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Stocks making the biggest moves midday: Oracle, WestRock, Apple, Advance Auto Parts and more

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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.

Oracleposted disappointing earnings and revenue guidance for 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.

WestRockgo through with a merger with Smurfit Kappa. Shares of Smurfit Kappa traded on the FTSE 100 tumbled 9.8%.

Applelaunch event kicking off at 1 p.m. ET.

Casey’s General Stores

Beauty Healthannounced 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.

Advance Auto Parts

CVS

Blockreiterated an outperform 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.

Cintasupgraded Cintas 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.

Geronfollowing an upgrade to buy from Goldman Sachs earlier Tuesday. Analyst Corinne Jenkins noted optimism over recent U.S. Food and Drug Administration approval for myelodysplastic syndromes treatment imetelstat.

Exxon Mobilprice of oil continued to climb. Futures for U.S. benchmark West Texas Intermediatereiterated its overweight call on Exxon, saying the company was a top pick in its category.

— CNBC’s Yun Li, Samantha Subin, Hakyung Kim, Lisa Kailai Han, Jesse Pound, Pia Singh and Brian Evans contributed reporting.

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