Shares of Oracle (ORCL 2.08%) dropped Thursday morning, falling as much as 6.5%. Investors widely panned the results, sending Microsoft stock down more than 12%. In December, Oracle released the results that were greeted with a similar, chilly reception. The stock is now selling for about 31 times earnings, in line with its big tech peers. Given its vast backlog and lower valuation, Oracle stock is beginning to look intriguing.