US Defense Cost-Cutting Puts Oracle, Leidos Deals At Risk - Wall Street Pit

Oracle (ORCL) shares fell over 3% to $141.22 in early trading Friday as the U.S. Department of Defense canceled its $280 million over-budget HR software plan for 900,000 civilian employees, Bloomberg News reported.
The Pentagon’s cost-cutting move, driven by Trump and Elon Musk’s efficiency push, scrapped Oracle’s 2019 initiative and Leidos Holdings’ (LDOS) $75 million support contract from 2020, leaving both companies silent and Leidos shares down 2.2%.
Despite Oracle’s $16…