Here are some of the day’s biggest movers:
Stock gainers:
Shares of Warren Buffett’s Berkshire Hathaway Inc.
BRK.A,
were up 0.8% and on track for another record close that would boost the company’s market value to more than $800 billion for the first time.
Shares of convenience-store chain Casey’s General Stores Inc.
CASY,
were up 10% after first-quarter per-share profit and same-store sales inside its retail locations topped Wall Street’s estimates.
WestRock’s stock
WRK,
jumped 3.5% after the company agreed to merge with Smurfit
SKG,
in a deal the companies say is valued at $43.51 per WestRock share. The terms call for the Irish acquirer to hold 50.4% of the combined company. The bid is one Smurfit share plus $5 in cash for each WestRock share.
Zions Bancorp’s stock
ZION,
was up 7% to lead S&P 500 gainers. The bank was highlighted in a Wall Street Journal report about banks loading up on brokered deposits, an obscure product that is drawing regulatory scrutiny. Zions said it had $8.5 billion in such deposits at mid-year, up from almost none a year ago.
Endeavor Group Holdings Inc.’s stock
EDR,
was up 1.1% after it announced the closing of its UFC and WWE transaction, resulting in the launch of TKO Group Holdings Inc.
TKO,
in which Endeavor will hold a 49% stake. Jefferies said the move is positive in an environment where linear TV is losing share.
Macy’s Inc.’s stock
M,
rose 1.5% after the company named Olivier Bron as chief executive of its Bloomingdale’s department store chain, with an anticipated start date of early November. Bron was a longtime executive at Galeries Lafayette in Paris.
GoDaddy Inc.’s stock
GDDY,
rose 2.4% after activist investor Starboard Value LP said it sent a letter to the company urging it to consider “alternative value creation opportunities,” including a potential sale of the web-hosting company.
Stock decliners:
Oracle Corp. shares
ORCL,
dropped 12% to lead S&P 500 decliners after the cloud database company’s issued revenue outlook fell below Wall Street expectations.
Apple’s stock
AAPL,
fell 1.3% ahead of the presentation of its new iPhone. The stock has dropped 5% over the last five sessions on China concerns.
Canopy Growth Corp.’s stock
CGC,
WEED,
slid 13% in a pullback following two straight days of more than doubling. Cannabis stocks have reignited since the Department of Health and Human Services recommended reclassifying cannabis as a Schedule III drug.
Nvidia Corp.’s stock
NVDA,
moved between gains and losses and was at risk of a fifth straight loss, as the semiconductor maker and artificial-intelligence play tracked the weakness in the chip sector.
Shares of Orthofix Medical Inc.
OFIX,
fell 25% and were headed toward a 14-year low after the orthopedics company said it terminated Chief Executive Keith Valentine, Chief Financial Officer John Bostjancic and Chief Legal Officer Patrick Keran “for cause,” effective immediately.
Sight Sciences Inc.’s stock
SGHT,
tumbled 50% after the eyecare-technology company issued a revenue warning, saying it’s seen fewer Surgical Glaucoma new accounts in the third quarter amid reimbursement uncertainty.
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