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Oracle Issued A Statement Claiming HP Knew About Itanium End-Of-Life Plans

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Oracle (NASDAQ:ORCL) issued a statement claiming that Hewlett-Packard (NYSE:HPQ) knew all about itanium end-of-life plans before the company found out. The company stated, "We believe that HP specifically asked Oracle to guarantee long-term support for Itanium in the September of 2010 agreement because HP already knew all about Intel's plans to discontinue Itanium, and HP was concerned about what would happen when Oracle found out about that plan. What we know for certain is that Ray Lane and HP's current board members and Leo Apotheker and HP's current management team now know full well that Intel has plans in place to end-of-life of the Itanium microprocessor. Knowing this, HP issued numerous public statements in an attempt to mislead and deceive their customers and shareholders into believing that these plans to end-of-life Itanium do not exist. But they do. Intel's plans to end-of-life Itanium will be revealed in court now that HP has filed this utterly malicious and meritless lawsuit against Oracle." Oracle has a potential upside of 20.7% based on a current price of $31.16 and an average consensus analyst price target of $37.61.
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