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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.

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

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Speaker 2: the stock market. Harnessing the power of Bloomberg Data. Let's

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Speaker 2: take a look at some stocks on the move today.

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Speaker 1: I'm Nathan Hager, joined by Bloomberg's Dan Curtis on a

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Speaker 1: good news, bad news Friday morning with big oil and

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Speaker 1: big tech earnings.

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Speaker 2: Let's start with the big oil.

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Speaker 1: Just because we lead with the new do we start

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Speaker 1: with the good news or the bad news?

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Speaker 3: Dan, good morning, Good morning. Well, Chevron would be the

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Speaker 3: good news, and that stock is up nearly two percent

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Speaker 3: in the pre market under ticker CVX. The company running

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Speaker 3: its US refineries flat out a utilization rate above ninety

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Speaker 3: seven percent that led to record US production, offsetting a

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Speaker 3: ten percent decrease in international refining due to supply disruption

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Speaker 3: from the Iran war. It is part of a consortium

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Speaker 3: exploring options for a new pipeline to the Mediterranean as

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Speaker 3: an alternative shipping through the Persian Gulf, so looking ahead

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Speaker 3: on how to kind of counter some of that disruption,

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Speaker 3: and the company produced a windfall. That windfall is also

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Speaker 3: being used to reduce its step by eight point four

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Speaker 3: billion dollars, so the company really taking advantage of the

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Speaker 3: refining costs refining profits. On the other side, we have

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Speaker 3: X on those shares are now down two percent in

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Speaker 3: the pre market. Take our XO M profit of fourteen

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Speaker 3: point seven billion dollars was the largest in Rush's twenty

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Speaker 3: twenty two invasion, but two Q adjusted earnings of three

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Speaker 3: dollars and fifty two cents were two penny short of

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Speaker 3: the average estimate, and that came from a dent in

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Speaker 3: refining profits, which were four point one billion dollars over

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Speaker 3: a billion dollars lower than Wall Street X expected despite

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Speaker 3: record diesel production. Scheduled maintenance offset earnings. So they're seeing

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Speaker 3: large margins on what they're refining, but they have some

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Speaker 3: maintenance which eight into the earnings, and that is resulting

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Speaker 3: in the share dropping in the pre market.

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Speaker 1: Okay, so we're going to be keeping an eye on

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Speaker 1: those major oil companies throughout the day, and I'm thinking

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Speaker 1: we're probably going to be keeping an eye on big

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Speaker 1: tech as well. We got good news bad news there

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Speaker 1: with Amazon. The good news this morning.

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Speaker 3: Yep, we'll lead with the good news here as well.

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Speaker 3: So Amazon Web Services revenue jumped thirty seven percent to

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Speaker 3: forty two billion dollars. That's the fastest growth since twenty

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Speaker 3: twenty one and the fifth straight quarter of faster growth.

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Speaker 3: AI and chip businesses both topped twenty five billion dollars

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Speaker 3: an annual run rate that has the shares up twelve

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Speaker 3: percent in the pre market underticker amz N. Now that

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Speaker 3: result has investors shrugging off heading heavy spending, including the

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Speaker 3: increased twenty twenty six CAPEX projections of two hundred and

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Speaker 3: twenty billion dollars. That's up from the previous guidance of

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Speaker 3: two hundred billion dollars. So the company is starting to

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Speaker 3: show revenue for the investment. That's making the AI business

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Speaker 3: investors giving that a clear bump in the pre market.

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Speaker 1: Okay, and we've got a big hit to Apple stock

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Speaker 1: this morning. I guess this is all about the rising prices,

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Speaker 1: commodity component shortage, that sort of thing.

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Speaker 3: That's exactly right. So Apple is battling companies like Amazon

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Speaker 3: for these components because AI and the iPhone maker are

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Speaker 3: strugg are both trying to get as much hardware as

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Speaker 3: they can so the iPhone, so the component shortage is

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Speaker 3: weighing on the company's sales forecast that has shares of

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Speaker 3: Apple down seven and a half percent in the pre market,

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Speaker 3: and the supply crunch has led to longer waiting times

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Speaker 3: for computers, and Tim Cook said it would also affect

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Speaker 3: iPhones and iPads. This quarter, iPhone revenue was a bright spot.

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Speaker 3: It rose twenty two percent topped estimates. But again we

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Speaker 3: have that potential supply constraint coming up, you know, with

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Speaker 3: and it's expected to hit more iPhones, more iPads and

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Speaker 3: max this quarter, China sales were also a bit weak.

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Speaker 3: The revenue came in below estimates. And also to note,

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Speaker 3: this is the last quarter with Tim cooksy serving as CEO.

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Speaker 3: He hands over the reins to John Turnas in a month.

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Speaker 2: This stock Mover's report from Bloomberg Radio. Check back with

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Speaker 2: us throughout the day for the latest round up of

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Speaker 2: companies making news on Wall Street and for the latest

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Speaker 2: market moving headlines. Listen to Bloomberg Radio Live, catch us

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Speaker 2: on YouTube, Bloomberg dot com, and on Applecarplay and Android

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Speaker 2: Auto with the Bloomberg Business app.