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 of these stocks on
Speaker 3: the move today. We can do that with Bloomberg, Bailly Lipscholtz, Billy.
Speaker 3: What are you looking at today?
Speaker 1: Yeah, looking at at least one of the big mag
Speaker 1: seven names in Alphabet or Google as I like to
Speaker 1: call it, ticker Googl right now at more than six percent,
Speaker 1: trading at a record high. This came after beating expectations
Speaker 1: in the first quarter. Of the big things that stood out,
Speaker 1: according to the Wall Street analyst, search was very strong,
Speaker 1: AI kind of delivering for their search unit, as well
Speaker 1: as Cloud being a standout for the quarter, a year
Speaker 1: over year growth on the cloud accelerating to sixty three percent,
Speaker 1: and then looking at their backlog nearly doubling sequentially to
Speaker 1: over four hundred and sixty billion dollars. So really firing
Speaker 1: on all cylinders and we're sifting through, as you mentioned, Paul,
Speaker 1: a number of big tech earnings. Definitely Alphabet standing out
Speaker 1: so far this morning.
Speaker 4: Yeah, the big winner of the four mag seven names
Speaker 4: that did report. Outside of the mag seven names, you
Speaker 4: also had Qualcom reporting.
Speaker 1: Yeah, Qualcom reporting Take your q Com right now, up
Speaker 1: more than twelve percent. That's the biggest gain since April,
Speaker 1: but also really trading at the highest level in more
Speaker 1: than three and a half months. This came after partly
Speaker 1: the company beating expectations, but also disclosing that they're making
Speaker 1: headway in the lucrative data center market and also leaning
Speaker 1: into China. The big thing to keep in mind with
Speaker 1: Qualcom is there's been a lot of pressure and back
Speaker 1: and forth on the smartphone sector and what that means
Speaker 1: with the iPhone as well as some of the Android devices.
Speaker 1: But the company leaning into data centers is certainly something
Speaker 1: that kind of perked the ears or caught people's I
Speaker 1: guess eyes and ears when they were talking about the
Speaker 1: potential demand there. And obviously we're talking about a memory
Speaker 1: crunch with so many of these AI data centers being
Speaker 1: built out, so Qualcom kind of shifting away to produce
Speaker 1: fewer smartphones and leaning into that, leading that to a
Speaker 1: be a big gainer on the day, But again, all
Speaker 1: things considered, not really standing out against most of its peers.
Speaker 3: Pershing Square went public yesterday, kind of a rough first
Speaker 3: day of trading, but bouncing back a little bit today, rough.
Speaker 1: First day of trading. And we're looking right now at
Speaker 1: Pershing Square proper ticker PS. This is the management company,
Speaker 1: not the closed end fund, though they're both rallying, but
Speaker 1: Pershing Square ticker PS right now up seventeen percent, trading
Speaker 1: around twenty eight dollars, So that is the asset management company.
Speaker 1: And the gains for both the closed end fund and
Speaker 1: the asset manager came after Ackman took to x saying
Speaker 1: that he bought five hundred thousand shares in the open
Speaker 1: market of the closed end fund and eight hundred thousand
Speaker 1: shares of the management fund yesterday in the open market.
Speaker 1: Our math means that he's spent close to forty million
Speaker 1: dollars on those purchases. But again, this is kind of
Speaker 1: an interesting deal. So if you're investing in ps you're
Speaker 1: betting on the actual company. That'll be compared to some
Speaker 1: of the other asset managers. If you're betting on ps US,
Speaker 1: you're essentially getting exposure to his underlying fund if you will.
Speaker 4: Is that unusual for him to jump been and support
Speaker 4: the shares like that in the first trading deck.
Speaker 1: I don't think we normally would see that. I think
Speaker 1: most people would say that most insiders aren't forced to buy.
Speaker 1: And obviously it caused a lot of headlines yesterday the
Speaker 1: closed end fund trading down eighteen percent, But you have
Speaker 1: to keep in mind that because of the bonus share
Speaker 1: as they framed it, of the management company, the losses
Speaker 1: were closer to nine percent. But that's still not a
Speaker 1: really what you want to see in a public listing,
Speaker 1: public debut. You normally want to see a bigger pop
Speaker 1: and not a nine percent net loss for people who
Speaker 1: bought and held on.
Speaker 3: You do the math. You did the math, Do the math.
Speaker 1: Someone's got to do it. Now this one is doing it.
Speaker 1: But yeah, so, I mean, the other interesting thing is
Speaker 1: pershing proper. Right around twenty five bucks is where they
Speaker 1: were valued at when they were valued at ten billion
Speaker 1: dollars in their private deal a few years ago. So
Speaker 1: twenty eight dollars right now is where it's trading. So
Speaker 1: a bit of a premium to that last round. But again,
Speaker 1: when you're head of the company has to take to
Speaker 1: buying in the open market and promoting it and talking
Speaker 1: about doing as Space is on Twitter with the CIO.
Speaker 1: It's normally not what you would see when companies like
Speaker 1: this go public.
Speaker 4: Okay, so he's got two. He's listed on the New
Speaker 4: York Stock Exchange of one in the UK.
Speaker 1: Is that right? Yeah, he's there. So ps US is
Speaker 1: the US closed end fund that is going to mirror
Speaker 1: the European listage closed end fund. European closed end fund
Speaker 1: trades at about a thirty percent discount to net asset
Speaker 1: value after yesterday's close. The US listed one was called
Speaker 1: it seventeen ish, and that was kind of his whole
Speaker 1: pitch was you're buying You're essentially buying things at a discountant,
Speaker 1: and their view this is something that should trade in
Speaker 1: the long run at a premium, but that doesn't happen normally.
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