The buying and selling of virtual goods is an extremely nascent market that seems to be heating up dramatically. Almost daily there are announcements pronouncing large virtual good revenues on the horizon and new forms of payments and rewards for the intrepid user.
More analysts are cutting estimates on Oracle ahead of its earnings report on Dec. 18. David Hilal of Friedman Billings Ramsey expects the company to perform at the low end of guidance. But while Oracle is expected to implement cost-cutting measures–with only 23 percent loss in stock price (compared to 41 percent for the Nasdaq Composite and 39 percent on the S&P 500)–at least it’s beating the market. For now, anyway.
The other day a message popped up on Twitter. Jay Rosen, who teaches journalism at New York University, asked–in all seriousness, and innocence–”I know I sound clueless and that’s never pleasant, but… what in tarnation does ‘rickrolled’ mean?”
Yes, it sure is nice to see stock prices flashing green. But despite the market’s historic two-day move, there are still reasons to worry about what happens to technology shares over the next several quarters.
Google’s third-quarter results will feel the effects of a strengthening dollar, Collins Stewart analyst Sandeep Aggarwal observed in a research note this morning. Aggarwal points out that currency has lifted earnings in each of the last 10 quarters, but that the company will suffer a sequential foreign exchange loss in Q3, with the year-over-year benefit “materially lower” than in recent quarters.
Expressing caution on the software sector heading into second quarter earnings report, Goldman Sachs software analysts Sarah Friar, Sasa Zorovic, Derek Bingham and Frederick Grieb this morning chopped estimates on a host of software companies. They also cut their ratings on both Intuit (INTU) and Digital River (DRIV) to Sell from Neutral.
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