“Oracle and NetSuite could applications are complementary and will coexist in the marketplace forever,” Oracle CEO Mark Hurd said in a statement. “We intend to invest heavily in both products — engineering and distribution.”
After trading as high as $41.40 right after the market open, Oracle stock is now down about 0.3 percent in Thursday’s session.
PreMarket Prep’s Dennis Dick explained this morning why he took a short position in Oracle following the news.
“On the bigger deals, they hit the acquirers. I don’t know if I see this thing going through $42, so I’m still sticking with my short because I think $42 is absolutely enormous for Oracle.”
In the past year, Oracle has twice tested the $42 level and failed both times, once in March and once again in early July. If the NetSuite deal serves as another short-term market top for Oracle, the stock could soon be headed…
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