Stock futures pointed lower Tuesday as Wall Street comes off its second-straight day of gains and investors prepare for the latest U.S. inflation readings.
These stocks were poised to make moves Tuesday:
Oracle
(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 9.7% in premarket trading, 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 rising 0.3% in premarket trading as the market’s most valuable company hosts its annual fall launch event on Tuesday. The event is expected to see the launch of the iPhone 15, new
Apple
Watches, and potentially new AirPods.
Tesla
(TSLA) declined 0.5%, 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 7.2% to $36.50 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 9.6%.
Acelyrin
(SLRN), the Los Angeles-based pharmaceutical company, tumbled 57% after the company disclosed that its skin drug candiate’s primary endpoint by week 16 of a Phase 2b/3 trial didn’t meet statistical significance.
Alphabet
(GOOGL) slipped 0.3% in premarket trading 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.
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 3.2%.
CVS Health
(CVS) was upgraded to Outperform from Peer Perform at Wolfe Research with a price target of $80. CVS shares rose 0.8% in premarket trading to $69.30.
Write to Joe Woelfel at [email protected]
Read the full article here
