Bizarre rumours that Oracle chief executive Larry Ellison had either died or resigned caused the company's share price to fall sharply on Thursday, bucking the overall trend of the market.
During trading yesterday Oracle's share price fell to $27.27, almost $4 down from its Wednesday close, although it managed to bounce back to close at $29.56 on Thursday. A staggering $149m worth of shares changed hands during the trading session - three times the normal daily volume.
Throughout the day Oracle representatives also fought off other speculation that had been rampant across various notice boards and discussion groups. Among these was that both Ellison and Oracle chief financial officer Jeff Henley had resigned, but company executives would not give credence to the Ellison death rumour by commenting on it.
"We are absolutely denying these rumours," said a spokeswoman. "There is no truth to them. Neither Jeff Henley nor Larry Ellison has resigned. There are no plans for resignations."
Oracle was the only stock that took a roller coaster ride yesterday as the Nasdaq market as a whole enjoyed a strong day, with the composite index closing up 95.63 points to 3429.02.
Oracle's share price does not handle well the news of executives leaving the company. When chief operating officer Ray Lane quit last July, Oracle's share price fell by 14 per cent.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago