Options Market Statistics: Oracle Stock Suffers Steepest Drop Since 2002 on Weak Revenue Guidance, Options Pop

Apple held its annual iPhone launch event Tuesday at Apple Park, the company's headquarters in Cupertino, California. The company announced the iPhone 15 and iPhone 15 Plus, complete with USB-C charging, starting at $799. It also unveiled the iPhone 15 Pro and Pro Max, starting at $999. Another key announcement was the brand-new Apple Watch, made with 95% titanium and with 72 hours of battery life, as well as updated AirPods with USB-C.

Oracle shares plummeted over 13% on Tuesday, their steepest drop in over two decades, after the software maker reported disappointing revenue and issued weaker-than-expected guidance. The last time the stock had a steeper percentage drop was a 15% decline in March 2002, at the tail end of the dot-com bust.

The plunge on Tuesday resulted in Oracle Chair Larry Ellison losing roughly $18 billion in wealth. Ellison is the world's fourth-richest person, with a net worth of $140.6 billion, according to Forbes, just behind Amazon founder Jeff Bezos and ahead of Warren Buffett.

While Oracle's earnings topped estimates, the company reported fiscal first-quarter revenue of $12.45 billion, falling short of the $12.47 billion average analyst estimate, according to LSEG. For the current quarter, Oracle said revenue will increase 5% to 7%, falling short of the 8% average analyst estimate.

Alastair Borthwick, Bank of America's CFO, expects the investment banking(lB) fees to remain subdued for the entire banking sector in Q3. However, on a positive note, Borthwick anticipates Bank of America to fare better than the broader industry and report alower decline.