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Market Loses Track As Oil Prices Tumble, Oracle And Accenture Register Profits

 June 23, 2011 05:14 PM

A sharp decline in oil prices and discouraging economic data pushed the US market to a new low in the morning session before it recovered to close on a mixed note as Greece won the consent of the European Union and International Monetary Fund for a new five-year austerity plan.

The Dow Jones industrial average lost 0.49 percent or 59.52 points to close at 12,050.15, and the Standard & Poor's 500 index fell 0.28 percent or 3.61 points to end at 1,283.53. The Nasdaq Stock Market Inc. composite index added 0.66 percent or 17.56 points to finish the day at 2,686.75. Among other major indices, the New York Stock Exchange composite index slipped 0.59 percent or 47.76 points to end at 8,054.08. The American Stock Exchange composite index closed at 2,279.87, down 0.98 percent or 22.64.

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Hot Stocks of the Day: ORCL, ACN, GOOG, BMY, AZN, VNV, CVC

Oracle Corp. (Nasdaq: ORCL) registered a 36 percent increase in its fiscal fourth-quarter net income to $3.2 billion, or 62 cents per share, up from $2.4 billion, or 46 cents a share a year earlier. During the quarter, the company's revenue rose 13 percent to $10.8 billion. Analysts had estimated earnings of 71 cents per share on revenue of $10.8 billion for the company. Shares gained 0.80 percent or 26 cents to close at $32.46.

Accenture Plc (NYSE: ACN) reported operating income of $949 million in its fiscal third-quarter, up 18 percent over its previous year. During the quarter, revenue rose 21 percent to $6.7 billion. Diluted earnings per share were 93 cents, an increase of 27 cents over the corresponding quarter. Shares gained 0.80 percent or 44 cents to close at $55.69.

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Google Inc. (Nasdaq: GOOG) is set to receive civil subpoenas from the Federal Trade Commission signaling the start of an anti-trust probe against the Internet-search giant. Shares were down 1.39 percent or $6.79 to end at $480.22.

The new diabetes pill dapagliflozin from Bristol-Myers Squibb Co. (NYSE: BMY) and Astrazeneca Plc (NYSE: AZN) is expected to face increased scrutiny from the US Food and Drug Administration and doctors. Shares of Bristol-Myers added 5.73 percent or $1.59 to close at $29.33, while shares of AZN were down 0.61 percent or 30 cents to end at $48.89.

Viacom, Inc.

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