Oracle stock took a dive as investors focused on disappointing financial forecasts from management, rather than data showing a healthy backlog of unbooked revenue. Late Tuesday morning, Oracle stock was down 4.

Shares of Oracle ( ORCL -3.10%) are sliding on Tuesday. The stock lost 3.2% as of 2:45 p.m. ET today and was down as much as 7.5% earlier in the day. The drop comes as the S&P 500 declined 0.5% and the Nasdaq Composite gained 0.2%.

Oracle Corp. regaled Wall Street on Monday with talk about the future, enormous demand and some very large cloud-services contracts, but its stock continued a downward trend over concerns about growing costs associated with building out more data centers.

Oracle also projected adjusted earnings of $1.61 to $1.65 per share, falling short of the $1.79 per share that analysts had anticipated. Beyond the impact of earnings, this is a concerning period for the broader markets,