California Court Rejects Fraud Claim By Oracle Against HP
The Superior Court of California, Santa Clara County, has ruled that the fraud claims brought up by Oracle (NASDAQ:ORCL) against Hewlett Packard (NYSE:HPQ) are without merit. As a consequence, the preexisting contract between these two firms is still valid.
HP claims that the lawsuit was brought about so Oracle could move its hardware sales from HP Itanium servers to Sun servers. It is unclear whether relations between Oracle and Hewlett Packard will improve as a result of this decision. Hewlett Packard and Oracle have held a contract together since 2004.
Here’s how these stocks most recently traded:
Oracle Corp. (NASDAQ:ORCL): ORCL shares recently traded at $28.60,. They have traded in a 52-week range of $24.72 to $36.50. Volume today was 3,627 shares versus a 3-month average volume of 32,285,200 shares. The company’s trailing P/E is 15.73, while trailing earnings are $1.82 per share.
Hewlett-Packard Company (NYSE:HPQ): HPQ shares recently traded at $27.88,. They have traded in a 52-week range of $21.50 to $49.39. Volume today was 890 shares versus a 3-month average volume of 17,445,800 shares. The company’s trailing P/E is 8.40, while trailing earnings are $3.32 per share.