Oracle Names Former HP CEO Mark Hurd as New Co-President (ORCL)

By Staff,

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Enterprise software giant Oracle Corporation ( ORCL ) on Tuesday announced it has hired former Hewlett Packard ( HPQ ) CEO Mark Hurd as a co-president.

Hurd, who was fired from HP last month amid a sexual harassment scandal, was also named to Oracle's board of directors. The company also announced that Charles Phillips, a co-president and a board member, has resigned from Oracle.

Oracle CEO Larry Ellison said in a statement that "Mark did a brilliant job at HP and I expect he'll do even better at Oracle."

Oracle shares rose $1.72, or +7.5%, in premarket trading Tuesday.

The Bottom Line
We had removed shares of ORCL from our recommended list back on May 4, when the stock was trading at $26.01. Shares of ORCL have a .87% dividend yield, based on Friday's closing stock price of $22.92. The stock has technical support in the $21 price area. If the shares can firm up, we see overhead resistance around the $25-$26 price levels. We would remain on the sidelines for now.

Oracle Corporation ( ORCL ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: HPQ , ORCL

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