Shares in Oracle Corp rose by as much as 7.7 percent on Tuesday. The increase came a day after the company announced that it hired former Hewlett-Packard (HP) Chief Executive Officer Mark Hurd. Hurd, who resigned from HP due to a scandal, will join the company as president.

Hurd, who is a close friend of Oracle CEO Larry Ellison, will replace Charles Phillips, who resigned his post. Phillips was co-president of the company, working alongside Safra Catz, who remains in her position.

Hurd was responsible for reviving the business of HP by introducing cost cuts and pursuing large-scale acquisitions.

Since Hurd departed from HP on August 6 due to an investigation into sexual harrassment allegations, the company had seen its shares drop by 14 percent.

The company said that Hurd turned in inaccurate expense reports pertaining to Jodie Fisher, who worked as a marketing contractor for Hurd's office from 2007 to 2009.

Goldman Sachs included Oracle in its "conviction buy" list on Tuesday. Oracle's shares rose by 5.8 percent at $24.24 in morning Nasdaq trading after jumping by as high as $24.69.