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: Let's take a look at some stocks on the move today.
Speaker 3: I'm Nathan Hager, joined by Bloomberg's Isabelle Lee. Starting off
Speaker 3: with the stock getting top billing for all the wrong reasons.
Speaker 3: Broadcom is sinking pre market some earnings disappointment that might
Speaker 3: not sum it up, Isabelle, good morning.
Speaker 1: Good morning.
Speaker 4: It's sinking definitely if I'm looking at my screen correctly,
Speaker 4: it's down by nearly fifteen percent. And again it's always
Speaker 4: because of the outlook. They gave an underwhelming outlook given
Speaker 4: the chip industries AI related demand is probably waning, so
Speaker 4: this is a signal that efforts to gain around the
Speaker 4: burgeoning industry is really going more slowly than anticipated. So
Speaker 4: they expected revenue for aasmicconductor to be sixteen billion in
Speaker 4: the fiscal third quarter. Analysts predicted seventeen keen point two
Speaker 4: billion on average. The forecast also fell short of estimates.
Speaker 4: They had fifty seven point six billion, which again is
Speaker 4: below what analysts projected. So I mean it's really an
Speaker 4: interesting story. And don't forget that Broadcom is also trying
Speaker 4: to pivot to AI and it's against really outsized investor expectations.
Speaker 4: It makes you think that do they even stand a chance?
Speaker 4: But I guess you know you have to try.
Speaker 3: Yeah, really Well, right behind it is crowd Strike following
Speaker 3: their results. That's a pretty big drop as.
Speaker 4: Well, big drop as well, down nearly eleven percent in
Speaker 4: pre market trade. This is a security software company. They
Speaker 4: reported first quarter results and they gave an outlook. So
Speaker 4: the results beat expectations. The fullier forecast raised on key metrics,
Speaker 4: but the report wasn't strong enough to extend the recent strength,
Speaker 4: which is why you see this huge pummeling downwards. But interestingly,
Speaker 4: we have Susquehanna raising their price target from four hundred
Speaker 4: and seventy five to eight hundred, so that's almost double.
Speaker 4: Scotia Bank also raised their price target from four hundred
Speaker 4: and seventy five to eight hundred five, so that to
Speaker 4: me was a little interesting. Why we're seeing that, but
Speaker 4: I guess they just believe that the stock has more
Speaker 4: to run from here on out.
Speaker 3: Okay, Well, moving from the tech names to some other
Speaker 3: companies that reported earnings The downward trend continues for Pedco,
Speaker 3: living up to its ticker symbol.
Speaker 4: This morning, I love the ticker well, I know they
Speaker 4: really won big on that one. So stock is down
Speaker 4: also a negative twelve percent. I've been giving you double
Speaker 4: digit losses this morning, but we're still optimistic. So this
Speaker 4: is a path health and wellness company. The second quarter
Speaker 4: adjusted EBITDA forecast came in below estimates, so you see
Speaker 4: shares obviously following the company's second quarter forecasts fellow below estimates,
Speaker 4: outwing a better than expected first quarter. So this is
Speaker 4: a San Diego based company. I don't know why that
Speaker 4: fact is relevant, but I just ran out there, okay,
Speaker 4: and adjusted EBIT quarter reach ninety seven zero point three
Speaker 4: million dollars, which is at least slightly above analy's estimates
Speaker 4: of ninety million dollars.
Speaker 3: You've got a trend going here is about double digit losses.
Speaker 3: That includes five below after their earnings.
Speaker 4: I know I brought I wanted to bring down stock,
Speaker 4: so I'm kidding. Actually are the biggest movers.
Speaker 2: Yeah.
Speaker 1: Five below ticker is hold on, I have it here.
Speaker 4: Five another under ticker if Ive down by nearly eleven percent.
Speaker 1: This is a discount retailer.
Speaker 4: If that isn't obvious, I guess everything there is below
Speaker 4: five dollars.
Speaker 1: They're reporting first quarter results that.
Speaker 4: Meat expectations, and they boosted a full year guidance, but
Speaker 4: still it's the guidance. They signaled caution over consumers in
Speaker 4: the months ahead. We hear this all the time. The
Speaker 4: K shape economy, the top K. There was an interesting
Speaker 4: note yesterday that it's splintering, so that's also one thing
Speaker 4: we should unpack.
Speaker 1: But the lower K. We know that the lower K
Speaker 1: has been struggling, so you see that with five below.
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