5 Late Radar Movers: Oracle Misses Estimates While Nike Beats, and RIM Turns Down AMZN Takeover Bid
Shares of Oracle Corp. (NASDAQ:ORCL), the world’s number three software maker, dropped more than 9 percent in late trading after missing estimates. The company reported earnings of 54 cents per share, compared to expectations of 57 cents per share. Other tech companies such as International Business Machines Corp. (NYSE:IBM) and Salesforce.com Inc. (NYSE:CRM) are also trading lower.
Nike Inc. (NYSE:NKE) is climbing 1.5 percent higher after the closing bell. The world’s number one shoe retailer reported strong second quarter profits. The company earned $469 million ($1 per share), compared to $457 million (94 cents per share) last year. Shares of athletic competitor Under Armour, Inc. (NYSE:UA) are also trading .18 percent higher.
After closing 3.71 percent higher Tuesday, Bank of America Corp. (NYSE:BAC) shares continue to edge higher in extended trading. On Tuesday, the Federal Reserve said the largest U.S. banks should hold extra cash on their balance sheets to fight financial crises. Other banks such as Goldman Sachs (NYSE:GS) and J.P. Morgan (NYSE:JPM) are declining in extended trading.
Despite calling off a $39 billion bid for T-Mobile, shares of AT&T (NYSE:T) gained 1.3 percent during regular hours, and continue to climb another .10 percent in late trading. Sprint Nextel Corp. (NYSE:S) and Verizon Communications Inc. (NYSE:VZ) are expected to benefit from AT&T backing out of the deal.
Research in Motion (NASDAQ:RIMM) shares are surging more than 5 percent after Reuters announced RIM turned down a takeover bid from Amazon Inc. (NASDAQ:AMZN). Shares of RIM have plummeted more than 70 percent this year.