Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report,
Speaker 1: your roundup of companies making moves in the stock market,
Speaker 1: harnessing the power of Bloomberg Data.
Speaker 2: I'm Alexis Christophers. Let's take a look now at some
Speaker 2: stocks on the move. Joining me for that is Carmen
Speaker 2: Reinikey Markets reporter at Bloomberg. So, Carmen, you brought three
Speaker 2: stocks along with you today. Let's start with a chip
Speaker 2: giant involved in the AI boom. That would be Broadcom.
Speaker 3: Yeah, so huge earning story here today. This is ticker
Speaker 3: AVGO for Broadcom shares our down about six percent right
Speaker 3: now and after hours trading. Basically, what happened here is
Speaker 3: that the outlook failed to hit the high standard that
Speaker 3: investors had for this company, especially after the stock has
Speaker 3: had such an amazing rally over the last three months.
Speaker 3: It closed near a record high today when stay and
Speaker 3: was up more than I think more than sixty percent
Speaker 3: from sort of a March thirtieth trough. So selling off
Speaker 3: a little bit in after hours. The call is starting
Speaker 3: here in a few minutes, so we'll we'll be watching
Speaker 3: for that. It's actually now down almost ten percent on
Speaker 3: these earnings.
Speaker 2: Now I mean Broadcom though, has really been on a tear.
Speaker 2: As you said, it added about two hundred and seventy
Speaker 2: billion dollars in market value over the last few trading
Speaker 2: sessions ahead of the earnings report. So so this drop
Speaker 2: that we're seeing in the after hours, while it might
Speaker 2: see my popping at first, really is a kind of
Speaker 2: a you know, a drop in the bucket compared to
Speaker 2: how high Broadcom has has rallied recently. I want to
Speaker 2: move on to Oh, crowd Strike also out after the
Speaker 2: closing bell with an earnings report that I guess didn't
Speaker 2: really sit too well with investors.
Speaker 3: Yeah. So similarly, crowd Strike and some of its other
Speaker 3: cybersecurity piers have had a really extended rally up into
Speaker 3: these earnings reports. So this is ticker see r WD.
Speaker 3: It's down ten percent in after hours trading right now,
Speaker 3: and its projection for second quarter revenue is also sort
Speaker 3: of failing to impress investors here. They said that the
Speaker 3: revenue will be between one hundred and forty three billion
Speaker 3: and one hundred and forty four billion in the second quarter,
Speaker 3: which is roughly in line with what analysts were expecting,
Speaker 3: but the expectations are so high for these companies that
Speaker 3: have had these rallies that we know that it's you
Speaker 3: can't just meet the expectations. You can't even just beat.
Speaker 3: You have to really beat usually to get investors excited
Speaker 3: at this point.
Speaker 2: Yeah, you have to really beat. And speaking of beating
Speaker 2: or not, your next stock has one of my favorite
Speaker 2: ticker symbols of all time. Woof right is for Petco.
Speaker 2: What did they have to say after the close?
Speaker 3: Yeah, so Petco is down about twelve percent. It also
Speaker 3: had earnings today fell a little bit short of investor expectations,
Speaker 3: especially on its second quarter profit forecast. So interesting thing also,
Speaker 3: I think to point out about Petco, the stock had
Speaker 3: been up about eight percent this year through today's close,
Speaker 3: and if it stays trading at the current level, it's
Speaker 3: set to pretty much wipe out that entire year to
Speaker 3: date gain a lot of it. We've seen some choppiness
Speaker 3: in a lot of these consumer stocks, especially ones that
Speaker 3: are more discretionary, and so wouldn't be surprising, I guess,
Speaker 3: to see more volatility ahead here.
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