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BUZZ-Oracle, Leidos fall on report of US defense department slashing software contracts

Reuters
Mar 28, 2025
BUZZ-Oracle, Leidos fall on report of US defense department slashing software contracts

** Shares of cloud firm Oracle ORCL.N and IT services firm Leidos LDOS.N fall between 2% and 3% premarket

** The U.S. Department of Defense will terminate a program that uses Oracle and Leidos' technology for streamlining the department's HR information, Bloomberg News reports, citing a memo

** Additional spending on the project "would be throwing more good taxpayer money after bad," Defense Secretary Pete Hegseth said in the memo

** Oracle and Leidos did not immediately respond to Reuters' requests for comment

** Hegseth wrote that the program and other associated contracts are six years behind schedule and more than $280 million over budget - BBG report

** Shares of Leidos are trading at $131 and rose ~33% last year, while Oracle is trading at $142.89 and jumped 58% in 2024

(Reporting by Zaheer Kachwala in Bengaluru)

((Zaheer.Kachwala@thomsonreuters.com))

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