WEBVTT - Nvidia H20 Chips; BJ's Earnings; Workday Drops

0:00:02.520 --> 0:00:07.000
<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

0:00:08.560 --> 0:00:12.440
<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

0:00:12.480 --> 0:00:16.239
<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

0:00:16.640 --> 0:00:18.520
<v Speaker 1>Let's take a look at some stocks on the move today.

0:00:18.560 --> 0:00:23.079
<v Speaker 1>I'm Nathan Haker, joined by Bloomberg's Valerie Titel. A lot

0:00:23.120 --> 0:00:28.000
<v Speaker 1>of movement this morning for Nvidia following that information report.

0:00:28.120 --> 0:00:30.400
<v Speaker 1>Val how's the stock looking this morning?

0:00:30.440 --> 0:00:33.040
<v Speaker 3>Good morning at Navidia is in the pre market in

0:00:33.120 --> 0:00:35.600
<v Speaker 3>the red, down one point two percent on the back

0:00:35.680 --> 0:00:38.800
<v Speaker 3>of that report that it has told suppliers to halt

0:00:38.800 --> 0:00:41.920
<v Speaker 3>production of the company's H twenty chip. That H twenty

0:00:42.000 --> 0:00:45.440
<v Speaker 3>chip that was designed specifically for the Chinese market to

0:00:45.479 --> 0:00:49.080
<v Speaker 3>comply with Biden era controls. And this is according to

0:00:49.240 --> 0:00:53.400
<v Speaker 3>the information its cites unidentified sources that Navidia actually issued

0:00:53.440 --> 0:00:57.880
<v Speaker 3>these orders this week after Beijing has urged local firms

0:00:57.880 --> 0:01:01.680
<v Speaker 3>to avoid using the We've also seen some other stocks

0:01:01.680 --> 0:01:06.400
<v Speaker 3>in Navidia's supply chain trade week as well. TSMC traded

0:01:06.440 --> 0:01:09.120
<v Speaker 3>down one point three percent in Taiwan. This is the

0:01:09.160 --> 0:01:12.600
<v Speaker 3>main company that Navidia uses to fabricate their chips. On

0:01:12.640 --> 0:01:17.280
<v Speaker 3>the flip side, though China chip stocks traded quite positively overnight.

0:01:17.600 --> 0:01:20.240
<v Speaker 3>This could broadly be seen as a move by China

0:01:20.319 --> 0:01:22.920
<v Speaker 3>to protect its homegrown chip industry. We had the likes

0:01:22.920 --> 0:01:26.560
<v Speaker 3>of SMIC jump around seven percent and on the mainland

0:01:27.000 --> 0:01:29.840
<v Speaker 3>camber Con jump around fourteen percent, as well as some

0:01:29.880 --> 0:01:33.320
<v Speaker 3>other Asian ship stocks that are focused on the homegrown

0:01:33.400 --> 0:01:35.520
<v Speaker 3>Chinese market perform very well.

0:01:35.840 --> 0:01:39.160
<v Speaker 1>Yeah, so a lot of read through with the importance

0:01:39.160 --> 0:01:43.000
<v Speaker 1>for Nvidia to get into that Chinese market more deeply.

0:01:43.520 --> 0:01:46.560
<v Speaker 1>We're seeing a lot of stocks move as well on earnings.

0:01:46.600 --> 0:01:50.960
<v Speaker 1>Just got results from BJ's wholesale not being taken too

0:01:51.080 --> 0:01:53.160
<v Speaker 1>well by investors this morning.

0:01:53.200 --> 0:01:58.640
<v Speaker 3>Vow Yeah, BJ Hostel, this is the membership only warehouse retailer.

0:01:59.240 --> 0:02:02.600
<v Speaker 3>Disappointing mark when it came to comparable sales. Stock fell

0:02:02.640 --> 0:02:05.640
<v Speaker 3>as much as seven percent, Nathan, but it has since

0:02:05.680 --> 0:02:08.120
<v Speaker 3>paired those gains now just trading down one tenth of

0:02:08.160 --> 0:02:10.959
<v Speaker 3>one percent, and that's due to their guidance that came

0:02:10.960 --> 0:02:14.799
<v Speaker 3>out just after its tweaked it slightly higher, so that's

0:02:14.800 --> 0:02:17.760
<v Speaker 3>helping the stock recover now. It has been a big

0:02:17.800 --> 0:02:20.480
<v Speaker 3>week for retail earnings. It's really been a mixed picture.

0:02:20.880 --> 0:02:23.080
<v Speaker 3>We did have some positive news when it comes to

0:02:23.240 --> 0:02:26.680
<v Speaker 3>ross stores those stocks. That stock is trading up two

0:02:26.720 --> 0:02:30.400
<v Speaker 3>point three percent in pre market. The discount retailer, which

0:02:30.480 --> 0:02:34.880
<v Speaker 3>projected that inflation will push more consumers to seek its goods,

0:02:34.919 --> 0:02:38.000
<v Speaker 3>and that kind of projection seems like was welcomed by

0:02:38.160 --> 0:02:40.480
<v Speaker 3>the market. It said that same store sales will grow

0:02:40.720 --> 0:02:43.000
<v Speaker 3>to the tune of two percent to three percent a

0:02:43.080 --> 0:02:45.760
<v Speaker 3>quarter for the next two quarters, all based on those

0:02:46.639 --> 0:02:51.800
<v Speaker 3>US consumers trading down into discount products being more selective

0:02:51.840 --> 0:02:54.440
<v Speaker 3>about where they spend as they're nervous about prices climbing

0:02:54.520 --> 0:02:55.240
<v Speaker 3>due to terraffs.

0:02:55.440 --> 0:02:57.960
<v Speaker 1>Yeah, you mentioned the mixed picture that we are seeing

0:02:57.960 --> 0:02:59.760
<v Speaker 1>from retail. It's kind of looks the same way when

0:02:59.800 --> 0:03:02.840
<v Speaker 1>it comes to some of these software companies we're hearing

0:03:02.840 --> 0:03:03.480
<v Speaker 1>from as well.

0:03:04.360 --> 0:03:08.080
<v Speaker 3>Yeah, that's right. We did hear from the software company Workday.

0:03:08.520 --> 0:03:12.040
<v Speaker 3>This is the hr software company. Those shares are trading

0:03:12.080 --> 0:03:15.360
<v Speaker 3>down over five percent. They missed on gross profit, but

0:03:15.440 --> 0:03:19.239
<v Speaker 3>also quite interestingly made a second acquisition in the AI space.

0:03:19.320 --> 0:03:23.200
<v Speaker 3>They agreed to acquire Paradox to use aichips to help

0:03:23.240 --> 0:03:27.919
<v Speaker 3>help climates clients automate their hiring process. On the flip side,

0:03:27.960 --> 0:03:31.400
<v Speaker 3>a bit more positive pictures, Zoom Communications they gave a

0:03:31.480 --> 0:03:34.120
<v Speaker 3>strong forecast. The stock is up four point eight percent

0:03:34.200 --> 0:03:37.360
<v Speaker 3>in pre market. To say, their forecast did suggest that

0:03:37.400 --> 0:03:41.040
<v Speaker 3>customers are keen for its expanded suite of products, which

0:03:41.080 --> 0:03:45.200
<v Speaker 3>do include some new AI tools such as an AI assistant.

0:03:45.240 --> 0:03:47.160
<v Speaker 3>I thought that was funny, Nathan, that maybe next time

0:03:47.200 --> 0:03:49.040
<v Speaker 3>you call me up to speak to my assistant first.

0:03:50.400 --> 0:03:54.400
<v Speaker 2>The stock movers report from Bloomberg Radio. Check back with

0:03:54.520 --> 0:03:57.080
<v Speaker 2>us throughout the day for the latest roundup of companies

0:03:57.160 --> 0:04:01.120
<v Speaker 2>making news on Wall Street and for the latest moving headlines.

0:04:01.360 --> 0:04:05.360
<v Speaker 2>Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg

0:04:05.400 --> 0:04:08.480
<v Speaker 2>dot com, and on Applecarplay and Android Auto with the

0:04:08.520 --> 0:04:09.880
<v Speaker 2>Bloomberg Business app.