Defense Department to Terminate Contract with Oracle (ORCL) and

The U.S. Department of Defense is set to cancel a major contract with Leidos Holdings (LDOS, Financial) and Oracle (ORCL) as part of a cost-cutting initiative. The contract, involving Oracle’s cloud-based human resources software to oversee 900,000 civilian employees, is significantly over budget and behind schedule. Originally conceived to modernize the Pentagon’s HR systems, the project has exceeded expenses by 780% and is six years delayed. Following this decision, shares of Oracle and…