FCX down 6.6% on Reuters copper-tariff doubt; ORCL beats Q1 estimates after 5.4% drop

Thursday's session ran on two tracks: a major-cap earnings night and a commodity reversal that erased weeks of positioning. The 10-year Treasury yield at 4.83%, WTI crude at $97.26, and the 30-year mortgage rate printing 6.76% sustained a macro backdrop that continues to limit rate-sensitive upside; the VIX at 16.5 suggests the options market is not in distress.

Oracle: intraday selloff, after-hours beat

$ORCL declined 5.4% during the regular session as analysts raised concentration-risk concerns about Oracle's dependence on a handful of hyperscaler clients. After the close, the company reported fiscal Q1 results: 30% revenue growth, a record cloud business, and top- and bottom-line beats. The stock moved higher in after-hours trading. The intraday decline and after-hours recovery measure how much caution the session had built in ahead of the print.

Adobe: record revenue, soft next-quarter guide

$ADBE posted record Q3 revenue of $6.76B and raised its full-year outlook. Investors sold the stock after hours when Q4 revenue guidance came in softer than analyst expectations. A raised full-year number was not enough to offset a below-consensus next-quarter projection.

Copper's tariff thesis hit a wall

$FCX fell 6.6% to $71.21 after a Reuters report cast doubt on White House copper tariffs — the thesis that had driven copper stocks to record highs. Teck Resources and Southern Copper each fell 7-8% in sympathy. The reversal's magnitude reflects how crowded the long-copper-tariff trade had become.

Broadcom: trajectory update

Since the desk's September 2 note on $AVGO's prior-quarter 86% revenue growth, the company has reported again: quarterly earnings more than doubled to $13.1B on continued AI-related demand. Direction is unchanged from that issue.

Semis under pressure; Apple bucked it

$INTC fell 5.6% after Piper Sandler launched coverage at Neutral, arguing that a roughly 4x run-up has already priced in future upside. $AMD fell 3.4%; one analyst reframed AMD's own $2 trillion AI market estimate as a market-share-conversion question rather than a market-size claim. $AMAT fell 3.2% with no clean catalyst attached. Against the semiconductor pressure, $AAPL gained 3.6% on the iPhone Duo debut — a foldable priced up to $3,200 that analysts broadly expect to sell despite the weight and price premium.

Williams and insider transactions

$WMB fell 3.1% on the same day Stifel reinstated Buy at $85; the driver is unclear from available context. On insider activity: $COIN director Marc Andreessen sold an additional $2.5M in shares — since the desk's September 3 note on a $1.79M transaction, cumulative disclosed selling now stands at $4.29M. $VST CFO Kristopher Moldovan sold $3.0M in company shares.

What we set aside

The filings desk was empty today — no substantive filings cleared the gate. One annual-meeting filing and seven stale disclosures were held back. $WELL was examined and produced nothing substantive.

The desk is watching Friday's open for Oracle's follow-through on its after-hours recovery, Adobe's reaction to its Q4 guide, and any further development in the copper-tariff story.