Analyst Chuck Phillips commented on the software company's Q3 ending Feb. 28, saying its applications division is doing well. He notes the high expectations for a new product, which Oracle is using internally. However, he cut the growth forecast for the company's database-license revenue because of last year's dot-com exposure. He maintained his EPS estimates. Phillips doesn't expect breakout results in Q3, but anticipates acceleration in Q4. He maintained his strong buy rating on the shares.