Stock Futures Fall After Wall Street’s Winning Day: Live Updates

Westrock Shares rose Tuesday morning on news that the paper and packaging company is moving forward with its merger with Europe’s Smurfit Kappa.

Shares of the US company rose 8.6% in pre-market trading following the announcement that the two companies will create a global giant valued at about $20 billion.

However, investors showed less confidence that the deal would be good for Smurfit Kappa, sending its shares down around 8% on the FTSE 100.

—Jeff Cox

Chinese real estate developer shares Country garden holdings jumped nearly 9% before paring gains.

It came after the company’s creditors reportedly voted to extend payments on six national bonds for three years.

Creditors on Monday voted in favor of proposals by the embattled company to extend payments on eight domestic bonds worth 10.8 billion yuan ($1.48 billion).

Reuters, citing two sourcesHe said creditors approved the extension of six of the eight bonds, while the other two bonds will see a vote delayed.

Chip designer Arm is reportedly “getting closer” to securing enough investor support to reach the fully diluted $54.5 billion valuation it is seeking in its initial public offering. Reuters reportedciting sources familiar with the matter.

This means Arm will likely be able to price the IPO “at or above” the range of $47 to $51 per share, according to the report.

Sources said Arm is also discussing the possibility of increasing the price range and seeking a valuation of more than $54.5 billion, in light of strong investor interest.

However, Arm will not offer any more shares, as SoftBank it wants to retain a 90.6% stake in Arm after the IPO, the sources said.

– Lim Hui Jie, Reuters

NvidiaThe “underrated” portfolio of generative AI products could mean a big upside to its stock despite its 8% drop so far this month, according to Bank of America.

“In part, NVDA’s compressed valuation already reflects investor concerns about the sustainability of genAI’s capex, geopolitical concerns (China restrictions), and (exaggerated) competitive risks from amd/INTC“said analyst Vivek Arya while listing the stock as one of the best options.

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—Lisa Kailai Han

A handful of stocks moved in extended trading after reporting earnings.

Oracle fell more than 9% after the bell after a mixed report for the first fiscal quarter. The company beat the expectations of analysts surveyed by LSEG for earnings per share by 4 cents, coming to $1.19 when adjusted. But revenue was slightly below consensus: Oracle posted $12.45 billion despite analysts anticipating $12.47 billion.

Meanwhile, the retailer Casey’s General Stores rose more than 3%. The retailer beat earnings expectations, posting $4.52 per share above a consensus estimate of $3.36 from analysts surveyed by FactSet. That diverted attention from revenue: The company reported $3.87 billion, while Wall Street expected $3.9 billion.

—Alex Harring

Stock futures were little changed after 6 p.m. ET. Futures linked to the Dow, S&P 500 and Nasdaq 100 traded nearly flat.

—Alex Harring