Oracle reports Q1 beat, EU says Apple must pay: Morning Buzz

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Oracle (ORCL) reported upbeat Q1 results, with Cloud Revenue up 21% year-over-year
• Analysts had somewhat lukewarm reactions to Apple’s (AAPL) showcase on Monday, with Bernstein calling the AI demo “somewhat underwhelming” and JPMorgan saying the event offered limited surprises
• The European Union’s Court of Justice ruled against Apple in a EUR13B Ireland tax case, as the Court also upheld a EUR2.4B fine on Google (GOOGL)
• Federal Reserve Vice Chair for Supervision Michael Barr said that (SONY) unveiled its upgraded PlayStation 5 Pro console, which will retail at $699.99 and launch this November

2. WALL STREET CALLS:

• Costco (COST) downgraded to Neutral from Buy at Redburn Atlantic
• Alphabet (GOOGL) initiated with neutral view at DA Davidson
• Dell Technologies (DELL) initiated with a Neutral at Susquehanna on AI uncertainties
• Meta Platforms (META) initiated with bullish view at DA Davidson
• JMP Securities upgraded Oracle (ORCL) to Outperform after the company reported better than expected fiscal Q1 results

3. AROUND THE WEB:

• The FTC has informed Seven & I (SVNDF) of its intention to probe the Couche-Tard (ANCTF) deal, Reuters says
• Norfolk Southern (NSC) CEO Alan Shaw is expected to leave the company as soon as this week, WSJ says
• Honda (HMC) is cutting its workforce at its second joint venture in China, Nikkei Asia says
• Amazon (AMZN) and Uber (UBER) are in the running for French start-up Livmed’s, l’Informe reports
• AJ Investments is urging Ubisoft (UBSFY) to go private, WSJ reports

4. MOVERS:

• Terns Pharmaceuticals (TERN) gains after announcing a $125M stock offering
• Centessa (CNTA) higher in New York after announcing interim data from ongoing Phase 1 trial of ORX750
• Viridian Therapeutics (VRDN) increases after announcing data from THRIVE trial of VRDN-001
• Ionis Pharmaceuticals (IONS) lower after announcing a $500M stock offering
• Relay Therapeutics (RLAY) falls after announcing a $200M stock offering

5. EARNINGS/GUIDANCE:

• Boot Barn (BOOT) reported August same-store sales are up 6%
• Mission Produce (AVO) reported Q3 results, with CEO Steve Barnard commenting, “We are pleased to report another quarter of strong financial performance”
• Rubrik (RBRK) reported Q2 results and raised its guidance for FY25
• Cognyte (CGNT) reported Q2 results, with CEO Elad Sharon commenting, “We delivered strong second-quarter results”
• Academy Sports (ASO) reported Q2 results and provided guidance for FY24

INDEXES:

Near midday, the Dow was down 356.73, or 0.87%, to 40,472.86, the Nasdaq was down 59.11, or 0.35%, to 16,825.50, and the S&P 500 was down 23.08, or 0.42%, to 5,447.97.