Cloud Provider Falls 9%

By George Banko

September 12, 2023

Good Morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were lower on Tuesday as investors waited for Apple’s highly anticipated fall event. Plus, in other tech news, Arm CEO Rene Haas will be pitching investors on his business becoming much bigger thanks to Artificial Intelligence.

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Here’s a look at the top-moving stocks this morning.

Oracle Corporation (NYSE: ORCL)

Oracle is down 9.79% premarket after strong competition in the cloud-computing industry weakened outlook. The company was on track to lose about $30 billion in market value, based on its premarket share price of $115. CEO Safra Cruz also warned of near-term weakness in revenue growth at the Cerner health records business.

Our Head Trading Tactician Bryan Bottarelli got positioned on an overnight strangle on ORCL yesterday in The War Room.

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WestRock Company (NYSE: WRK)

WestRock is up 7.31% premarket after announcing a $20 billion merge with package giant Smurfit Kappa. The joining will create the world’s biggest packaging and materials company, in an era where e-commerce and online sales has created a surge in global demand for paper. Westrock shareholders will get around $43.51 per share for each of their holdings.

Casey’s General Stores, Inc. (Nasdaq: CASY)

Casey’s General Stores is up 5.66% premarket after it came out with quarterly earnings of $4.52 per share, beating the Zacks Consensus Estimate of $3.36 per share. This compares to earnings of $4.09 per share a year ago. Over the last four quarters, the company has surpassed consensus EPS estimates three times.