For Immediate Release
Chicago, IL – August 24, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Oracle Corp. (ORCL), Sun Microsystems, Inc. (JAVA), International Business Machines Corp. (IBM), Hewlett-Packard (HPQ) and Cisco Systems Inc. (CSCO).
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Here are highlights from Friday’s Analyst Blog:
Oracle Gets Approval to Buy Sun
The largest software company, Oracle Corp. (ORCL) announced that the U.S. Department of Justice (DOJ) has approved its proposed acquisition of Sun Microsystems, Inc. (JAVA). The approval from the DOJ was much anticipated.
In June, the DOJ had extended its investigation on the deal to gather more information and further review the effects of the merger on competition for International Business Machines Corp. (IBM), Oracle’s biggest database software rival, as well as Hewlett-Packard (HPQ) and Cisco Systems Inc. (CSCO), which compete with Sun in the server market.
The clearance had earlier been delayed due to scrutiny about the licensing of Java, a programming language and software developed by Sun, which is used in IBM’s products. Moreover, issues lingered on Oracle’s potential acquisition of Sun’s MySQL – an open-source database software, which overlaps Oracle’s own database software.
Oracle had agreed to buy Sun for $7.4 billion ($9.50 a share) after IBM backed out of its deal. The transaction was valued at approximately $7.4 billion, or $5.6 billion net of Sun’s cash and debt. Sun’s stockholders and Board of Directors unanimously approved the transaction on July 16, 2009.
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