Oracle’s stock dives toward worst post-earnings performance in 10 years

Shares of Oracle Corp.
ORCL,
-12.15%
tanked 9.5% early Tuesday, enough to pace the S&P 500’s
SPX,
-0.19%
premarket decliners, in the wake of the business software giant’s disappointing earnings report and revenue guidance. The stock’s selloff, which comes after it closed Monday at a record $126.71, is on track to be the biggest one-day post-earnings performance since March 21, 2013, when the stock dropped 9.7% after the company reported fiscal third-quarter results. The stock’s implied price decline would shave roughly $32.6 billion off Oracle’s market capitalization, which was $343.92 billion at Monday’s close. The stock has run up 55.0% year to date through Monday, while the SPDR S&P Software & Services ETF
XSW,
-0.82%
has climbed 22.9% and the S&P 500
SPX,
-0.19%
has advanced 16.9%.