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Technology Stocks : Oracle Corporation (ORCL)

ORCL 201.95

-1.5%

Nov 28 9:30 AM EST

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To: paul who wrote (3842)	12/9/1997 12:29:00 AM
From: Melissa McAuliffe	Read Replies (2) of 19080

In the press release ORCl mentioned that due to the fact that they created verticals earlier this year they got much larger deals but unfortunatley couldn't book alot of it. Yet everyone seems to be focused on the Asian situation as the only reason. I have several comments. 1) Wasn't the CEO at ORCL supposed to be a whiz at managing foreign currency issues? Not that he could have totally managed this but it should have helped somewhat. 2) The Asian situation didn't just happen at the end of November. Didn't they see this coming and why was there no earnings warnings statements released. Is is possible that they just didn't hit their number and didn't think it was necessary to issue a warning statement since they felt it would be covered by the other deals they didn't get or couldn't book. 3) If they got all these much larger deals than ever before, which ones are they specifically. Did they provide an indication as to how much revenue was deferred due to the inability to book these. That would have been a very positive note in a very poor earnings report 4) How is all this unbookable revenue accounted for? Wouldn't you expect to see it on the balance sheet in unearned revenue. There was barely any change (unless I read it wrong) in this account between 1996 and 1997.I didn't look at the last quarter statement so maybe their was a big jump in this account between quarters. Maybe all this was covered in the conference call and if so, I apologize if I raised any inappropriate or already answered questions. But I would think twice about buying ORCL stock until there was more detailed information provided. Last quarter was the declining database sales issue, this quarter the Asian crisis and large unbookable contracts. Maybe there are some other issues here we don't know about. Just think caution is warranted. Melissa

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