SAP Falls to 8-Month Low on Oracle Sales Miss: Frankfurt Mover
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SAP AG, the largest maker of business-management software, slumped to an eight-month low after competitor Oracle Corp. reported quarterly sales that missed estimates, fueling concerns about weaker license demand.
Oracle, based in Redwood, California, also forecast profit per share for the current quarter at the low end of a range of analyst projections. SAP shares declined as much as 2.5 percent to 55.20 euros, their lowest intraday price since Oct. 29, and were down 2 percent as of 11:15 a.m. in Frankfurt trading. Volume was 81 percent of the three-month daily average.