S&P 500
7,614.20
-0.11%
Dow Jones
51,322.50
-0.10%
Nasdaq 100
30,639.80
-0.25%
Russell 2000
2,930.08
-0.10%
FTSE 100
10,374.00
-0.13%
Nikkei 225
68,479.20
+1.45%

Jobs

National Employee Morale Day At Oracle (ORCL)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
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 fought to maintain its server business against larger rivals which included Hewlett-Packard (NYSE: HPQ) and International Business Machines (NYSE: IBM).

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

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

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.

Continue Reading

Trey Thoelcke |

Why Oracle Made a Bid for Micros Systems

In attempt to gain a stronger foothold in the retail and hospitality industries, Oracle reportedly is nearing a deal to…

Meta’s 20% Layoff Rumor is Coming For These Companies Next
John Seetoo |

Meta’s 20% Layoff Rumor is Coming For These Companies Next

Editor’s Note: a prior version of this story cited a source indicating an additional 14,000 layoffs which has since been…

Douglas A. McIntyre |

Oracle–The Next IBM

Oracle’s (NASDAQ: ORCL) revenue run rate is about $60 billion a year. That compares to $100 billion for IBM (NYSE:…

Douglas A. McIntyre |

Shareholders Resist Larry Ellison CEO Compensation

courtesy of OracleShareholders of Oracle Corp. (NYSE: ORCL) voted against the huge pay package of CEO and founder Larry Ellison.…

Paul Ausick |

What the Oracle Bulls Want to See Now

When is bad news actually good news? If you're Oracle CEO Larry Ellison, the answer is Thursday, after the markets…

Douglas A. McIntyre |

From Icahn and Blackstone, a New Bid for Dell? An Ouster of Michael Dell?

ThinkstockThe Wall Street Journal and several other news outlets have reported that Blackstone Group L.P. (NYSE: BX) and Carl Icahn…

Jon C. Ogg |

Is This Groupon Restructuring a Total Dud?

Groupon is shedding 1,100 workers, or about 10% of its workforce, though this effort may not accomplish that much in…

Ellison Nearly Tops Musk as World’s Richest Person
Douglas A. McIntyre |

Ellison Nearly Tops Musk as World’s Richest Person

The net worth of Oracle founder Larry Ellison has closed the gap with that of Tesla CEO Elon Musk. Ellison…

Douglas A. McIntyre |

Oracle Nabs Another Software Developer

As news of the SEC complaint filed against Goldman Sachs (NYSE: GS) is pushing everything else off the news feeds,…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826