silicon valley

Oracle (ORCL) stock hits highest in 13 years

Oracle, the largest maker of database software, rose to a 13-year high after forecasting quarterly sales and profit that may top some analysts' estimates as it seeks to sell Web-delivered software to fuel growth.

The shares jumped 5.78 percent to $36.60 in New York, the highest closing price since October 2000. Revenue in the current quarter will climb 2 percent to 6 percent, and profit before some costs will be 68 cents to 72 cents a share, Oracle said Wednesday. Analysts predicted sales growth of 4 percent to $9.35 billion and 70 cents in profit.

Oracle and other enterprise-software providers are in the middle of a broad transition to software delivered via online subscriptions, sapping revenue and profit growth for traditional suppliers.

-- Bloomberg News


Jobless benefit claims jump by 10,000

The number of people seeking U.S. unemployment benefits rose 10,000 last week to a seasonally adjusted 379,000, the highest since March. The increase may reflect volatility around the Thanksgiving holidays.

The Labor Department said Thursday that the less volatile four-week average jumped 13,250 to 343,250, the second straight increase.

-- Associated Press

San Francisco

Smartphone 'kill switch' bill planned

Two California officials have announced plans to introduce legislation requiring smartphones to have a "kill switch" that would render stolen or lost devices inoperable.

State Sen. Mark Leno and San Francisco District Attorney George Gascon announced Thursday that the bill they believe will be the first of its kind in the United States will be formally introduced in January at the start of the 2014 legislative session.

Almost 1 in 3 U.S. robberies involve phone theft, according to the Federal Communications Commission. Lost and stolen mobile devices -- mostly smartphones -- cost consumers more than $30 billion last year, according to a study cited by New York Attorney General Eric Schneiderman in June.

-- Associated Press