Down in Sympathy
Last night, leading application software firm Oracle Corp (NASDAQ:ORCL) reported earnings that were below analysts expectations. The report was a major disappointment for the tech sector. Today, ORCL stock is trading lower by more than 8.0 percent to $32.77 a share.
Often, when a major stock declines such as ORCL it will cause other market leading stocks to decline in sympathy to it. One of the leading stocks in the application software space that is coming under selling pressure is SAP AG (NYSE:SAP). This stock should have very good intra-day support around the $79.95 level. The daily chart of SAP will have good support around the $78.70 area.
Some leading equities that are also falling on the back of the ORCL earnings report include International Business Machines Corporation (NYSE:IBM), CA Technologies (NASDAQ:CA), and Microsoft Corporation (NASDAQ:MSFT).