Oracle reports fourth-quarter earnings after the close on Monday
Oracle Corp (NYSE:ORCL) stock was last seen trading at $187.25, shrugging off two price-target hikes to $220 from Jefferies and Guggenheim, respectively. The software company has the 17th largest market cap in the world, and is the final name in the top 20 to report earnings in 2024. Oracle will step into the confessional next Monday, Dec. 9, after the market closes, and the stock has an intriguing post-earnings history.
Oracle gapped higher after all three of its earnings reports in 2024, including a 11.4% pop back in September. Overall, the shares averaged an 8.3% post-earnings move in the last two years, but the options market is pricing in a 10.2% swing, regardless of direction, for Tuesday's trading.
Another after-earnings melt up would add even more to ORCL's 78% year-to-date gain. Shares hit a record high of $196.04 on Nov. 21, and the subsequent pullback found support at its 80-day moving average. However, the software stock does tend to struggle in December, historically.
More bull notes could be in store, considering 12 of the 30 brokerages are on the sidelines with "hold" ratings, and the consensus 12-month price target of $185.41 is a discount to its current perch.