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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (15410)	12/19/2002 11:27:42 AM
From: stockman_scott	Respond to of 57684

Goldman Sach's on ORCL: EPS (FY May): 2003E US$0.41, 2004E US$0.45 In-Line/Neutral Oracle Corp. ORCL, $10.63 Oracle’ s second (Nov) fiscal quarter results were above expectations, reflecting a stabilization in the database market after two years of deteriorating fundamentals. This is likely a positive bellwether for the broader software and tech sector for the December quarter. Much of this may already be reflected in Oracle’ s stock however, and with a seasonally stronger quarter having already been anticipated in the tech sector, investors may be resetting their horizons for the group to the upcoming seasonally slower March quarter and the geopolitical risks to the economy and the sector. The database business was strong but the applications business was weak (likely Oracle specific). Oracle is making structural changes to its North American sales force in the current quarter which creates some execution risk, so we are keeping estimates fairly conservative. We have raised our FS (May) 2003 est. to $0.41 from $0.39 and initiated a fiscal 2004 est. of $0.45 per share. We continue to rate the sector Neutral and the stock In-Line.