WEBVTT - Pfizer Reports; Apple and Palantir Drop

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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 1>Let's take a look at some stocks on the move today.

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<v Speaker 1>I'm Nathan Hager, joined by Bloomberg's Dan Curtis on another

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<v Speaker 1>big earnings morning for Big Pharma. We heard from Pfizer

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<v Speaker 1>this morning. How'd they do, Dan? Good morning.

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<v Speaker 3>Good morning.

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<v Speaker 1>Markets are taking a bit of a mixed picture.

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<v Speaker 3>Right now, the shares are down about 0.2% in the

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<v Speaker 3>pre-market under ticker PFE. So Pfizer, the company, raising its

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<v Speaker 3>full-year outlook. That comes after the top and bottom line

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<v Speaker 3>3Q figures. Looking for some of the causes of that weakness.

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<v Speaker 3>Pardon me, it's early, so I'm going to try and

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<v Speaker 3>say this properly, but it's pneumococcal vaccine in part of

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<v Speaker 3>the Prevnar family. That drug line seems to come out

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<v Speaker 3>below estimates. It's one of its larger revenue drivers. could

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<v Speaker 3>be accounting for some of the weakness. But in general,

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<v Speaker 3>most of their product lines did come out and beat estimates.

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<v Speaker 3>The company has been looking to grow demand for its

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<v Speaker 3>newer medicines to help offset declining sales of its COVID

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<v Speaker 3>products as we get further away from that event. And

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<v Speaker 3>they also noted, in terms of executive appointments, Cecile Guigan

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<v Speaker 3>is CFO. She had been filling in on an interim basis.

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<v Speaker 3>It looks like they made it permanent officially this morning.

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<v Speaker 2>Okay.

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<v Speaker 1>Along with Pfizer, we also got results from Apollo Global Management.

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<v Speaker 1>How's that looking?

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<v Speaker 3>Markets taking this one in stride as well. The shares

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<v Speaker 3>are basically where they were at the close of yesterday.

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<v Speaker 3>The company itself announced assets under management of $ 1. 06 trillion,

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<v Speaker 3>absolutely massive numbers that we're talking about. That met estimates.

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<v Speaker 3>Adjusted net income slipped almost 5% to $ 1. 3 billion. The

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<v Speaker 3>firm's roughly $ 23 billion private equity flagship fund posted a

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<v Speaker 3>loss of 2.6% in the quarter. This is something that

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<v Speaker 3>everyone's been closely watching because the company has been lending

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<v Speaker 3>and involved in so many AI spaces. And part of

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<v Speaker 3>that did help boost lending. So new lending was a

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<v Speaker 3>record for the third quarter. They boosted fees and margins

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<v Speaker 3>amid the growing turbulence in global debt markets. So this

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<v Speaker 3>AI theme really playing out in the earnings. But that said,

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<v Speaker 3>the stock is taking this very much in stride.

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<v Speaker 1>Talking of the AI theme, let's get to some of

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<v Speaker 1>the companies in the tech space that reported results after

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<v Speaker 1>the close. We heard from Apple. This seems like a

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<v Speaker 1>not good enough quarter. Is that right, Dan?

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<v Speaker 3>Yeah, not good enough. So they predict that they will

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<v Speaker 3>be selling a good amount. They see 7% to 10%

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<v Speaker 3>revenue growth during the holiday season. That is above estimates.

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<v Speaker 3>But the not good enough factor comes in with margins,

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<v Speaker 3>where the company says that the amount of money that

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<v Speaker 3>they retain will be thinner as component costs rise. This

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<v Speaker 3>is something that This company, the market in general, has

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<v Speaker 3>been talking about higher memory costs, and Apple itself even

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<v Speaker 3>raised prices to deal with it. So for the fiscal

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<v Speaker 3>fourth quarter, which was reported, iPhone revenue hit nearly $ 58 billion.

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<v Speaker 3>That's the highest ever for that specific period of any years.

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<v Speaker 3>Also an all-time sales record in India. So there were

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<v Speaker 3>some green spots, but the margin outlook seems to be

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<v Speaker 3>weighing on this company.

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<v Speaker 1>Even bigger weight on Palantir after their results, Dan.

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<v Speaker 3>Yeah, down 8%. And this is a company that has

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<v Speaker 3>really been around the whole AI-powered data and analytics space.

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<v Speaker 3>And their guidance is pointing towards 15% growth in the

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<v Speaker 3>current quarter. That's measured from the last. And that would

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<v Speaker 3>be a slowdown, one of the slowest growths in a

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<v Speaker 3>while for the company. Shares taking that on the chin. Also, too,

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<v Speaker 3>to that slowdown point, the company's remaining performance obligations, essentially

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<v Speaker 3>contracted revenue that hasn't been delivered, was over a billion

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<v Speaker 3>dollars below estimates as of the end of that quarter.

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<v Speaker 3>And the company added 41 new customers. Consensus was over 60.

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<v Speaker 3>So company is pointing towards and some of these numbers

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<v Speaker 3>are pointing towards a slowdown in the outlook.

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<v Speaker 2>The Stock Movers Report from Bloomberg Radio. Check back with

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