1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. 2 00:00:08,560 --> 00:00:12,440 Speaker 2: The Stock Movers Report, your roundup of companies making moves 3 00:00:12,480 --> 00:00:15,880 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:16,640 --> 00:00:19,040 Speaker 1: I'm Tim Staneveek. Let's take a look at some stocks 5 00:00:19,079 --> 00:00:22,040 Speaker 1: on the move today. We're joined by Bloomberg News cross 6 00:00:22,040 --> 00:00:26,759 Speaker 1: Asset reporter Emily GRIFFEO. Emily, I think I know what 7 00:00:26,800 --> 00:00:29,360 Speaker 1: your number one stock mover is going to be today, 8 00:00:29,360 --> 00:00:30,840 Speaker 1: But go. 9 00:00:30,760 --> 00:00:34,120 Speaker 3: Ahead, Okay, Well, this was the biggest mover today, Okay, right, 10 00:00:34,320 --> 00:00:38,280 Speaker 3: that was right. Advanced micro Devices otherwise known as AMD. 11 00:00:38,520 --> 00:00:42,040 Speaker 3: That's also the ticker here, AMD, closing out the trading 12 00:00:42,080 --> 00:00:45,040 Speaker 3: day at the highest level since March twenty twenty four, 13 00:00:45,120 --> 00:00:49,479 Speaker 3: after jumping twenty three percent in the regular trading session 14 00:00:49,520 --> 00:00:52,680 Speaker 3: and adding about sixty three billion dollars in marketcap, which 15 00:00:52,720 --> 00:00:56,840 Speaker 3: is just crazy numbers to think that all of that 16 00:00:56,960 --> 00:00:59,840 Speaker 3: was added in just a day. This all, of course, 17 00:01:00,320 --> 00:01:04,360 Speaker 3: after the company landed a blockbuster deal with chat GPT's 18 00:01:04,400 --> 00:01:07,440 Speaker 3: parent company open Ai. They're going to be building out 19 00:01:07,959 --> 00:01:13,759 Speaker 3: artificial intelligence infrastructure. I mean, anyone who's coming out these 20 00:01:13,840 --> 00:01:16,880 Speaker 3: days with a partnership with open ai, which is arguably 21 00:01:16,920 --> 00:01:20,000 Speaker 3: one of the hottest if not the hottest private company 22 00:01:20,400 --> 00:01:22,800 Speaker 3: at the moment, you're going to see the stock move. 23 00:01:22,920 --> 00:01:26,360 Speaker 3: But this was a notable move just for the actual 24 00:01:26,520 --> 00:01:31,120 Speaker 3: size and scale of it, and the fact that you know, 25 00:01:31,200 --> 00:01:34,800 Speaker 3: we're kind of reaching a moment right now where some 26 00:01:34,959 --> 00:01:38,080 Speaker 3: analysts are coming out and questioning how much further the 27 00:01:38,120 --> 00:01:41,880 Speaker 3: AI trade has to run. Certainly there's more people willing 28 00:01:41,920 --> 00:01:43,960 Speaker 3: to go along it just looking at the trading today. 29 00:01:44,400 --> 00:01:46,360 Speaker 3: But we'll see, we'll see if it holds. We did 30 00:01:46,360 --> 00:01:50,200 Speaker 3: see CFRA and Barclays both boosting their stock price targets 31 00:01:50,240 --> 00:01:54,120 Speaker 3: on AMD, so clearly some people still see some left 32 00:01:54,120 --> 00:01:54,920 Speaker 3: here in the trade. 33 00:01:55,120 --> 00:01:57,320 Speaker 1: A little amazing to see a move such as this, 34 00:01:57,440 --> 00:01:59,480 Speaker 1: especially when the stock was up as much as thirty 35 00:01:59,480 --> 00:02:03,520 Speaker 1: seven point seven percent at one point in today's session, 36 00:02:03,600 --> 00:02:06,720 Speaker 1: but again hired by twenty three percent today. Matt Levine 37 00:02:06,720 --> 00:02:09,400 Speaker 1: has a great column out on this. I went and 38 00:02:09,440 --> 00:02:11,600 Speaker 1: checked it out. Yea, everybody should go and read it. 39 00:02:11,639 --> 00:02:13,880 Speaker 1: In his take on this, it's pretty it's pretty funny. 40 00:02:13,960 --> 00:02:18,440 Speaker 3: Yes, I won't pretend to be the Matt Levine translator, 41 00:02:18,520 --> 00:02:19,280 Speaker 3: so I'll. 42 00:02:19,160 --> 00:02:21,720 Speaker 1: Just put there are footnotes for that. There are footnotes for. 43 00:02:21,680 --> 00:02:24,560 Speaker 3: That, yes, yes, but yeah, he has a theory on 44 00:02:24,960 --> 00:02:27,480 Speaker 3: basically like how this is all getting paid for and 45 00:02:27,520 --> 00:02:32,760 Speaker 3: how the actual deal is going to work out. What 46 00:02:32,800 --> 00:02:35,320 Speaker 3: we know, just like from the announcement today is that 47 00:02:36,000 --> 00:02:39,880 Speaker 3: open ai will deploy six gigawatts worth of AMD graphics 48 00:02:39,919 --> 00:02:44,920 Speaker 3: processing units over multiple years. So there's a strategic partnership. 49 00:02:44,919 --> 00:02:47,600 Speaker 3: But go read Matt Levine's column for more on that. 50 00:02:47,840 --> 00:02:51,080 Speaker 1: Okay, AMD certainly a mover to the upside today a 51 00:02:51,080 --> 00:02:55,440 Speaker 1: mover to the downside. App app Lovin, What happened? 52 00:02:55,520 --> 00:03:01,600 Speaker 3: That's right? App Lovin the social media comey dropped about 53 00:03:01,600 --> 00:03:05,000 Speaker 3: fourteen percent to close the day, and it's moving even 54 00:03:05,080 --> 00:03:08,920 Speaker 3: lower in the postmarket, now down about five percent. We 55 00:03:09,000 --> 00:03:12,639 Speaker 3: got some news, some actual reporting from Bloomberg News that 56 00:03:13,040 --> 00:03:17,000 Speaker 3: the Securities and Exchange Commission is probing the data collection 57 00:03:17,120 --> 00:03:21,400 Speaker 3: practices of app loven. The reporting is according to people 58 00:03:21,440 --> 00:03:25,400 Speaker 3: familiar with the matter. The people also said that the 59 00:03:25,400 --> 00:03:29,800 Speaker 3: sec has specifically looked into allegations that appleven violated platform 60 00:03:30,000 --> 00:03:36,520 Speaker 3: partners service agreements to push more targeted advertising to consumers. 61 00:03:36,920 --> 00:03:40,320 Speaker 3: Appleven so far declined to comment. They said they don't 62 00:03:40,360 --> 00:03:45,000 Speaker 3: generally speak on potential regulatory matters, but this really did 63 00:03:45,040 --> 00:03:48,840 Speaker 3: sync the stock late in the trading day, so I 64 00:03:48,920 --> 00:03:52,120 Speaker 3: want to watch more here for the details. But again 65 00:03:52,160 --> 00:03:53,880 Speaker 3: app love and following fourteen percent. 66 00:03:53,640 --> 00:03:57,160 Speaker 1: Today, okay, and finally some M and A news today 67 00:03:57,200 --> 00:03:59,240 Speaker 1: creating a couple movers. What did you find? 68 00:03:59,520 --> 00:04:03,560 Speaker 3: That's right? So, k America, one of you know, one 69 00:04:03,560 --> 00:04:06,840 Speaker 3: of the regional banks in the nation, is going to 70 00:04:06,840 --> 00:04:09,880 Speaker 3: be combining with Fifth Third. So Fifth Third today agreed 71 00:04:09,920 --> 00:04:12,720 Speaker 3: to buy k America for about ten point nine billion 72 00:04:12,760 --> 00:04:15,800 Speaker 3: dollars in stock. This is going to be the largest 73 00:04:15,920 --> 00:04:19,000 Speaker 3: US bank deal this year. And we've actually already seen 74 00:04:19,240 --> 00:04:23,160 Speaker 3: some regional banking mna this year, but this one taking 75 00:04:23,680 --> 00:04:27,800 Speaker 3: the prize here for the first. So k America CMA 76 00:04:27,920 --> 00:04:30,719 Speaker 3: rose fourteen percent today to the highest level since twenty 77 00:04:30,760 --> 00:04:33,560 Speaker 3: twenty two. We did see Fifth Third closing the day 78 00:04:33,680 --> 00:04:39,000 Speaker 3: down about one percent, but we'll have to see whether 79 00:04:39,760 --> 00:04:42,720 Speaker 3: that holds because the analysts from Baird said the deal 80 00:04:42,760 --> 00:04:45,719 Speaker 3: is a win win for both banks. Typically, though you 81 00:04:45,760 --> 00:04:50,720 Speaker 3: do see the acquirer, the shares of the acquirer go 82 00:04:50,839 --> 00:04:52,640 Speaker 3: down on like a deal news like this and the 83 00:04:52,680 --> 00:04:55,040 Speaker 3: acquiree and we did, right, and that's what we did 84 00:04:55,080 --> 00:04:56,120 Speaker 3: see today. 85 00:04:55,920 --> 00:04:59,360 Speaker 1: With Fifth Third Bank shares falling ever so slightly today well, 86 00:04:59,560 --> 00:05:00,839 Speaker 1: what was it? It was down, like. 87 00:05:04,520 --> 00:05:08,720 Speaker 2: The Stockmover's report from Bloomberg Radio. 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