Oracle stock dives toward worst day in 2 decades after disappointing earnings report

Shares of Oracle Corp.
ORCL,
-11.76%
have accelerated to the downside after the opening bell, and is not on course to suffer their worst one-day performance in 21 years. The stock was down as much as 11.5% in premarket trading, after the software and cloud services company reported late Monday fiscal first-quarter revenue that missed expectations and provided a downbeat second-quarter outlook. But the stock fell even further after the open, with the stock last down 13.4% in morning trading, which would be the biggest one-day drop since it fell 14.5% on March 4, 2002. The stock, which closed at a record $126.71, has still rallied 34.3% year to date, while the S&P 500
SPX,
-0.49%
has gained 16.6%.