Intel Corp (INTC)

[joseph pareti]

Didn't get called out on ORCL last week but sold before earnings and missed 9% upside

is Oracle REALLy worth that much?

Jefferies & Co.: Reiterates a Hold rating, and a $41 price target. “Headline numbers looked decent, but when considering organic, constant currency metrics, the results were consistent with the relatively stagnant results of recent periods [...] ORCL appears to be sharing metrics of how they and most companies run their subscription businesses, including Cloud, such as new ARR. [...] These values are less relevant than they could be since they do not take into account when Oracle converts existing maintenance paying customers to subscription, which it acknowledges it does for HCM and CRM. Therefore, some new ACV is really not new business at all, but existing business that has been recategorized from maintenance to Cloud.We’d expect that this usually happens when a customer is considering other SaaS alternatives, and from what we’ve heard in the field, usually ends up with meaningful pricing concessions [...]