ORCL is trading at $183.94 (-5.1%) as a broad market selloff, triggered by higher-than-expected inflation, overshadowed the company's positive news regarding a new partnership with Samsung.
- Oracle announced today that Samsung Electronics will use its Java SE Universal Subscription to standardize global software development for its semiconductor business.
- Despite the positive company-specific news, the stock is down amid a wider market downturn after the April Consumer Price Index rose 3.8% year-over-year, exceeding forecasts of 3.7% and dampening hopes for Fed rate cuts.
- Broader market indices are also down, with the S&P 500 and Nasdaq falling in response to the inflation data and ongoing U.S.-Iran geopolitical tensions.