Solved! How to rotate a text box or shape in Preview

I read (and interpreted) the Preview Help doc carefully, which says:

• Rotate a shape: Select the shape and place the pointer over it, place your thumb and a finger on the trackpad, then pivot them around each other as if you’re turning a jar lid. You can even Shift-click to select multiple shapes and rotate them together.

The trick is to move BOTH of your fingers! Using thumb and index finger, I moved BOTH at the same time, without the Command key. Rotates the shape or text box to any angle.

The "jar lid" analogy is the key. You must move BOTH FINGERS simultaneously!