Oracle surges to nine-year high on revenue report

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Shares of enterprise-focused tech firm Oracle ( ORCL ) reached a nine-year high Friday after the company reported an extremely solid first fiscal quarter.

After saying it generated 48 percent higher revenue during the quarter - and saw earnings per share rise to 42 cents, excluding items - the company's stock rose 7 percent. Both revenue and EPS came in above estimates, MarketWatch reported. At midday, Reuters said, more than 70 million shares of Oracle had changed hands - double the stock's normal volume.

Oracle has had a run of good news in recent weeks. The hiring of ousted Hewlett-Packard ( HPQ ) CEO Mark Hurd as co-president helped send Oracle's shares higher, and the firm - which provides software and hardware to corporate customers - announced that it would boost dividends. In the wake of the company's first-quarter performance, it's clear that it can afford to offer to hike its dividend.

And sales may continue to be strong. The American Machine Tool Distributors' Association, an industry group, reported last week that manufacturers are spending nearly 59 percent more on technology than they were a year ago.

By Steve Monfort



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



This article appears in: Personal Finance , Technology , US Markets

Referenced Stocks: HPQ , ORCL

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