Stocks making the biggest moves midday: Oracle, General Electric, Southwest Airlines and more

Finance
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An exterior view of the Oracle Field Office at Wilson Boulevard in Arlington, Virginia, October 18, 2019.
Tom Brenner | Reuters

Check out the companies making headlines in midday trading.

Oracle – The tech company’s shares slid more than 3% after Oracle’s first-quarter revenue missed expectations. The company reported sales of $9.73 billion, which was short of the $9.77 billion analysts surveyed by Refinitiv predicted. Oracle earned $1.03 per share on an adjusted basis during the period, which was ahead of the 97 cents the Street expected.

Angi — Shares of the home services marketplace jumped more than 7% after it reported its August metrics, which showed its revenue for the month jumped 21% jump from the previous year. Angi owns Angie’s List, HomeAdvisor and HomeStars, among other brands.

Casino stocks: Shares of Las Vegas Sands and Wynn Resorts – both of which operate in Macau – slid as investors fretted about tougher regulations. The Macau government will be starting a 45-day public consultation to review the gaming industry, according to a report from Reuters. Las Vegas Sands’ shares declined over 12%, while Wynn fell more than 11%.

Fox Corp. — The media firm’s shares fell 1.8% after news that the company finalized a deal to acquire celebrity news platform TMZ from AT&T’s WarnerMedia unit. The companies did not disclose terms of the deal, but The Wall Street Journal reported that TMZ is being valued at less than $50 million.

Herbalife Nutrition — Shares of the wellness supplement company dropped 15% after Herbalife lowered its guidance for the third quarter, citing softer-than-expected sales activity. The company now expects adjusted earnings per share of $1.00 to $1.20, which is 5 cents lower on each end than prior guidance.

Southwest Airlines — Airline stocks moved lower in midday trading as economic reopening names weakened. Southwest ticked 1.5% lower and Delta Air Lines lost 1.6%. United Airlines dropped 2%. Additionally, Southwest President Tom Nealon is retiring from the carrier effective immediately.  His departure comes three months after CEO Gary Kelly announced he would retire in January and named longtime Southwest executive Bob Jordan as his successor. 

General Electric — Stocks tied to the economic reopening fell in midday trading. General Electric led industrial shares into the red, dropping 2.7%.

SeaChange International — Shares of SeaChange rose 6.5% after reporting a smaller-than-expected quarterly loss. The video management solutions company lost 3 cents per share, smaller than the 9-cent loss anticipated by analysts. Revenue also topped expectations.

— with reporting from CNBC’s Pippa Stevens, Jesse Pound, Tanaya Macheel and Hannah Miao.

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