Market flat due to weak technology sector $ORCL:xnas
- Updated: 02 April 2012
- Published: 22 August 2011
- Markets were unable to build on yesterday’s rally as poor earnings from tech giant Oracle and continued concern about the unfolding situation in Europe put a dampener any further gains
- Oracle was sold off heavily down 13.54% after the tech giant missed its 2Q earnings estimates. The company reported EPS of 54 cents against a market consensus of 57 cents . Revenue also came in lower than expected
- Analysts closely watched the ECB three year loan auction that was conducted overnight. It enabled struggling European banks to borrow at discounted rates from the ECB so as to recapitalise their stretched balance sheets. Banks took up EUR489.2 Billion in loans overnight
- Leading the moves on the Dow were tech stocks with IBM, CSCO and GE down 3.08%, 2.64% and 1.81% respectively. Conglomerate GE bucked the trend and managed to post a 2.37% gain
- DOW 0.03%, S&P500 0.19% and NASDAQ –0.99%
- EURUSD rallied to a 1.3197 high early in last nights session before falling away. The AUD made a low of 1.0050 before trekking higher
- Gold was off slightly and Crude rallied 1.7% on smaller US stockpiles
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