 30% of hardware product revenue), is up sharply.
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