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Profit From the Oracle?


Tech bellweather gazes into its crystal ball.

Minyanville Morning Memo

What to Watch: Investors will hope to unearth a gem in Oracle (ORCL) this Ruby Tuesday as the world's largest enterprise software company reports fourth quarter earnings after the close. The tech bellwether will give us a good gauge into IT expenditure. Attention also will be paid to how well CEO Larry Ellison's acquisition addicted outfit is digesting its purchases -- he is anything but the Invisible Man in merger matters. And warming to a theme, bidding continues on the opportunity to break bread with the Oracle of Omaha, which should provide a sound check of sorts for the state of consumer spending.

What Just Happened: So much for decoupling as Asia imploded overnight after US markets suffered their steepest decline in two months led by banks and commodity stocks. Europe has been bouncing between black and red with defensive sectors a bright spot.
Where have you gone, Eastman Kodak (EK)? Yesterday saw an American icon bid adieu after three quarters of a century with the announcement its Kodachrome unit will be discontinued as the dash from film to digital reaches its dénouement. Lest Luddites lament this is robbing Peter to pay Paul, remember the Rochester outfit receives rich royalties from Mr. Simon.

What's Happening: Back to the futures, exchanges are anticipated to open up this morning. Bonds are higher, oil is off again and the dollar is down against most major currencies.

What Will Happen: Kroger (KR) is out with Q1 earnings before the bell, we get May existing home sales at 10:00 AM Eastern, a mammoth Treasury auction begins at 1:00pm and the Fed kicks off its two day meeting in D.C. today.

Happenstance: Today's wild card will be how stocks respond to Monday's swoon amid concerns equities are overextended.
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