By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks closed the week with
mixed results Friday, with Oracle Corp. one of the biggest
decliners following a disappointing quarterly report from the
business-software company.
Oracle (ORCL) shares fell almost 4% to close at $40.82 after the
company reported a fiscal fourth-quarter profit of $3.64 billion,
or 80 cents a share, on revenue of $11.3 billion. During the same
period a year ago, Oracle earned $3.8 billion, or 80 cents a share
on $10.94 billion in sales.
Excluding one-time items, Oracle would have earned 92 cents a
share. Analysts surveyed by FactSet had forecast Oracle to earn 95
cents a share on $11.48 billion in revenue. The company has been
dealing with sluggish sales of late as it has been transitioning to
cloud-based services and software.
In addition to Oracle, losses also came from Pandora Media Inc.
(P), down by 1.6%; Groupon Inc. (GRPN), which gave up 1.4% and
Yahoo Inc. (YHOO), which fell by almost 2%.
Amazon.com Inc. (AMZN) also gave up almost 1%, to close at at
$324.20 a share two days after the company unveiled its Fire
smartphone.
Apple Inc. (AAPL) shares shed 1% to end the week at $90.91
following reports that the company will release multiple versions
of a smartwatch this fall.
The Nasdaq Composite Index (RIXF) managed to gain almost 9
points and close at 4,358 and the Philadelphia Semiconductor Index
(SOX) also closed with a small gain.
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