WEBVTT - Gemini and Applied Materials Lower; Reddit Climbs

0:00:02.520 --> 0:00:07.000
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

0:00:08.640 --> 0:00:13.039
<v Speaker 2>The Stock Movers podcast, your roundup of companies making moves

0:00:13.039 --> 0:00:16.480
<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

0:00:18.239 --> 0:00:21.880
<v Speaker 1>Stock Movers, It's a podcast, always brilliant. Alexiskistock.

0:00:22.200 --> 0:00:23.959
<v Speaker 3>I'm going to do something we don't normally do and

0:00:24.000 --> 0:00:26.239
<v Speaker 3>take a look at an actual sector. So these are

0:00:26.400 --> 0:00:29.720
<v Speaker 3>drone related companies based here in the US. So we're

0:00:29.720 --> 0:00:35.480
<v Speaker 3>talking about companies like Aero Vironment, Redcat, Crados, Defense and Security.

0:00:35.520 --> 0:00:37.880
<v Speaker 3>All of these stocks seeing really nice games this morning.

0:00:38.000 --> 0:00:41.320
<v Speaker 3>This is because President Trump announced a slate of tariffs

0:00:41.440 --> 0:00:44.639
<v Speaker 3>on imports of drones and their components. He says this

0:00:44.720 --> 0:00:48.680
<v Speaker 3>is to address national security threats, especially from China. The

0:00:48.680 --> 0:00:51.600
<v Speaker 3>President says, So the duties are tiered, one hundred percent

0:00:51.640 --> 0:00:56.080
<v Speaker 3>tariff on larger drones with military sensitive abilities, twenty five

0:00:56.120 --> 0:00:58.240
<v Speaker 3>percent levy on smaller drones. They are going to take

0:00:58.280 --> 0:01:01.040
<v Speaker 3>effect twenty one days after the signing. And so we're

0:01:01.040 --> 0:01:04.959
<v Speaker 3>seeing a big bump up in US companies that deal

0:01:05.000 --> 0:01:05.920
<v Speaker 3>in the drone space.

0:01:06.840 --> 0:01:07.280
<v Speaker 1>That's big.

0:01:07.360 --> 0:01:10.240
<v Speaker 2>I mean drones were seeing that in the Ukraine, how

0:01:10.319 --> 0:01:13.560
<v Speaker 2>important they've been in war, and they're probably cutting edge.

0:01:13.640 --> 0:01:15.120
<v Speaker 1>Those folks over there, and I was just saying, I

0:01:15.120 --> 0:01:19.679
<v Speaker 1>think it's frightening, like scary. I mean, there's just no

0:01:19.720 --> 0:01:21.160
<v Speaker 1>other way to put it.

0:01:21.360 --> 0:01:23.679
<v Speaker 3>From like being used in war to like dropping a

0:01:23.720 --> 0:01:25.960
<v Speaker 3>package at your doorstep. Right, that's the I think.

0:01:26.000 --> 0:01:28.160
<v Speaker 1>I think we're miles from the dropping the package.

0:01:28.200 --> 0:01:30.720
<v Speaker 3>I hope their doors reminds me of the Jetsons. You

0:01:30.720 --> 0:01:32.560
<v Speaker 3>remember that cartoon bash of the day. They're going to

0:01:32.600 --> 0:01:34.399
<v Speaker 3>see all these crazy things flying in the air. No,

0:01:34.440 --> 0:01:34.800
<v Speaker 3>thank you.

0:01:35.080 --> 0:01:38.480
<v Speaker 1>The Jetsons were that long ago, you know, because then

0:01:38.520 --> 0:01:41.320
<v Speaker 1>you'd watch whatdy Woodpecker before and then Flintstones afterward.

0:01:41.920 --> 0:01:44.400
<v Speaker 3>Oh yeah, that was a lineup hour a half.

0:01:44.200 --> 0:01:45.959
<v Speaker 1>Trifecta where your mother could ignore you.

0:01:46.240 --> 0:01:49.920
<v Speaker 3>Next, right, Applied Materials A M. A T is your

0:01:49.960 --> 0:01:53.040
<v Speaker 3>chicker symbol. Down six percent, but guess what you're to date,

0:01:53.040 --> 0:01:55.880
<v Speaker 3>it's up one hundred and eight percent. It reported third

0:01:55.920 --> 0:01:58.120
<v Speaker 3>quarter net income of two and a half billion revenue

0:01:58.400 --> 0:02:01.480
<v Speaker 3>more than nine billion. It's looking ramp up its manufacturing

0:02:01.480 --> 0:02:08.080
<v Speaker 3>capacity to meet continued chip solutions demand. And apparently these

0:02:08.200 --> 0:02:11.400
<v Speaker 3>numbers were not good enough for Wall Street didn't impress them, So,

0:02:11.520 --> 0:02:13.239
<v Speaker 3>you know, good not being good enough. We see it

0:02:13.280 --> 0:02:15.360
<v Speaker 3>all the time, especially in the tech and the chip space,

0:02:15.400 --> 0:02:18.600
<v Speaker 3>so applied materials coming under some pressure. Also want to

0:02:18.639 --> 0:02:23.280
<v Speaker 3>move over to a Gemini because Gemini space station. So

0:02:23.320 --> 0:02:25.799
<v Speaker 3>this is the you know, digital asset platform led by

0:02:25.880 --> 0:02:29.480
<v Speaker 3>the Winklevoss twins, the billionaires. Yeah, so they went public

0:02:29.560 --> 0:02:33.000
<v Speaker 3>last year just before the crypto market tumbled from record highs.

0:02:33.040 --> 0:02:36.239
<v Speaker 3>Talk about timing right. So shares of Gemini down six

0:02:36.280 --> 0:02:40.119
<v Speaker 3>and a half percent. They posted a fourth consecutive quarterly

0:02:40.160 --> 0:02:43.840
<v Speaker 3>loss since the IPO. The second quarter loss was one

0:02:43.919 --> 0:02:47.480
<v Speaker 3>hundred and seven million dollars. Revenue increased thirty seven million,

0:02:47.960 --> 0:02:51.480
<v Speaker 3>and the company's prediction markets revenue totaled five hundred thousand

0:02:51.880 --> 0:02:56.000
<v Speaker 3>in the quarter YEP, but their assets dropped fifty four percent.

0:02:56.240 --> 0:02:59.359
<v Speaker 3>The company blamed the decline in crypto prices and outflows

0:02:59.600 --> 0:03:03.200
<v Speaker 3>from its institutional custody business. So jem and I still

0:03:03.200 --> 0:03:04.040
<v Speaker 3>get its feet under it.

0:03:04.080 --> 0:03:04.919
<v Speaker 1>I yess very good.

0:03:05.280 --> 0:03:07.160
<v Speaker 3>And if we have time for one more, I think

0:03:07.200 --> 0:03:10.040
<v Speaker 3>we do. Oh, Reddit, it's coming to the S and

0:03:10.080 --> 0:03:13.920
<v Speaker 3>P five hundred, So before tomorrow's opening bill, the social

0:03:14.000 --> 0:03:17.640
<v Speaker 3>media site will be added. What is it Monday's opening.

0:03:17.400 --> 0:03:22.400
<v Speaker 2>That's right, We're oh my gosh, Friday, dude, you know something.

0:03:22.680 --> 0:03:24.400
<v Speaker 3>I feel so much better now. You just reminded me

0:03:24.400 --> 0:03:25.040
<v Speaker 3>that it's Friday.

0:03:25.160 --> 0:03:29.399
<v Speaker 2>Yes, hold on, you know what, hold.

0:03:29.240 --> 0:03:33.480
<v Speaker 3>On, It's August eighteenth, so it's actually Tuesday, yes, before

0:03:33.480 --> 0:03:35.760
<v Speaker 3>the opening back. Sorry guys, it's been such a.

0:03:35.720 --> 0:03:38.520
<v Speaker 1>Long Did you notice that everyone in the controller was

0:03:38.560 --> 0:03:41.320
<v Speaker 1>wearing shirts and flip flops?

0:03:41.960 --> 0:03:46.280
<v Speaker 3>That's your summer? Yeah, so Ben, just really quick. Reddit's

0:03:46.320 --> 0:03:47.920
<v Speaker 3>going to take the place of avalon Bay. That's a

0:03:48.000 --> 0:03:50.680
<v Speaker 3>rate and they're getting bought out by Equity Residential. That's

0:03:50.680 --> 0:03:54.120
<v Speaker 3>why Reddit's joining the SERA on Tuesday, not tomorrow. We're

0:03:54.120 --> 0:03:56.640
<v Speaker 3>all going to be home because it's Saturday. So happy weekend.

0:03:57.960 --> 0:04:02.080
<v Speaker 2>The Stock Movers podcast from Bloomberg Radio. Check back with

0:04:02.200 --> 0:04:04.960
<v Speaker 2>us throughout the day for the latest roundup of companies

0:04:05.000 --> 0:04:08.040
<v Speaker 2>making news on Wall Street and for the latest market

0:04:08.080 --> 0:04:12.400
<v Speaker 2>moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

0:04:12.480 --> 0:04:15.720
<v Speaker 2>Bloomberg dot com, and on Applecarplay and Android Auto with

0:04:15.800 --> 0:04:17.240
<v Speaker 2>the Bloomberg Business app.