Traders work on the floor of the New York Stock Exchange, July 12, 2023.
Brendan Mcdermid | Reuters
Discover the latest trending companies during midday trading.
Oracle witnessed a 13.5% decline following disappointing earnings and revenue projections for the second quarter. Analysts expected Oracle’s revenue to reach $12.47 billion, but it fell short at $12.45 billion. Additionally, the company’s forward guidance of 5% to 7% revenue growth did not meet the analysts’ expectations of 8% growth implied by LSEG, formerly known as Refinitiv.
WestRock gained 2.8% after confirming its merger with Smurfit Kappa. However, shares of Smurfit Kappa on the FTSE 100 dropped 9.8%.
Apple experienced a decrease of over 1.8% during midday trading ahead of its launch event, where it is expected to unveil a new iPhone at 1 p.m. ET.
Casey’s General Stores surged by 11.2% after exceeding earnings expectations. The retailer reported adjusted earnings per share of $4.52 on revenue of $3.87 billion, beating analysts’ forecasts of $3.36 and $3.9 billion, respectively. Additionally, the company provided positive forward guidance, projecting a 3% to 5% increase in same-store sales by 2024.
Beauty Health saw its shares soar by 23.6% following the announcement of a cost-cutting program. This program is expected to generate $20 million in annualized cost savings during the first quarter of 2024. Furthermore, Beauty Health’s board of directors authorized a $100 million share repurchase program.
Advance Auto Parts dropped 8.1% to its lowest level in 12 years after S&P Global downgraded the company’s credit rating to BB+, indicating a “junk” or speculative status, from BBB-.
CVS rose 2.6% after being upgraded to outperform from peer perform by Wolfe. The firm expressed optimism that the business could improve within the next six to 12 months.
Block saw a 0.7% increase in shares after Baird reiterated an outperform rating and designated the shares as a bullish fresh pick. Baird stated that the shares may have been oversold due to a temporary outage on its payment processor Square.
Cintas gained 2.8% after Bank of America upgraded it to a buy from neutral rating. The apparel maker was referred to as a “best-in-breed company” by the bank, which believes it can benefit from a potential decrease in recession risks. Bank of America’s upgraded rating reflects their growing confidence in a soft landing for the U
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Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
