Diamonds and Dogs
Oracle Corp. (ORCL) was the oracle today. The software giant was up 20% following earnings and a new share buyback. Oracle topped analysts' estimates for quarterly sales, signaling that demand for the company's cloud services is holding up in the face of an economic slowdown caused by the coronavirus outbreak. The company also announced a $15 billion share buyback program calling their stock cheap in their opinion.
Slack Technologies (WORK) cut some slack. The collaborative software stock fell 8% following earnings and weak guidance. Slack warned that its billings this fiscal year will be substantially softer than Wall Street expectations and that it may potentially feel the effects on its business from COVID-19 fears among its corporate customers. Some analysts question whether its coronavirus or actually Microsoft threatening Slack's business.