Stocks making the biggest moves midday: Oracle, WestRock, Apple, Advance Auto Parts and more

cnbc.com:

Check out the companies making headlines in midday trading.

Oracle — Shares dipped more than 12% a day after the software company posted disappointing earnings and revenue guidance for its fiscal second quarter. Oracle's revenue, which came in at $12.45 billion, was weaker than the $12.47 billion forecast by analysts. Its forward guidance of 5% to 7% revenue growth in the second quarter also fell short of the 8% implied growth expected by analysts polled by LSEG, formerly known as Refinitiv.

WestRock — The stock rose 4.8% following news that the paper and packaging company will go through with a merger with Smurfit Kappa. Shares of Smurfit Kappa traded on the FTSE 100 tumbled 9.8%.

Apple — Shares lost more than 1.3% during midday trading as the technology giant is expected to unveil a new iPhone at its launch event kicking off at 1 p.m. ET.

Casey's General Stores — The retailer added more than 11% on the heels of an earnings beat. The company reported an adjusted $4.52 per share on revenue of $3.87 billion. Analysts polled by FactSet forecast an adjusted $3.36 and $3.9 billion, respectively. Executives also reiterated forward guidance and forecast an increase to 2024 same-store sales by 3% to 5%.

Beauty Health — The HydraFacial parent company's shares surged 23.2% after it announced a cost-cutting program. The first phase of the program is forecast to generate $20 million in annualized cost savings during the first quarter of 2024. Beauty Health's board of directors also authorized a $100 million share repurchase program.

Advance Auto Parts — Shares fell 6.2% to a 12-year low after S&P Global downgraded the auto parts provider's credit rating to BB+, the highest level of «junk,» or speculative, status, from BBB-.

CVS —