Oracle Corp. [ORCL] shares were down 7% at $19.42 in early trading Thursday after the company reported disappointing results for its fiscal third quarter. Although earnings per share were in line with expectations, the company's license revenue growth landed at the low end of its 15% to 25% license range, and the company failed to top expectations. Analysts blamed macroeconomic conditions, rather than company-specific ones, for the mixed quarter.

While Oracle remains susceptible to the current global economic weakness, JMP Securities analyst Patrick Walravens says in a research note that enterprise software giant is better positioned in a downturn than competitors because it is the "biggest and safest" technology vendor. He also speculates that the company's stock could trade lower at the beginning of its fiscal fourth quarter, which ends in May, as investors digest the disappointing third quarter, before rebounding toward the end of the fourth quarter and into the summer.

One factor that should help Oracle withstand the downturn is the addition of BEA Systems Inc. [BEAS], which it to acquire in January, for $8.5 billion, Walraven says, noting that the deal could close as early as the third week of April. According to his forecast, BEA could add as much as 8 to 10 cents per in earnings to Oracle shares in fiscal 2009. He maintains an "outperform" rating on the stock and a $23 price target. - David Shabelman

See March 26 story from AP
See Jan. 16 story from Tech Confidential
See March 24 post from ZDNet