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: Stock's on the move today, we can do that. Paul
Speaker 2: swing alongside normal Linda. We're joined by Bloomberg's the Donna Hirich.
Speaker 2: She's processor reporter and team leader as a July for
Speaker 2: Bloomberg News. The Donna, thanks so much for joine yus.
Speaker 2: What are you looking at today?
Speaker 3: Yeah, thanks so much for having me. I'm looking as
Speaker 3: Charlie was at Chairs of Meta Platforms. That's ticker m
Speaker 3: E t A a ticker they actually got from an
Speaker 3: ETF company. Fun fact, really we all remember during the
Speaker 3: pandemic when they changed their ticker. There was this big
Speaker 3: project to start focusing on the metaverse. And now we
Speaker 3: have shares rising as much as five point seven worked on.
Speaker 2: The IPO and we part of the team that came
Speaker 2: up with the FB.
Speaker 1: How about That's good?
Speaker 3: It was a change revam, yes, but shares are up
Speaker 3: today following a Bloomberg report that the company is expected
Speaker 3: to meaningfully cut resources for building the so called metaverse,
Speaker 3: an effort that Mark Zuckerberg wants framed as the future
Speaker 3: of the company, and as Charlie said, the reason for
Speaker 3: changing its name, I.
Speaker 2: Don't get it. I mean, I think it's a shareholders saying, yeah,
Speaker 2: spend the money anywhere else but the metaverse. I think.
Speaker 4: Yeah. I fink if people were kind of thinking it
Speaker 4: was catchy the four letter name in Eta. But it
Speaker 4: seems as though with the metaverse not really working out,
Speaker 4: it starts to make me wonder.
Speaker 3: Once the last time anybody has talked about the metaverse.
Speaker 2: I think your cash flow. Actually more than one hundred
Speaker 2: percent of cash flow comes from Facebook.
Speaker 3: Okay, five below, five below that's ticker five shares up
Speaker 3: as much as three point five percent today, but flat
Speaker 3: right now as we're talking. And the company did raise
Speaker 3: its profit outlook for the third time in the fiscal year,
Speaker 3: lifted by demand for budget friendly goods, and so we
Speaker 3: know this is happening as US consumers sent is sort
Speaker 3: of waning amid high prices and a weaker labor market.
Speaker 3: The company sees comp sales rising about nine point four
Speaker 3: percent to ten point one percent in the physical year,
Speaker 3: and that's up from what it was previously saying would
Speaker 3: be about five to seven percent, so adjusted earnings per
Speaker 3: share now forecast to be higher than the previous guidance
Speaker 3: as well. And so this is really interesting to me
Speaker 3: because you know, it's interesting to see where consumers are
Speaker 3: actually flocking to what types of products they're buying. We
Speaker 3: also have at the same time today a peer a
Speaker 3: five below peer Dollar Tree ticker DLT are also reporting
Speaker 3: better than expected results and raising its outlook in its
Speaker 3: report this week, signaling that discountry jailers are seeing a
Speaker 3: rise and spending from really stretched consumers.
Speaker 4: Yeah, you're seeing everybody trading down, everyone looking for some
Speaker 4: sort of budget. So we are seeing shares of five
Speaker 4: below tick our five up about fifty six percent so
Speaker 4: far this year, so some really strong gains there. You're
Speaker 4: also looking at shares of Kroger right.
Speaker 3: That company shares are only up about one percent so
Speaker 3: far this year, really lagging the broader market. That's secret.
Speaker 3: K are shares down as much as eight percent today
Speaker 3: after it lowered the top end of its full year
Speaker 3: sales forecast, and that to analysts, suggesting that competition is
Speaker 3: intensifying among food sellers. For those discerning consumers we were
Speaker 3: just talking about, Kroger is the nation's largest supermarket operator,
Speaker 3: and it now sees comp sales growing between two percent
Speaker 3: to three percent minus fuel, versus previous guidance of two
Speaker 3: point seven percent to three point four percent increase. So again,
Speaker 3: going back to that consumer picture, what consumers are going toward,
Speaker 3: where they're shopping, and how they're spending their dollars.
Speaker 4: Do we even have some Kroger's up north here? I mean,
Speaker 4: I know we had a ton in Virginia, but have
Speaker 4: you guys been doing a Kurger?
Speaker 2: No, they're around here, not up here.
Speaker 3: But I'm waiting for Wegmans to open.
Speaker 1: Up closer to my That would be good.
Speaker 3: Not that.
Speaker 1: Absolutely you know what they're doing.
Speaker 2: I mean you go in there and you're just blown away. Yes,
Speaker 2: and there's so many people helping you. I don't know
Speaker 2: how they make money. I don't know how the I
Speaker 2: guess it's always.
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