Traders work on the floor of the New York Stock Exchange, July 12, 2023.<\/p>\n
Brendan Mcdermid | Reuters<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Check out the companies making headlines in midday trading.<\/em><\/p>\n Oracle<\/a><\/span><\/span><\/span> \u2014 Shares dipped more than 12% a day after the software company\u00a0posted disappointing earnings and revenue guidance<\/a>\u00a0for its fiscal second quarter. Oracle’s revenue, which came in at $12.45 billion, was weaker than the $12.47 billion forecast by analysts. Its forward guidance of 5% to 7% revenue growth in the second quarter also fell short of the 8% implied growth expected by analysts polled by LSEG, formerly known as Refinitiv.<\/p>\n WestRock<\/a><\/span><\/span><\/span> \u2014 The stock rose 4.8% following news that the paper and packaging company will go through with a merger<\/a> with Smurfit Kappa. Shares of Smurfit Kappa<\/a> traded on the FTSE 100 tumbled 9.8%.<\/p>\n Apple<\/a><\/span><\/span><\/span> \u2014 Shares lost more than 1.3% during midday trading as the technology giant is expected to unveil a new iPhone at its launch event kicking off at 1 p.m. ET.<\/a><\/p>\n Casey’s General Stores<\/a><\/span><\/span><\/span> \u2014 The retailer added more than 11% on the heels of an earnings beat. The company reported an adjusted $4.52 per share on revenue of $3.87 billion. Analysts polled by FactSet forecast an adjusted $3.36 and $3.9 billion, respectively. Executives also reiterated forward guidance and forecast an increase to 2024 same-store sales by 3% to 5%.<\/p>\n Beauty Health<\/a><\/span><\/span><\/span> \u2014 The HydraFacial parent company’s shares surged 23.2% after it announced\u00a0<\/a>a cost-cutting program. The first phase of the program is forecast to generate $20 million in annualized cost savings during the first quarter of 2024. Beauty Health’s board of directors also authorized a $100 million share repurchase program.<\/p>\n Advance Auto Parts<\/a><\/span><\/span><\/span> \u2014 Shares fell 6.2% to a 12-year low after S&P Global downgraded the auto parts provider’s credit rating to BB+, the highest level of “junk,” or speculative, status, from BBB-.<\/p>\n CVS<\/a><\/span><\/span><\/span> \u2014 The drug store chain climbed 2% following an upgrade to outperform from peer perform by Wolfe. The firm said the business could inflect over the next six to 12 months.<\/p>\n Block<\/a><\/span><\/span><\/span> \u2014 Shares of the payments company jumped 1.5% after Baird reiterated an outperform<\/a> rating on the stock and designated shares as a bullish fresh pick. The Wall Street firm said shares may be oversold after the company experienced a temporary outage on its payment processor Square.<\/p>\n Cintas<\/a><\/span><\/span><\/span> \u2014 The stock gained 2.4% after Bank of America\u00a0upgraded<\/a>\u00a0Cintas to buy from neutral, calling the corporate apparel maker a “best-in-breed company” that can benefit as recession risks wane. The firm attributed the new rating to its growing confidence in a potential soft landing for the U.S. economy.<\/p>\n Geron<\/a><\/span><\/span><\/span> \u2014 Stock in the biotechnology firm added roughly 1% following an upgrade to buy from Goldman Sachs earlier Tuesday<\/a>. Analyst Corinne Jenkins noted optimism over recent U.S. Food and Drug Administration approval for myelodysplastic syndromes treatment imetelstat.<\/p>\n Exxon Mobil<\/a><\/span><\/span><\/span> \u2014 Shares of the energy giant rose more than 2% as the price of oil continued to climb<\/a>. Futures for U.S. benchmark West Texas Intermediate<\/a><\/span><\/span><\/span> crude hit their highest level since November. Elsewhere, Morgan Stanley reiterated<\/a> its overweight call on Exxon, saying the company was a top pick in its category.<\/p>\n \u2014 CNBC’s Yun Li, Samantha Subin, Hakyung Kim, Lisa Kailai Han, Jesse Pound, Pia Singh and Brian Evans contributed reporting.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n Source: www.cnbc.com<\/p>\n","protected":false},"excerpt":{"rendered":" Traders work on the floor of the New York Stock Exchange, July 12, 2023. Brendan Mcdermid | Reuters Check out the companies making headlines in midday trading. Oracle \u2014 Shares dipped more than 12% a day after the software company\u00a0posted disappointing earnings and revenue guidance\u00a0for its fiscal second quarter. Oracle’s revenue, which came in at…<\/p>\n","protected":false},"author":1,"featured_media":48502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[78],"tags":[],"class_list":["post-48501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\n