National Employee Morale Day At Oracle (ORCL)
Oracle Corporation (NASDAQ: ORCL) will deepen its cost cuts as part of its buyout of Sun Microsystems. Sun employees have already endured years of job reductions as the firm’s revenue and market share were damaged by management mistakes as it…
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In an SEC filing, Oracle said it would increase its restructuring expense for the Sun deal to as much as $1.1 billion. The original estimates for the process were only $325 million. That number was amended yesterday:
Oracle estimates the additional costs related to this Amendment to the Sun Plan will be between $675 million and $825 million, the substantial majority of which will require the outlay of cash. Oracle expects that $550 million to $650 million of these additional costs will be restructuring charges related principally to employee severance costs.The market does not think much of the Sun deal or Oracle’s prospects. Shares are off 10% this year compared to a 2% drop in the NASDAQ.
Larry Ellison and senior Oracle management will not take compensation cuts as a part of the Sun restructuring. In April Ellison said he would sell $1.32 billion in Oracle stock over the next ten months.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
