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Software maker SAP will respond to rival Oracle's lawsuit accusing it of intellectual property theft by midnight Pacific Daylight Time on Monday, it said in a statement.
Stocks closed with broad gains on Friday and the major markets finished at record levels following a week filled with positive earnings surprises. "A lot of people thought this was supposed to be the quarter where earnings growth slowed down but most reports have been impressive," said Rick Pendergraft, chief investment analyst at Investor's Daily Edge.
Germany's SAP met analysts' forecasts for sales of new software licenses but missed expectations for earnings after a difficult first quarter in which it lost a top manager and faced a lawsuit from a rival.
SAP's head of software products, Shai Agassi, will resign because he was unwilling to wait to become the next chief executive, and sales chief Leo Apotheker was named deputy CEO, the company said on Wednesday.
The chief executive of SAP's TomorrowNow subsidiary, Andrew Nelson, defended the unit's business practices in his first public response to a recent lawsuit from rival Oracle, The Wall Street Journal reported.
Oracle sued SAP, on Thursday for "corporate theft on a grand scale," claiming its business software rival had stolen copyrighted software and other confidential materials.
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SAP warned that licenses for its corporate software packages, which are a leading indicator of growth, climbed 7% instead of the 9% previously expected for the quarter.
Software giant SAP missed market expectations and its own forecast for fourth-quarter license sales, as growth slowed in the United States, knocking its shares down more than 10%.
The Dow climbed to a new record and the Nasdaq finished at a six year high as falling oil prices drove buyers into consumer, health care and technology stocks.
Weak software sales and a tepid forecast for the current quarter drew attention away from an otherwise in-line earnings report.