Oracle's stock on early track for biggest 1-day gain in 20 years after earnings, buyback announcement

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Shares of Oracle Corp. ORCL, +16.21% blasted 13.6% higher successful premarket trading Friday, capable to propel them into grounds territory, successful the aftermath of the database giant's better-than-expected fiscal second-quarter results and announced a $10 cardinal banal repurchase program. If the stock's summation could clasp done the close, it would beryllium the biggest one-day rally since it changeable up 16.4% connected Sept. 24, 2001. No little than 11 of the 30 analysts surveyed by FactSet who screen Oracle person raised their banal terms targets truthful far, boosting the mean people to $101.55 from $93.07 astatine the extremity of November. Deutsche Bank expert Brad Zelnick upgraded the banal to bargain from hold, saying the net study and buyback announcement was "confirmatory" of further acceleration ahead. The stock, which is connected way to unfastened supra its Oct. 22 grounds adjacent of $98.25, has tally up 37.2% twelvemonth to day done Thursday, portion the SPDR Technology Select Sector ETF XLK, +0.99% has rallied 31.9% and the S&P 500 SPX, +0.50% has precocious 24.3%.

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