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Stock Alert: Oracle Corp.

Shares of Oracle Corp. (ORCL) closed Monday's trading at $52.97, down $0.21 or 0.39%. The stock has been trading between $60.50 and $39.71 in the past one year.

The Redwood Shores, California-based business software giant has been focusing on cloud computing market, which is quickly becoming a massive industry.

More and more corporate companies are ditching the traditional on-premise computing and storage systems and switching to the cloud-based system. The global cloud computing market size is estimated to reach more than $623 billion by 2023.

Although Amazon (AMZN)'s Amazon Web Services and Microsoft (MSFT)'s Azure are the current market leaders, Oracle can make strong growth in this sector as demand for cloud computing increases.

Last month, in its third quarter results, Oracle reported cloud services and license support revenue growth of 4% to $6.93 billion, while cloud license and On-Premise license revenues dropped 2% to $1.23 billion.

For the third-quarter, Oracle reported net income of $2.57 billion or $0.79 per share and revenues of $9.80 billion, up 2%.

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