Stocks fell Tuesday as Wall Street turned its attention to
Apple’s
big iPhone event and U.S. inflation readings later this week.
These stocks were making moves Tuesday:
Oracle
(ticker: ORCL) reported fiscal first-quarter adjusted earnings that were slightly higher than expected and revenue in the period that was in line with estimates. The stock was falling 14% and was the worst performer in the
S&P 500,
however, after
Oracle
Chief Executive Safra Catz told analysts on a conference call that the software company expected second-quarter earnings of $1.30 to $1.34 a share on revenue growth of 5% to 7%, or $12.89 billion to $13.13 billion. Analysts had been forecasting earnings of $1.34 a share on revenue of $13.28 billion.
Apple
(AAPL) was falling 1.4% after the market’s most valuable company hosted its annual fall launch event on Tuesday, unveiling the iPhone 15 with a revamped design, the new high-end Apple Watch Ultra 2, and the Apple Watch Series 9.
Tesla
(TSLA) declined 1.7%, a day after shares of the electric-vehicle maker closed with a gain of 10% following an upgrade to the stock from widely followed autos analyst Adam Jonas of
Morgan Stanley.
WestRock
(WRK) jumped 3.5% to $35.26 after formally signing an agreement to be acquired by Dublin-based
Smurfit Kappa,
a deal that creates a paper and packaging company worth about $20 billion. Under the agreement, WestRock shareholders will get one new Smurfit WestRock share and $5 in cash, equivalent to $43.51 a share. Once the merger closes,
Smurfit Kappa
shareholders will own 50.4% of the combined business with WestRock owning the rest. Smurfit Kappa shares traded in London declined 9.8%.
Acelyrin
(SLRN), the Los Angeles-based pharmaceutical company, tumbled 58% after the company disclosed that its skin drug candidate’s primary endpoint by week 16 of a Phase 2b/3 trial didn’t meet statistical significance.
Advance Auto Parts
(AAP) fell 5.8% after S&P Global Ratings lowered its issuer-credit rating on the auto parts distributor to BB+ from BBB-, saying efforts made by the company to improve its inventory “have languished due to inconsistent execution.”
RTX
(RTX), the former Raytheon Technologies, dropped 2.5% after the aerospace and defense company was downgraded to Sector Perform from Outperform at RBC Capital and to Equal Weight from Overweight at
Barclays.
On Monday, RTX said it would take a charge in the third quarter of about $3 billion to reflect the costs of fixing a “rare condition in powder metal” used to make engine parts on its geared turbofan that power Airbus A320 jets.
GoDaddy
(GDDY) gained 2.4% after activist investor Starboard Value sent a letter to the web-services provider on Tuesday suggesting the company should “remain open-minded about alternative value creation opportunities,” including a potential sale.
Alphabet
(GOOGL) slipped 0.9% as the Justice Department’s long-anticipated antitrust case against Google, which accuses the company of illegally monopolizing the internet search market, begins Tuesday in Washington. The case is expected to last until mid-November.
Enphase Energy
(ENPH) gained 1.3% even after being downgraded to Hold from Buy at
Truist.
Casey’s General Stores
(CASY), the convenience-store operator, reported that same-store sales inside its retail locations during its fiscal first quarter rose 5.4%, topping analysts’ estimates. “Inside same-store sales were strong, driven by whole pizza pies and the successful launch of Casey’s Thin Crust Pizza,” the company said in a statement. Shares rose 10%.
Write to Joe Woelfel at [email protected]
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