Speaker 1: Bloomberg Audio Studios podcasts, radio News, The.
Speaker 2: Stock Movers podcast, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data on
Speaker 2: Jim Stenebeg.
Speaker 3: Along with Emily Grafail. Let's take a look at some
Speaker 3: stocks on the move today with us as Bloomberg News
Speaker 3: Equities reporter Alexandra Samonova. Alex no shortage of stocks making
Speaker 3: big moves. What's on your radar?
Speaker 1: Hey, guys, we have to start with Tesla. That stock
Speaker 1: down about seven percent right now. This is after Elon
Speaker 1: Musk said that he is creating a new political party.
Speaker 1: He is calling it the America Party, and we'll focus
Speaker 1: on House and Senate seats for the next twelve months.
Speaker 1: And needless to say, Tesla investors are not happy about this,
Speaker 1: once again him digressing his attention away from the company
Speaker 1: and toward his political endeavors. Not only is the stock sliding,
Speaker 1: but Musk's net worth actually dropped about seventeen billion dollars today.
Speaker 1: This is according to the Bloomberg Billionaires Index. And if
Speaker 1: this move hold, this will be the worst day for
Speaker 1: test lessons that very public fight between Trump and Elon
Speaker 1: Musk over the tax beell. Obviously, Musk has emerged as
Speaker 1: a big political spender in Leaster's election. That is something
Speaker 1: that has made investors incredibly disappointed. He's not focusing on
Speaker 1: the company. Dan Ives of Webbush Securities, who is of
Speaker 1: course a very vocal Testla Bowl today on Bloomberg Television,
Speaker 1: said that the board will have to get involved here
Speaker 1: and that Elon Musk is crossing a line in the
Speaker 1: sand here the board.
Speaker 3: Though it's not that critics have alleged that the board
Speaker 3: is not very independent. I mean his brother Kimball, I believe,
Speaker 3: is on the Tesla board, for example. There are other allies,
Speaker 3: and you know you haven't seen them necessarily speak out
Speaker 3: over his political activity in the past when he was
Speaker 3: so aligned with the president. Why would we hear from
Speaker 3: them now?
Speaker 1: Well, there is like we always talk about the Trump
Speaker 1: put or the Fed put, there's somewhat of a Musk
Speaker 1: put here too. When you have very vocal investors like
Speaker 1: Dan Ives coming out and talking about how disappointed they
Speaker 1: are by some of the actions he's taking, he eventually
Speaker 1: retreats on that. We've seen that in the past. That
Speaker 1: could happen again if the shares keep falling. Okay, what
Speaker 1: else are you watching? Some big moves here, maybe a
Speaker 1: name that wasn't as well known. Yeah, another company moving today,
Speaker 1: Core Weave, the cloud computing company. It is dropping nine
Speaker 1: billion dollars on the data center operator Core Scientific andk
Speaker 1: This is part of an effort to gain more direct
Speaker 1: control over the physical assets powering the AI boom. The
Speaker 1: acquisition will give Corey access to one gigawatt of data
Speaker 1: center capacity across the US. This of course will help
Speaker 1: eliminate least expenses, reduce costs, and it's going to help
Speaker 1: future proof its revenue growth. The deals expected to close
Speaker 1: in the fourth quarter of this year, pending, of course,
Speaker 1: all the regulatory approvals and cloud infrastructure providers more broadly
Speaker 1: are rushing to construct data centers to keep up with
Speaker 1: this incredible demands that we have an AI related work
Speaker 1: that's been fueling a wave of different deals. We of course,
Speaker 1: last week reported that Oracle and Open Ai shtop an
Speaker 1: agreement for data center capacity. Core We've has seen its
Speaker 1: stock price sore nearly three hundred percent since it's March IPO. Obviously,
Speaker 1: this is a testament that there is no shortage of appetite.
Speaker 3: For AI CRWV is a ticker for Core. We've Core,
Speaker 3: we even core Scientific. Okay, finally, Netflix a company you're
Speaker 3: watching today. What's going on?
Speaker 1: Yeah, that stock is down just a bit about five
Speaker 1: about point five sorry point five percent. Netflix got a
Speaker 1: downgrade to neutral from Seaport Global Securities. They cite valuation
Speaker 1: as a concern following really strong gads of course, from
Speaker 1: its April low. It's up about fifty percent from that
Speaker 1: the depths of the Tearff selloff. They said that plenty
Speaker 1: of long term opportunity is already baked into valuations and
Speaker 1: the company needs actual time to execute against very lofty
Speaker 1: expectations from investors. They also said that it has not
Speaker 1: grown its share in the US, and also the gap
Speaker 1: between Netflix and YouTube tv has widened, so a lot
Speaker 1: more people flocking to YouTube TV. Great, of course, comes
Speaker 1: ahead of its earnings on July seventeenth, very high Stakes
Speaker 1: earnings report. It is still up forty five percent on
Speaker 1: the earth.
Speaker 2: The Stockmovers podcast from Bloomberg Radio. Check back with us
Speaker 2: throughout the day for the latest roundup of companies making
Speaker 2: news on Wall Street and for the latest market moving headlines.
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