1
00:00:02,520 --> 00:00:07,360
Speaker 1: Bloomberg Audio Studios podcasts, radio news.

2
00:00:08,640 --> 00:00:13,040
Speaker 2: The Stock Movers podcast, your roundup of companies making moves

3
00:00:13,080 --> 00:00:16,480
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.

4
00:00:17,520 --> 00:00:20,040
Speaker 3: Right now, it is time to take a look at

5
00:00:20,079 --> 00:00:22,440
Speaker 3: the stocks on the move today. We're joined by Bloomberg

6
00:00:22,520 --> 00:00:24,120
Speaker 3: Stock Maven John Tucker.

7
00:00:24,160 --> 00:00:26,320
Speaker 1: All right, always one of the most active. Let's go

8
00:00:26,440 --> 00:00:29,760
Speaker 1: right to Tesla. It is down again, plunging to a

9
00:00:29,840 --> 00:00:32,480
Speaker 1: level that the Commerce Secretary, Howard Lutnak said the shares

10
00:00:32,560 --> 00:00:36,519
Speaker 1: would never fall to again. You have Tesla ble Dan

11
00:00:36,680 --> 00:00:39,519
Speaker 1: IIMs he slashed his price target by forty three percent.

12
00:00:40,080 --> 00:00:43,559
Speaker 1: He cites a brand crisis, says the ev maker, led

13
00:00:43,600 --> 00:00:47,680
Speaker 1: by Musk, has become what he calls a political symbol globally.

14
00:00:48,000 --> 00:00:51,440
Speaker 1: Now from its peak in December, shares of Tesla they

15
00:00:51,440 --> 00:00:56,720
Speaker 1: are down fifty percent. And since you really want to

16
00:00:56,760 --> 00:00:59,840
Speaker 1: know about this rich go Elon Musk is still the

17
00:01:00,120 --> 00:01:04,760
Speaker 1: world's richest dude. But since the beginning of the year,

18
00:01:04,840 --> 00:01:08,360
Speaker 1: he's lost one hundred and thirty billion dollars money, John,

19
00:01:08,760 --> 00:01:09,759
Speaker 1: that's number two.

20
00:01:10,120 --> 00:01:12,160
Speaker 3: Number two is Guerrero of the Toronto Blue Shot.

21
00:01:12,680 --> 00:01:16,679
Speaker 1: Nice deal. It's still worth like three hundred billion dollars. Next,

22
00:01:17,560 --> 00:01:21,440
Speaker 1: bank stocks plunging again, global recession fears. You can blame

23
00:01:21,480 --> 00:01:23,920
Speaker 1: that number of the major banks scheduled to kick off.

24
00:01:23,920 --> 00:01:28,720
Speaker 1: Are you ready for earning season today? And I was like,

25
00:01:28,880 --> 00:01:33,320
Speaker 1: really so the banks on Friday? Of course, the bank

26
00:01:33,360 --> 00:01:36,520
Speaker 1: stocks they plunged Thursday and Friday, with a group having

27
00:01:36,560 --> 00:01:41,360
Speaker 1: its worst two day decline since March twenty twenty. Gene Goldman,

28
00:01:41,400 --> 00:01:45,399
Speaker 1: he's the chief investment officer at et Cetera Financial Groups.

29
00:01:45,440 --> 00:01:48,320
Speaker 1: As the tariffs have been flaying fears of a potential

30
00:01:48,360 --> 00:01:51,400
Speaker 1: recession that would likely need to reduce loan demand and

31
00:01:51,480 --> 00:01:54,919
Speaker 1: more delinquencies. And then you have JP Morgan Chase down

32
00:01:55,200 --> 00:01:57,560
Speaker 1: in pre market trading, and of course we had the

33
00:01:57,960 --> 00:02:04,040
Speaker 1: the investment, the yearly investment letter by JP FIFA CEO

34
00:02:04,840 --> 00:02:08,519
Speaker 1: Jamie Diamond today. The takeaway, among other things, is he

35
00:02:08,639 --> 00:02:11,079
Speaker 1: does he doesn't like to traps, right, Yeah.

36
00:02:11,120 --> 00:02:13,720
Speaker 3: He does a twenty year look back. It's a it's

37
00:02:13,720 --> 00:02:16,200
Speaker 3: a really strong letter. And he's got a whole back

38
00:02:16,280 --> 00:02:19,320
Speaker 3: end thing in bureaucracy corporations. It's great.

39
00:02:19,360 --> 00:02:21,280
Speaker 1: And with that brand new building on Park Aveny, you

40
00:02:21,280 --> 00:02:25,160
Speaker 1: gotta wonder it's act to be fully occupied. I got

41
00:02:25,200 --> 00:02:27,120
Speaker 1: people all over the city, so they're going to be

42
00:02:27,200 --> 00:02:28,119
Speaker 1: you know, it has the best view.

43
00:02:28,919 --> 00:02:31,720
Speaker 3: Priam Mi isra sure she has a player to die for.

44
00:02:32,280 --> 00:02:33,519
Speaker 3: Got another one one more.

45
00:02:33,400 --> 00:02:38,040
Speaker 1: For Apple pre market to after the iPhone maker declined.

46
00:02:38,280 --> 00:02:42,359
Speaker 1: They declined seven point three percent in Friday's session. Dan

47
00:02:42,440 --> 00:02:44,440
Speaker 1: ims again he's like all over the place, cut his

48
00:02:44,520 --> 00:02:47,360
Speaker 1: price target on the stock to two fifty from three

49
00:02:47,600 --> 00:02:51,280
Speaker 1: twenty five. The market caps sank four hundred and forty

50
00:02:51,320 --> 00:02:54,600
Speaker 1: three billion dollars last week. This is the largest weekly

51
00:02:54,639 --> 00:02:59,079
Speaker 1: market cap decline on record, the stock dropping thirteen point

52
00:02:59,200 --> 00:03:02,200
Speaker 1: six percent less week. That was the worst week since

53
00:03:02,560 --> 00:03:06,440
Speaker 1: the weekend of March thirtieth of twenty twenty. During the pandemic.

54
00:03:06,919 --> 00:03:09,960
Speaker 1: A large majority of of course their products assembled in China,

55
00:03:10,040 --> 00:03:14,280
Speaker 1: which retaliated Friday to the terrace. They announced a thirty

56
00:03:14,320 --> 00:03:18,400
Speaker 1: four percent levy on all imported goods from the United States.

57
00:03:20,000 --> 00:03:24,120
Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with

58
00:03:24,200 --> 00:03:26,959
Speaker 2: us throughout the day for the latest roundup of companies

59
00:03:27,000 --> 00:03:30,040
Speaker 2: making news on Wall Street and for the latest market

60
00:03:30,080 --> 00:03:34,480
Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

61
00:03:34,520 --> 00:03:37,760
Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with

62
00:03:37,840 --> 00:03:39,280
Speaker 2: the Bloomberg Business app,