Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: The Stock Movers report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: I'm Carol Masser along with Tim Stanwick.
Speaker 4: Let's get to you some stocks on the move.
Speaker 3: For that, we're joined by Bloomberg News Equities reporter Jordan Fitzgerald
Speaker 3: here in studio.
Speaker 4: Where shall we begin. That's up to you, guys. No,
Speaker 4: it's up to you. I guess. I guess. Let's do
Speaker 4: the most salacious thing.
Speaker 5: First, pot stocks had quite the day. Trump did ease
Speaker 5: restrictions on cannabis, as was expected, and instead of boosting
Speaker 5: the group, it actually had the opposite effect. The MSOs
Speaker 5: Cannabis ETF fell about twenty seven percent today.
Speaker 4: I know that's the they initially rally exactly.
Speaker 5: So they had the worst day since last November today,
Speaker 5: But last Friday had their best day ever. The ETF
Speaker 5: was up fifty five percent. So I think it was
Speaker 5: a case of people adding a little high on their
Speaker 5: own spile a little too early.
Speaker 6: Hey, look at that.
Speaker 3: I was just waiting for it.
Speaker 4: I was just waiting for what exist. But even in today,
Speaker 4: what was it?
Speaker 6: Because it was it was priced in or was it
Speaker 6: because people think that legislation doesn't go far.
Speaker 4: Expecting this legislation for a while.
Speaker 6: I want the banking stuff too, exactly same making act.
Speaker 5: But we kind of got exactly what we were told
Speaker 5: we were going to get, not more, and who doesn't
Speaker 5: want more?
Speaker 3: I mean like Canopy takeer CGC was up Friday fifty
Speaker 3: four percent on the day and then today earlier because
Speaker 3: I was going to use it as gainers.
Speaker 5: I thought you were going to say you were going
Speaker 5: to use it as a product.
Speaker 3: No, no, but it was up twenty four percent in
Speaker 3: today's session and then it ended down about twelve percent.
Speaker 2: So you're right.
Speaker 3: It was quite a ride, right, And these happens when
Speaker 3: you get live. It's kind of quite a ride.
Speaker 4: Can I say that, I don't know. At the end
Speaker 4: of the day, all.
Speaker 6: Right, I'm going to move on because there's four that
Speaker 6: I want to get to. I want to I want
Speaker 6: to get to a couple in the after hours and
Speaker 6: Nike shares the results were good. We spoke to Punham
Speaker 6: guil Over at Bloomberg Intelligence, but we're seeing some selling
Speaker 6: in the after hours.
Speaker 5: Yes, So initially everyone saw these results thought they looked good,
Speaker 5: but belied some some more concerning troubles. There's still softness
Speaker 5: in that giant China market, and that really is an
Speaker 5: important one. Some of its legacy brands also aren't fair
Speaker 5: and well. Converse, for example, didn't post the strongest quarter.
Speaker 5: And it's been over a year now since Nike's had
Speaker 5: this new CEO who's promised to turn the company around.
Speaker 4: I know, time moves scratch. I canot believe it's been
Speaker 4: a year.
Speaker 3: It's wild.
Speaker 4: I believe it was last October.
Speaker 6: Yeah, it's kind of I think about it at the
Speaker 6: same time as like when Brian Nichol was announced at Starbucks.
Speaker 1: It's a big company that it's a big company, and
Speaker 1: it's a company that used to be quite cool, and
Speaker 1: I think people expected a lot from this turnaround, and
Speaker 1: maybe the market is asking has it been enough?
Speaker 4: Even if it looks good.
Speaker 3: Punham Goyle agreed with that. The things that they are
Speaker 3: doing and Elliott Hill, the president CEO, is doing is
Speaker 3: on target. It just takes a little bit of time.
Speaker 6: Okay. What about FedEx ticker FDx.
Speaker 4: FedEx opposite story.
Speaker 5: FedEx shares last I checked were up two and a
Speaker 5: half percent about in the post market, and FedEx narrowed
Speaker 5: it's full your EPs guidance to the upside and also
Speaker 5: posted a quarterly beat on profit. And that really comes
Speaker 5: from the fact that demand is improving. Yes, but FedEx
Speaker 5: has also managed you pretty definitely cut costs and write
Speaker 5: out these headwinds.
Speaker 2: Yes.
Speaker 3: Back up two and a half percent still in the aftermarket,
Speaker 3: So yeah, holding on to Ganz. We didn't talk about Micron.
Speaker 6: I saved it for last because it was the one
Speaker 6: that set the tone for the day's trade exactly.
Speaker 4: We can talk about the movers of the day without
Speaker 4: talking about Micron.
Speaker 5: Micron shares up ten percent, best day since April, since
Speaker 5: that Liberation Day craziness. And I think these results were
Speaker 5: really an important test for the market because Oracle disappointed,
Speaker 5: Broadcom disappointed, and so we needed one of these AI
Speaker 5: names to show us that this rally was justified for
Speaker 5: the broader market. And so that's why we had this today,
Speaker 5: because because traders could take a breath and say, Okay,
Speaker 5: we haven't been pumping up aytos for no reason, like
Speaker 5: there is still something to go on here.
Speaker 2: The stockmovers report from Bloomberg Radio check back with us
Speaker 2: throughout the day For the latest roundup of companies making
Speaker 2: news on Wall Street, and for the latest market moving headlines.
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