Shares of Oracle Corp. (NASDAQ:ORCL) dropped more than 11 percent early Wednesday. The software giant missed quarterly estimates. Oracle reported adjusted net income of 54 cents per share. By that measure, the company fell short of mean estimate of 55 cents per share. It also fell short of the average revenue estimate of $9.23 billion. Tech competitors such as Microsoft Corp. (NASDAQ:MSFT) and Hewlett-Packard (NYSE:HPQ) are trading slightly lower.
Investing Insights: Oracle Earnings Cheat Sheet: Profits Climb By Double Figures Again.
Teva Pharmaceutical Industries (NASDAQ:TEVA) is trading down almost 2 percent in early trading. The drug company expects adjusted earnings of $5.48 to $5.68 per share for 2012. A survey of analysts by FactSet Research produced consensus estimates of $5.67 a share of profit on $22 billion of revenue.
Despite a 20 percent decline in fourth quarter earnings, shares of KB Home (NYSE:KBH) is trading more than 2 percent higher. New home deliveries rose 4% to 1,995 homes, while the cancellation rate decreased to 34 percent from 37 percent a year earlier. The average selling price rose 2.5% to $238,400.
Shares of Walgreen Co. (NYSE:WAG) are down about 6 percent after reporting its results for the first quarter. Net income for the drug store fell to $554 million (63 cents per share) vs. $580 million (62 cents per share) a year earlier. This is a decline of 4.5 percent from the year earlier quarter. Shares of rival drugstore CVS Caremark Corp. (NYSE:CVS) are trading .43 percent higher.
After officially spinning off online travel research firm TripAdvisor Inc. (TRIPV), shares of Expedia Inc. (NASDAQ:EXPE) dropped 52 percent. Shareholders approved the spinoff on December 6.
Nike Inc. (NYSE:NKE) shares are trading 1.7 percent higher after announcing second quarter results. Net income for Nike Inc. rose to $469 million ($1 per share) vs. $457 million (94 cents per share) in the same quarter a year earlier. This marks a rise of 3% from the year earlier quarter.