a
a
HomeTrading NewsOracle’s stock falls toward record-long losing streak in wake of Cerner buyout deal

Oracle’s stock falls toward record-long losing streak in wake of Cerner buyout deal

Shares of Oracle Corp. ORCL, -0.91% slipped 0.3% in afternoon trading Friday, putting them on track to extend their losing streak to 11 sessions. That would be the longest such streak since Oracle went public in March 1986, according to Dow Jones Market Data. The database giant’s stock has now tumbled 15.3% since it last gained ground, when it rose 3.8% on Dec. 15 to close at a record $103.65. Highlighting the losing streak was the 11.2% drop in two days to Dec. 20, after The Wall Street Journal reported, and Oracle confirmed, that it agreed to buy medical-records company Cerner Corp. CERN, -0.29% in a deal valued at $28.3 billion. Despite the record-long losing streak, Oracle’s stock has still run up 35.7% this year, while the SPDR Technology Select Sector ETF XLK, -0.49% has climbed 34.1% and the S&P 500 SPX, -0.26% has advanced 27.3%.

No comments

leave a comment