Stocks Pivot Lower as Oil Prices Hit 2023 Highs

Sentiment on Wall Street is taking a grim turn

Deputy Editor
Sep 12, 2023 at 12:04 PM
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Stocks are lower this afternoon, with sentiment waning after oil prices surged to their highest levels of 2023. The tech-heavy Nasdaq Composite (IXIC) is sinking as cloud stocks falter following Oracle's (ORCL) dismal quarterly revenue, while the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are also sitting firmly below breakeven.

Continue reading for more on today's market, including:

  • Analyst upgraded Cintas stock stock to "buy."
  • What's weighing on this alternative energy stock today.
  • Plus, M&A update; unpacking more retail earnings; and ORCL's fall from grace.

Midday Market Stats September 122023

Following news that the company will be acquired by J M Smucker, Hostess Brands Inc (NYSE:TWNK) stock is seeing an influx of bearish options activity. At last check, the equity is 0.7% lower to trade at $130.71, and over 1,720 puts have already been traded, volume that's three times the average intraday amount. The October 25 put is the most popular, with new positions being bought to open there. TWNK is up 49.2% in 2023.

Caseys General Stores Inc (NASDAQ:CASY) stock is gapping higher on the charts after a monstrous fiscal first-quarter win. The company announced profits of $4.52 per share, more than $1 above what analysts expected, but revenue was slightly below estimates. In response, the security was last seen up 11.2% at $266.26, one of the Nasdaq's best performers today, to add to a more than 20% year-over-year lead.

Oracle Corp (NYSE:ORCL) is near the bottom of the New York Stock Exchange (NYSE) today, last seen down 11.2% at $112.55. After nearing record highs before its fiscal first-quarter report, the stock is plummeting after a revenue miss and weaker-than-expected revenue guidance. On pace to snap a six-session win streak, ORCL is still up 45.9% over the last 12 months. 

ORCL Chart September 122023

 

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