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Speaker 1: Bloomberg Audio Studios podcasts, Radio News, The.

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Speaker 2: Stock Movers podcast, your roundup of companies making moves in

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Speaker 2: the stock market, harnessing the power of Bloomberg Data.

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Speaker 1: Let's take a look at some stocks on the move

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Speaker 1: this past week. Bloomberg News Crossous that reported Deniza Sakova

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Speaker 1: on the week's stock movers, and we got to talk

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Speaker 1: about Tesla.

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Speaker 3: It moved around a bunch.

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Speaker 4: Yeah, we have to talk about Tesla. It was down

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Speaker 4: nine percent on the week, and Friday really was a

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Speaker 4: really tough end of a very tough week. We had

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Speaker 4: JP Morgan, one of the most bearish analysts on Tesla,

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Speaker 4: further reducing their estimates for the company earnings. They're of

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Speaker 4: course citing that report we got on Car on car

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Speaker 4: buying recently.

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Speaker 5: And the backlash against Ewan Musk.

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Speaker 4: Of course, on top of that, we have the broader

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Speaker 4: market salf putting pressure on all text sooks. On Magnificent

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Speaker 4: and seven we had done Nastak one hundred full into correction,

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Speaker 4: and later in the day we had even more bad

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Speaker 4: news from Tesla. As their vice president of software engineering

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Speaker 4: and one of the key people of the company, he's

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Speaker 4: been there for like thirteen years and you know, he's

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Speaker 4: been one of the people who has been all those

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Speaker 4: presentations together with Ellen Musk, and he's leaving the company,

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Speaker 4: so perhaps that's adding more pressure. The stock is down

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Speaker 4: forty percent here today, Yeah.

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Speaker 6: And it's down fifty percent from its highs back in December.

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Speaker 6: What I find surprising Tanitza about this is we're not

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Speaker 6: at our low. We're not at our recent lows. I mean,

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Speaker 6: Tesla stock hit a low this year back in March,

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Speaker 6: like almost a month ago at this point. So unlike

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Speaker 6: some of the other stocks that really moved this week,

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Speaker 6: Tesla's not even on its you know, one month lows.

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Speaker 5: Yes, true, Tessa was this big Trump trade.

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Speaker 4: And you know, ever since the sock markets have been

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Speaker 4: going down, it's been one of the first that was

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Speaker 4: the hardest. And obviously there has been a lot of

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Speaker 4: talk that potentially it's not tariffs are not going awigh

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Speaker 4: on it so much.

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Speaker 5: But some of the stocks that were hit a lot

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Speaker 5: of this.

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Speaker 1: Did I just say, what's crazy is that earlier in

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Speaker 1: the week we actually saw Tesla rally because there is expectation.

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Speaker 3: That maybe Elon do and ghost Tesla. Yes, exactly right.

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Speaker 1: So his head of software engineering maybe leaving, but maybe

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Speaker 1: he's coming.

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Speaker 5: Back that it feels like weeks ago.

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Speaker 6: I'm just saying he's got like six or seven companies,

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Speaker 6: he's got more than a dozen kids. Like, just because

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Speaker 6: he leaves DOS doesn't necessarily mean he's going to be

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Speaker 6: donating all not donating, but you know what I mean,

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Speaker 6: spending all his time at Tesla.

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Speaker 3: Right, but he could he could come back.

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Speaker 6: Yes, that was the optimism.

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Speaker 5: Yeah, that was optimism.

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Speaker 3: It's still not great for the week overall, but they're.

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Speaker 4: Saying, technically he's leaving, but he will still play an

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Speaker 4: important role.

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Speaker 3: So I'm so confused. All right, what about Nike.

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Speaker 5: Let's look at Nike. Nike had a rough day on Friday.

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Speaker 4: It started lower, obviously after the big announcement nor on

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Speaker 4: Thursday of tariffs, which sent the stocks in turmoil. Nike

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Speaker 4: is still down on the week about ten percent, despite

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Speaker 4: the relief on Friday. So the relief on Friday came

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Speaker 4: after one of the first announcements of negotiations was coming

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Speaker 4: from Vietnam and President Trump had said he had a

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Speaker 4: very productive call. We know that about a half of

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Speaker 4: Nike branch shoes actually come from Vietnam, so you can

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Speaker 4: imagine that's why some of the relief came. It also

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Speaker 4: happened with Lemon, which also searched on the day. But

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Speaker 4: we recently had earnings from Nike that weren't painting so

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Speaker 4: much of a nice picture to it. They were saying

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Speaker 4: they have to clear out all the inventory, and Nike

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Speaker 4: shares really started to tumble after that earnings report, despite

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Speaker 4: some optimism earlier in the year about the rebranding about

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Speaker 4: you know, cattering two women the super Bowl ad, so

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Speaker 4: that optimism hasn't been enough to lift the stock lately.

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Speaker 6: It's wild to look at the mac chart for this,

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Speaker 6: because you see that this stock is now trading at

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Speaker 6: levels last seen in twenty seventeen. That's crazy.

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Speaker 5: Yeah, it's incredible.

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Speaker 4: We were all talking about that turnaround effort, about the

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Speaker 4: new CEO, and clearly now it's not working so well.

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Speaker 4: But now it's we're in a macro market, so it's

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Speaker 4: a little bit different.

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Speaker 3: All right. Can we talk bank stocks? They got hammered

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Speaker 3: this week.

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Speaker 5: They got hammered.

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Speaker 4: And we've been talking about that recession trade, and we've

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Speaker 4: been talking about credit, and we've been talking about stocks,

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Speaker 4: but really banks they had their biggest two day drop

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Speaker 4: since March twenty twenty, and of course this comes most

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Speaker 4: of it came on Friday when China warned against warrant

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Speaker 4: about escalating the trade war. Some of the big names

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Speaker 4: we're looking at, Morgan Stanley, Golden Sacks, City Group, most

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Speaker 4: of them are down about thirteen percent on the week.

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Speaker 4: So we also know that banks earnings are just around

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Speaker 4: the corner. Have JP Morgan, Wells Fargo, and Morgan Stanley

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Speaker 4: kicking off their important season April eleven, so.

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Speaker 5: It's it's really close.

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Speaker 4: But at the same time, banks are really carrying a

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Speaker 4: lot of that salef and under a lot of pressure

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Speaker 4: right before earning season, so you can imagine investors will

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Speaker 4: be particularly sensitive to any disappointment in that sector.

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Speaker 6: One thing that we should note too is that as

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Speaker 6: of Friday evening, we heard from JP Morgan that it's

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Speaker 6: now projecting a US recession in twenty twenty.

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Speaker 4: Five exactly Bruce Casman sixty percent of a chance of

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Speaker 4: a recession, which just a few weeks ago everyone was

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Speaker 4: talking about, how you know this is in the thirty percent,

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Speaker 4: it's unlikely.

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Speaker 5: And everyone I've.

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Speaker 4: Talked to about today, and I've talked to at least

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Speaker 4: five economists, everyone says more than fifty percent, So thanks

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Speaker 4: for moving fast.

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Speaker 3: Yeah, it's really amazing.

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Speaker 1: And this note also just like taking into account right

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Speaker 1: specifically what's going on for the likely impact of tariffs

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Speaker 1: announced this week, so really kind of fascinating to see

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Speaker 1: it was really all about kind of one major story

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Speaker 1: for the most part in terms of tariffs.

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Speaker 2: The Stockmovers podcast from Bloomberg Radio. Check back with us

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Speaker 2: throughout the day for the latest roundup of companies making

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Speaker 2: news on Wall Street and for the latest market moving headlines.

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