Oracle shares surge, leading S&P 500 gains

Oracle shares are leading the S&P 500 by a wide margin on Tuesday after an upbeat earnings report. Shares of the software and cloud company are up 11.9% in morning action.

“So the last quarter was a beat on RPO (remaining obligations outstanding) but a miss on everything else and the stock went up,” wrote Melius Research analyst Ben Reitzes. “Well, that turned out to be prescient anyway, as Oracle delivered a clean beat and raise in (the fiscal first quarter), lending credibility to its push into the cloud.”