WEBVTT - Marijuana Stocks Fall, Micron Jumps, Lululemon Surges

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>The Stock Movers report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 3>I'm Carol Masser along with Tim Stanwick.

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<v Speaker 4>Let's get to you some stocks on the move.

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<v Speaker 3>For that, we're joined by Bloomberg News Equities reporter Jordan Fitzgerald

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<v Speaker 3>here in studio.

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<v Speaker 4>Where shall we begin. That's up to you, guys. No,

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<v Speaker 4>it's up to you. I guess. I guess. Let's do

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<v Speaker 4>the most salacious thing.

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<v Speaker 5>First, pot stocks had quite the day. Trump did ease

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<v Speaker 5>restrictions on cannabis, as was expected, and instead of boosting

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<v Speaker 5>the group, it actually had the opposite effect. The MSOs

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<v Speaker 5>Cannabis ETF fell about twenty seven percent today.

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<v Speaker 4>I know that's the they initially rally exactly.

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<v Speaker 5>So they had the worst day since last November today,

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<v Speaker 5>But last Friday had their best day ever. The ETF

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<v Speaker 5>was up fifty five percent. So I think it was

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<v Speaker 5>a case of people adding a little high on their

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<v Speaker 5>own spile a little too early.

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<v Speaker 6>Hey, look at that.

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<v Speaker 3>I was just waiting for it.

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<v Speaker 4>I was just waiting for what exist. But even in today,

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<v Speaker 4>what was it?

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<v Speaker 6>Because it was it was priced in or was it

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<v Speaker 6>because people think that legislation doesn't go far.

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<v Speaker 4>Expecting this legislation for a while.

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<v Speaker 6>I want the banking stuff too, exactly same making act.

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<v Speaker 5>But we kind of got exactly what we were told

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<v Speaker 5>we were going to get, not more, and who doesn't

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<v Speaker 5>want more?

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<v Speaker 3>I mean like Canopy takeer CGC was up Friday fifty

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<v Speaker 3>four percent on the day and then today earlier because

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<v Speaker 3>I was going to use it as gainers.

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<v Speaker 5>I thought you were going to say you were going

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<v Speaker 5>to use it as a product.

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<v Speaker 3>No, no, but it was up twenty four percent in

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<v Speaker 3>today's session and then it ended down about twelve percent.

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<v Speaker 2>So you're right.

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<v Speaker 3>It was quite a ride, right, And these happens when

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<v Speaker 3>you get live. It's kind of quite a ride.

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<v Speaker 4>Can I say that, I don't know. At the end

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<v Speaker 4>of the day, all.

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<v Speaker 6>Right, I'm going to move on because there's four that

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<v Speaker 6>I want to get to. I want to I want

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<v Speaker 6>to get to a couple in the after hours and

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<v Speaker 6>Nike shares the results were good. We spoke to Punham

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<v Speaker 6>guil Over at Bloomberg Intelligence, but we're seeing some selling

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<v Speaker 6>in the after hours.

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<v Speaker 5>Yes, So initially everyone saw these results thought they looked good,

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<v Speaker 5>but belied some some more concerning troubles. There's still softness

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<v Speaker 5>in that giant China market, and that really is an

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<v Speaker 5>important one. Some of its legacy brands also aren't fair

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<v Speaker 5>and well. Converse, for example, didn't post the strongest quarter.

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<v Speaker 5>And it's been over a year now since Nike's had

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<v Speaker 5>this new CEO who's promised to turn the company around.

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<v Speaker 4>I know, time moves scratch. I canot believe it's been

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<v Speaker 4>a year.

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<v Speaker 3>It's wild.

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<v Speaker 4>I believe it was last October.

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<v Speaker 6>Yeah, it's kind of I think about it at the

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<v Speaker 6>same time as like when Brian Nichol was announced at Starbucks.

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<v Speaker 1>It's a big company that it's a big company, and

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<v Speaker 1>it's a company that used to be quite cool, and

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<v Speaker 1>I think people expected a lot from this turnaround, and

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<v Speaker 1>maybe the market is asking has it been enough?

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<v Speaker 4>Even if it looks good.

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<v Speaker 3>Punham Goyle agreed with that. The things that they are

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<v Speaker 3>doing and Elliott Hill, the president CEO, is doing is

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<v Speaker 3>on target. It just takes a little bit of time.

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<v Speaker 6>Okay. What about FedEx ticker FDx.

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<v Speaker 4>FedEx opposite story.

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<v Speaker 5>FedEx shares last I checked were up two and a

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<v Speaker 5>half percent about in the post market, and FedEx narrowed

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<v Speaker 5>it's full your EPs guidance to the upside and also

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<v Speaker 5>posted a quarterly beat on profit. And that really comes

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<v Speaker 5>from the fact that demand is improving. Yes, but FedEx

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<v Speaker 5>has also managed you pretty definitely cut costs and write

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<v Speaker 5>out these headwinds.

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<v Speaker 2>Yes.

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<v Speaker 3>Back up two and a half percent still in the aftermarket,

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<v Speaker 3>So yeah, holding on to Ganz. We didn't talk about Micron.

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<v Speaker 6>I saved it for last because it was the one

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<v Speaker 6>that set the tone for the day's trade exactly.

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<v Speaker 4>We can talk about the movers of the day without

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<v Speaker 4>talking about Micron.

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<v Speaker 5>Micron shares up ten percent, best day since April, since

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<v Speaker 5>that Liberation Day craziness. And I think these results were

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<v Speaker 5>really an important test for the market because Oracle disappointed,

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<v Speaker 5>Broadcom disappointed, and so we needed one of these AI

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<v Speaker 5>names to show us that this rally was justified for

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<v Speaker 5>the broader market. And so that's why we had this today,

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<v Speaker 5>because because traders could take a breath and say, Okay,

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<v Speaker 5>we haven't been pumping up aytos for no reason, like

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<v Speaker 5>there is still something to go on here.

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<v Speaker 2>The stockmovers report from Bloomberg Radio check back with us

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