🇺🇸 SECOracle Corp.Qwen · 实盘不做把握 7/10不做原因:无增量信息
北京时间·🕒 发布 18:01:59·⟳ 抓取 18:02:53 +54s·⚡ 决策 09-14 18:10:02 +7m09s·43.1 天前
甲骨文（ORCL.US）8-K：执行董事长兼CTO拉里·埃里森取消其10b5-1减持计划，计划终止前未卖出任何股票
一手 8-K 全文已读：事件仅为 Item 8.01「埃里森取消 10b5-1 减持计划、未卖出任何股票、无其它减持安排」，未披露原计划规模，对 4544 亿美元市值没有任何盈利/现金流/订单增量，属超大市值软催化默认不做；同时价格背景反向（近 20 日 -3.8%、距 60 日高 -20.7%、距 52 周高 -53.9%，9/11 高开 164.43 收 150.28 放量长上影，今晨盘前再 -3.3% 至 145.31），市场显然在交易 Oracle 自身资产负债表/AI capex 融资压力，取消减持不修复该机制，做多无 edge、风险回报不利；做空同样不成立，因本条消息方向偏正、不构成强空催化，「跌多了」不是做空理由。二阶供应链无因果传导，故整体 AVOID。
📄 原文Oracle Corp.↗ 原文
----- d20034d8k.htm ----- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPO…
不做 Oracle Corporation（ORCL.US）
一手 8-K Item 8.01 仅宣布埃里森取消 10b5-1 减持计划、计划下未卖出任何股票、无其它减持安排，且未披露拟售股数/金额，对 4544 亿美元市值没有收入、利润、订单、capex 或融资条款增量（超大市值软催化默认不做）；治理层面也不改变控制权、资本配置或关键执行能力。价格背景反向：距 52 周高 -53.87%、距 60 日高 -20.71%、9/10-9/11 连续放量下跌（-5.38%/-1.74%，9/11 开 164.43 收 150.28 长上影…
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
一手 SEC 8-K 显示埃里森取消其 10b5-1 减持计划且计划下未卖出任何股票——这是治理与信心信号，未披露规模、对 4544 亿美元市值无盈利或现金流增量；叠加股价距 52 周高 -53.9%、今晨盘前再 -3.3%（市场在交易其 FY27 capex 与约 400 亿美元融资压力），做多无 edge、做空无强催化，故不做。
🔎 新鲜度:最早出现 2026-09-12 · 扩散 low · price-in 风险 medium ↗
消息传播链
- 首发为一手公司新闻稿，落款日期 2026-09-12（周六），宣布埃里森取消 10b5-1 减持计划、计划下未卖出任何股票、且无其它出售计划；未披露拟售规模，分钟级时间不可得。市场反应:周六无交易
- 周一盘前 06:01 ET 以法定披露形式正式备案，归类为 Item 8.01「其它事件」而非财报/合同/并购，本身即说明发行人也未将其定性为重大经营事项；早于 09:30 开盘，市场有 3.5 小时消化窗口。市场反应:备案后盘前 06:03 ET 报 145.31 美元，较前收 150.28 -3.31%，成交约 32.8 万股、换手 4779 万美元；夜盘（04:00 前口径）-2.68% 至 146.25，均无正向反应
- 2026-09-14 06:03 ET市场反应Futu 盘前行情（stock_quote 实时）非一手上一交易日 9/11 收 150.28（-1.74%），当日开 164.43、高 166.00、低 149.84，放量 3.25x 长上影；今晨盘前续跌 -3.31%、bid/ask 145.22/145.40，说明减持计划取消未成为定价锚，股价仍受 Oracle 自身融资/capex 压力与宏观（2 天后 FOMC）主导。市场反应:盘前 -3.31%，距 52 周高 325.79 已 -55.4%（收盘口径 -53.87%）
关键理由
- 取消减持只消除一笔规模未披露的内部人潜在供给并传递创始人信心，不改变 Oracle 的收入、利润、订单、capex 或融资结构，对 4544 亿美元市值无可量化增量，也不改变控制权、资本配置或关键执行能力。
- 价格与量能反向：近 20 日 -3.8%、9/10 与 9/11 连续 -5.38%/-1.74%（9/11 量比 3.25x、开 164.43 收 150.28），今晨盘前 145.31（-3.31%）、夜盘 -2.68%，说明该消息未获正向重定价，反而被更强的下行动力压过。
主要风险
- 若后续披露原 10b5-1 计划规模很大且刚公告不久，取消的供给消除效应会强于本次判断，但相对市值量级仍难构成短线可交易催化；埃里森若存在股权质押/保证金安排，取消减持的信号含义也可能与「信心」不同。
- Oracle 真正的下行机制在资产负债表侧（内部纪要载 FY27 capex 指引 900–950 亿美元 vs 市场约 700 亿预期、约 700 亿需自筹、约 400 亿美元融资需求含已授权股权增发，且 6.50% Series D 强制可转优先股已在册），2 天后 FOMC 决议+点阵图会放大该敏感度，本条消息不足以对冲。
反向证据
- 做多前查反向 · 来源 kb_search · 日期 2026-06-15 · 影响 weakens
国泰海通海外科技路演纪要（2026-06-15）指出甲骨文需求端仍强（在手订单/RPO 6380 亿美元、环比 +850 亿，四个客户签约超 80 亿美元，全球 GPU 利用率 97.5%，OCI 收入 58 亿略超预期），但股价下跌主因是自身资产负债表与现金流：FY27 capex 指引 900–950 亿美元远超市场约 700 亿预期，其中约 200–250 亿靠客户预付款、约 700 亿需自筹，公司宣布约 400 亿美元融资需求（含 200 亿来自已授权股权增发）——即
检索:Oracle 甲骨文 股价大跌 原因 AI 资本开支 OpenAI 融资 2026年9月 - 做多前查反向 · 来源 filing · 日期 2026-09-14 · 影响 weakens
行情工具（stock_quote full，as_of_kind=market_time，非 stale）显示：13 周指数化轨迹 100→80 且 9/10、9/11 分别 -5.38%/-1.74%，9/11 量比 3.25x、开 164.43 高 166.00 低 149.84 收 150.28（放量长上影/派发），今晨盘前 145.31（-3.31%）、夜盘 -2.68%，距 52 周高 -53.87%——事件前无抢跑，事件后无正向承接。
检索:ORCL 近20日逐日走势、量比与盘前反应（抢跑/price-in 检查） 原文 ↗ - 做空前查反向 · 来源 web · 影响 none
未取得任何把「取消减持」解读为负面信号（质押/保证金压力、被迫不卖、隐瞒原因）的证据，且一手新闻稿明确称其无其它出售 Oracle 股票的计划；本条消息方向偏正，不构成做空催化，「已跌 53.9%」属技术回落而非强空催化，按做空红线不开空。
检索:埃里森 质押 保证金 被迫 不卖 取消减持 负面解读 / Ellison pledge margin loan cancel sale plan negative
先例如何影响了这次决策
对本次决策的影响:先例缺失叠加自家案例库战绩（ORCL 已结算 10 笔 ENTER，胜率 40%、中位 -1.06%、均值 -0.79%）共同压低把握度，支持不做而非小仓试探。
方向:未取得可用的「内部人取消/终止 10b5-1 减持计划」同市场先例，无法用外部日线统计校准方向或胜率；机制上此类条目属低冲击信号，通常被盘前一次性吸收。
涨幅量级:无高相似、锚干净的先例，故不设定任何 tp/sl 幅度；本次也不给 ENTER，幅度校准不适用。
形态:无先例样本，无法判断是否存在见光死/高开低走模式；但当前标的自身 9/11 已出现「高开 164.43→收 150.28」的放量长上影，且今晨盘前续跌，属派发形态而非承接形态。
工具执行结果 · 成功 17 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 26 ms
{"result": "search_processed_events:agent query=`larry ellison cancels 10b5-1 plan to sell oracle stock | oracle 8-k item 8.01 ellison terminated stock sale plan no shares sold | orcl insider selling plan cancelled executive chai`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agen - fetch_decision_experience 成功 stock_tools HTTP · 17 ms
{ - web_search 成功 Bing RSS · 258 ms
Bing RSS 搜索结果（原始查询:Larry Ellison cancels 10b5-1 plan to sell Oracle stock September 2026） - web_search 成功 Bing RSS · 256 ms
Bing RSS 搜索结果（原始查询:Oracle Ellison 10b5-1 stock sale plan announced 2026 shares） - stock_quote 成功 stock_tools HTTP · 255 ms
{ - web_search 成功 Bing RSS · 311 ms
Bing RSS 搜索结果（原始查询:Oracle stock September 2026 Q1 fiscal 2027 earnings reaction RPO） - kb_search 成功 stock_tools HTTP · 2,692 ms
{ - web_search 成功 Bing RSS · 306 ms
Bing RSS 搜索结果（原始查询:Oracle shares fall news Ellison insider selling plan cancellation） - web_search 成功 Bing RSS · 362 ms
Bing RSS 搜索结果（原始查询:"Oracle" ORCL stock selloff reason September 11 2026） - search_processed_events 成功 stock_tools HTTP · 33 ms
{"result": "search_processed_events:agent query=`oracle mandatory convertible preferred series d 发行 | oracle 甲骨文 股价 下跌 ai 资本开支 | oracle 财报 rpo oci 云 指引 | 甲骨文 埃里森 减持`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整)，返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选，不能据此证明消息首发或不是重复；按当前事件继续正常研判。"} - web_search 成功 Bing RSS · 324 ms
Bing RSS 搜索结果（原始查询:甲骨文 埃里森 取消 减持 股票 计划 公告） - web_search 成功 Bing RSS · 264 ms
Bing RSS 搜索结果（原始查询:Oracle news Ellison stock sale plan terminated press release Austin Texas） - kb_search 成功 stock_tools HTTP · 3,488 ms
{ - web_search 成功 Bing RSS · 264 ms
Bing RSS 搜索结果（原始查询:insider cancels terminates 10b5-1 selling plan stock price reaction signal study） - web_search 成功 Bing RSS · 367 ms
Bing RSS 搜索结果（原始查询:Oracle bond rating capex OpenAI Stargate financing concerns credit） - kb_fetch_document 成功 stock_tools HTTP · 561 ms
{ - search_case_library 成功 stock_tools HTTP · 1,960 ms
{"result": "search_case_library「ORCL.US」无历史决策命中(我们过去没在这些标的上决策过,或历史尚未回填)。\n◆ ORCL.US：相关历史决策 378 条 · 其中该标的 ENTER 10 条(2.6%) · 已结算 10 笔 · 胜率 40% · 中位 -1.06% · 均值 -0.79%\n↑ 胜率/收益口径:ENTER 当日之后 T+1 开盘入场、次日开盘出场,做空腿已按方向取反(所以正数=这个方向做对了)。统计的只有★那只票自己的腿。"}
原文全文
展开原文 · 5,162 字
----- d20034d8k.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 12, 2026
Oracle Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-35992
54-2185193
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2300 Oracle Way
,
Austin
,
Texas
78741
(Address of principal executive offices) (Zip Code)
(737)
867-1000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, par value $0.01 per share
ORCL
New York Stock Exchange
Depositary Shares, each representing a 1/2,000th interest in a share of 6.50% Series D Mandatory Convertible Preferred Stock, par value $0.01 per share
ORCL-PRD
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 8—Other Events
Item 8.01 Other Events
On September 12, 2026, Oracle issued a press release announcing that Larry Ellison, Executive Chair of the Board and Chief Technology Officer of Oracle Corporation (“Oracle”), has cancelled his
10b5-1
Plan to sell Oracle stock. No Oracle stock was sold under the plan prior to termination. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form
8-K
and is incorporated herein by reference.
Section 9—Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
No.
Description
99.1
Press Release – Larry Ellison Cancels His Plan to Sell Oracle Stock, dated September 12, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ORACLE CORPORATION
Dated: September 14, 2026
By:
/s/ Kimberly Woolley
Name:
Kimberly Woolley
Title:
Senior Vice President, Assistant General Counsel and Assistant Secretary
----- d20034dex991.htm -----
EX-99.1
2
d20034dex991.htm
EX-99.1
EX-99.1
Exhibit 99.1
Contact:
Ken Bond
Deborah Hellinger
Oracle Investor Relations
Oracle Corporate Communications
1.650.607.0349
1.212.508.7935
ken.bond@oracle.com
deborah.hellinger@oracle.com
Larry Ellison Cancels His Plan to Sell Oracle Stock
AUSTIN, Texas, September 12, 2026 — Oracle Corporation (NYSE: ORCL) today announced that Larry Ellison, Executive Chair of the Board and Chief
Technology Officer, has cancelled his
10b5-1
Plan to sell Oracle stock. No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock.
About Oracle
Oracle offers integrated suites of
applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at
www.oracle.com
.
# # #
Trademarks
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud
computing.
“Safe Harbor” Statement:
Statements in this press release relating to future plans, expectations, beliefs,
intentions and prospects, are “forward-looking statements” and are subject to material risks and uncertainties. A detailed discussion of risks that affect our business is contained in our SEC filings, including our most recent reports on
Form
10-K
and Form
10-Q,
particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or by contacting
Oracle’s Investor Relations Department at (650)
506-4073
or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/. All information set forth in this press
release is current as of September 12, 2026. Oracle undertakes no duty to update any statement in light of new information or future events.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 12, 2026
Oracle Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-35992
54-2185193
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
2300 Oracle Way
,
Austin
,
Texas
78741
(Address of principal executive offices) (Zip Code)
(737)
867-1000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, par value $0.01 per share
ORCL
New York Stock Exchange
Depositary Shares, each representing a 1/2,000th interest in a share of 6.50% Series D Mandatory Convertible Preferred Stock, par value $0.01 per share
ORCL-PRD
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 8—Other Events
Item 8.01 Other Events
On September 12, 2026, Oracle issued a press release announcing that Larry Ellison, Executive Chair of the Board and Chief Technology Officer of Oracle Corporation (“Oracle”), has cancelled his
10b5-1
Plan to sell Oracle stock. No Oracle stock was sold under the plan prior to termination. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form
8-K
and is incorporated herein by reference.
Section 9—Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
No.
Description
99.1
Press Release – Larry Ellison Cancels His Plan to Sell Oracle Stock, dated September 12, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ORACLE CORPORATION
Dated: September 14, 2026
By:
/s/ Kimberly Woolley
Name:
Kimberly Woolley
Title:
Senior Vice President, Assistant General Counsel and Assistant Secretary
----- d20034dex991.htm -----
EX-99.1
2
d20034dex991.htm
EX-99.1
EX-99.1
Exhibit 99.1
Contact:
Ken Bond
Deborah Hellinger
Oracle Investor Relations
Oracle Corporate Communications
1.650.607.0349
1.212.508.7935
ken.bond@oracle.com
deborah.hellinger@oracle.com
Larry Ellison Cancels His Plan to Sell Oracle Stock
AUSTIN, Texas, September 12, 2026 — Oracle Corporation (NYSE: ORCL) today announced that Larry Ellison, Executive Chair of the Board and Chief
Technology Officer, has cancelled his
10b5-1
Plan to sell Oracle stock. No Oracle stock was sold under that plan, and he has no other plans to sell any of his Oracle stock.
About Oracle
Oracle offers integrated suites of
applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at
www.oracle.com
.
# # #
Trademarks
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud
computing.
“Safe Harbor” Statement:
Statements in this press release relating to future plans, expectations, beliefs,
intentions and prospects, are “forward-looking statements” and are subject to material risks and uncertainties. A detailed discussion of risks that affect our business is contained in our SEC filings, including our most recent reports on
Form
10-K
and Form
10-Q,
particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or by contacting
Oracle’s Investor Relations Department at (650)
506-4073
or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/. All information set forth in this press
release is current as of September 12, 2026. Oracle undertakes no duty to update any statement in light of new information or future events.
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