Oracle rebounds Friday, after getting dumped by the Oracle of Omaha's company on Valentine Day.
On Thursday February 14, Warren Buffett’s Berkshire Hathaway disclosed that it had divested its entire stake in software company Oracle – leading to Oracle shares tumbling that day. But the very next day, the stock price increased almost +1%.
According to Berkshire’s regulatory filing, the conglomerate dumped all of the 41.4 million Oracle shares worth around $2.13 billion that it had held as of the end of the third quarter. Berkshire had held Oracle shares only during a quarter. Oracle was the only liquidation for Berkshire in the quarter.
Late last year, Oracle posted higher-than-expected earnings for fiscal second quarter. It also predicted current quarter earnings to be in the range of between 86 cents and 88 cents a share – higher than Wall Street expectation of 84 cents a share. On a constant currency basis, Oracle projected revenue to grow +3% for the full-year. On Friday, the company announced an additional share repurchase of $12 billion of common stock as part of its existing buyback program.