Morning Movers: Apple Declined, Oracle Reports Impressive Quarter
Shares of Apple (NASDAQ:AAPL) fell 0.60 percent Wednesday during pe-market trading. The tech giant received positive words from two investment firms after announcing it sold 2 million iPhone 5 units in China. RBC Capital Markets said the launch was “a positive as the company continues to outpace the previous iPhone 4S launch.” Meanwhile, Wells Fargo (NYSE:WFC) believes the new smartphone will be “the largest product cycle in consumer electronics’ history.”
Oracle (NASDAQ:ORCL) shares increased 2.65 percent in early morning trading after reporting fiscal second quarter results. The company’s GAAP operating income climbed 12 percent year-over-year to $3.5 billion on a margin of 38 percent. This compares to a 7 percent year-over-year increase in the first quarter on a margin of 35 percent. “Q2 performance was strong and broad based as all geographies reported double digit revenue growth in new software license and cloud subscriptions,” said Oracle President, Mark Hurd, in a statement. ”Our cloud offering of HCM, CRM and ERP applications plus the Oracle database and Java platform services is the strongest and most complete in the industry. Already approaching a one billion dollar run rate, our Cloud business will become much bigger over time.”
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Despite the recent rally, Research in Motion (NASDAQ:RIMM) shares fell 0.80 percent in early morning trading. The company revealed that the BlackBerry 10 operating system will launch with more than 70,000 applications. The figure is lower than the massive selection at Apple or Google (NASDAQ:GOOG), but still a respectable amount.
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