Wall Street Watch: Oracle Shares to Dictate Tech’s Direction, HP’s Reorg
Oracle Corp. (NASDAQ:ORCL) shares should lead the Nasdaq today. The software company earned 62 cents per share in the third quarter, an increase from 54 cents a year earlier and beating expectations. Revenue also climbed 2.2 percent to $9.04 billion.
As part of its reorganization plan, Hewlett Packard (NYSE:HPQ) will merge its PC and printing operations; the plan also includes the exit of printing leader chief V.J. Joshi as the new business unit will be led by Executive Vice President Todd Bradley. In the company’s fiscal quarter one, the divisions had poor sales numbers as they tried to deal with competing technologies.
Responding to pressure from its investors, Hartford Financial (NYSE:HIG) will leave the annuity business and explore selling a large chunk of its life insurance unit. In a press release, Hartford CEO Liam McGee said the changes will enable the company to address its property-casualty unit, which is the area that the company began in with its start more than 200 years ago.
In its monthly report, Japan’s government has said that its economy is slowly improving, painting a brighter picture than February’s report thanks to the global economy being more upbeat. Japan’s domestic demand is rising, increasing its picture of private spending for the second consecutive month and its estimate of capital spending, according to Reuters. The Cabinet Office said in the report, “The economy is still picking up slowly, while difficulties continue to prevail due to the earthquake.”
Royal Dutch Shell PLC (NYSE:RDSA) signed its first production-sharing contract with China. This will allow them to explore, develop and produce shale gas in the country, according to The Wall Street Journal. This will bode well with China’s strategy to bring in technical and operational knowledge to help develop the unused reserves of shale. Shell didn’t state the contract’s details in a statement on Tuesday.
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