Wall Street is very unhappy with Oracle

Wall Street is getting grumpy with Larry Ellison’s Oracle and might write a damning report card if it does not pull its socks up. And fast.

In December, Oracle missed earnings estimates for the first time in a decade and blamed the shifting sands of the global economy for sandblasting its bottom line. At the time Wall Street apparently thought, fair enough, we have had a lot of sand in here lately, and granted an extension.

Now it seems that Oracle might be getting ready to dust off the old “dog ate my bottom line” excuse and Wall Street is starting not to believe it.

According to Reuters, the problems are not macro economy but good old fashion competition from SAP, the fact that it stuck two fingers into the eyes of a key IT partner in Hewlett Packard, and the fact it is stuck with a hardware business which is a millstone.

As many predicted, the nearly $6 billion buy out of Sun Microsystems has turned into a liability. Oracle is still making a fortune from its database software, although SAP says that it might move into that area by the end of this year.

Oracle’s attempts to take business off SAP with its business management software have not gone anywhere.

Oracle’s rivals are doing well. SAP, IBM, Salesforce.com and VMware recently released relatively strong results.

Tomorrow, Larry Ellison will deliver  his quarterly results and a number of strokers of beards in Wall Street want to look carefully to see if he is glossing over a bigger problems.

Nomura Securities Rick Sherlund said that Oracle is a company with some problems and needs to find some “solutions”.