1 00:00:02,520 --> 00:00:09,960 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report, 2 00:00:10,280 --> 00:00:13,440 Speaker 1: your roundup of companies making moves in the stock market, 3 00:00:13,680 --> 00:00:17,160 Speaker 1: harnessing the power of Bloomberg data. Let's take a look 4 00:00:17,160 --> 00:00:18,640 Speaker 1: at some stocks on the move today. 5 00:00:18,840 --> 00:00:20,479 Speaker 2: Alexis, Christophors, what do you. 6 00:00:20,520 --> 00:00:23,680 Speaker 3: Have, Well, thanks for that introduction, tom So. I want 7 00:00:23,680 --> 00:00:27,840 Speaker 3: to start with US listed aluminum stocks because aluminum sort 8 00:00:27,840 --> 00:00:31,120 Speaker 3: of quietly rallying here this morning, is up three and 9 00:00:31,120 --> 00:00:35,120 Speaker 3: a half percent, and that's after Iran attacked a couple 10 00:00:35,120 --> 00:00:38,320 Speaker 3: of Middle East aluminum facilities over the weekend. And so 11 00:00:38,440 --> 00:00:41,040 Speaker 3: as a result, some of these US listed aluminum stocks 12 00:00:41,040 --> 00:00:45,239 Speaker 3: are rallying because investors think they may be beneficiaries. One 13 00:00:45,280 --> 00:00:49,479 Speaker 3: of them is Alcoa. That stock is up now about 14 00:00:49,720 --> 00:00:54,120 Speaker 3: eight percent. We've also got the smelter A Century Aluminum, 15 00:00:54,160 --> 00:00:58,440 Speaker 3: that stock ticker ce NX up thirteen percent. So again 16 00:00:58,520 --> 00:01:01,800 Speaker 3: investors betting that these companies maybe beneficiaries of the attacks 17 00:01:01,840 --> 00:01:04,720 Speaker 3: on Emirates Global aluminum. There was also an attack on 18 00:01:04,760 --> 00:01:07,800 Speaker 3: aluminum bah Rain. They say it just demonstrates the risk 19 00:01:07,880 --> 00:01:11,120 Speaker 3: of ongoing supply disruptions. While this war, you know, is 20 00:01:11,160 --> 00:01:14,520 Speaker 3: now in its second month, hard to believe. Let's move 21 00:01:14,520 --> 00:01:16,080 Speaker 3: over to Cisco. 22 00:01:15,800 --> 00:01:18,760 Speaker 2: In a trade. What was that m an a trade. 23 00:01:18,560 --> 00:01:21,080 Speaker 3: For Yeah, yeah, yeah, I was kicking off this holiday 24 00:01:21,080 --> 00:01:24,679 Speaker 3: shortened week with a deal. So Cisco important. All we say, 25 00:01:24,680 --> 00:01:25,560 Speaker 3: it's Cisco. 26 00:01:25,720 --> 00:01:26,400 Speaker 2: S y Y. 27 00:01:26,640 --> 00:01:32,119 Speaker 3: Yes, it's the food Cisco exactly, John Chambers, Cisco very good, nail, 28 00:01:32,880 --> 00:01:35,000 Speaker 3: got it, gotta do it, yeah, US food distributor. It 29 00:01:35,040 --> 00:01:38,440 Speaker 3: plans to raise about twenty one billion dollars of debt 30 00:01:38,800 --> 00:01:42,959 Speaker 3: to help fund its acquisition of closely held Jetro Restaurant Depot. 31 00:01:43,080 --> 00:01:48,000 Speaker 3: That's a food a food supplier that is family owned. 32 00:01:48,000 --> 00:01:50,840 Speaker 3: By the way, it's privately held. But Wall Street doesn't 33 00:01:50,880 --> 00:01:52,480 Speaker 3: like the fact that it's going to have to, you know, 34 00:01:52,600 --> 00:01:54,480 Speaker 3: deal with all of this debt. Because of it, We've 35 00:01:54,480 --> 00:01:56,800 Speaker 3: got shares of Cisco again, s y Y. The ticker 36 00:01:56,880 --> 00:01:59,400 Speaker 3: down seven percent right now. It was up about eleven 37 00:01:59,400 --> 00:02:01,840 Speaker 3: percent year to data ahead of this. So the financing 38 00:02:01,920 --> 00:02:03,960 Speaker 3: is also going to include hybrid debt as well as 39 00:02:04,000 --> 00:02:07,040 Speaker 3: a billion dollars of cash on hand, and to help 40 00:02:07,040 --> 00:02:09,680 Speaker 3: protect its credit rating, Cisco said it's going to pause 41 00:02:09,720 --> 00:02:15,040 Speaker 3: its share buyback program to prioritize reducing leverage following this 42 00:02:15,120 --> 00:02:18,240 Speaker 3: acquisition of Jetro Restaurant depot. 43 00:02:18,080 --> 00:02:20,000 Speaker 2: The restaurants buy from them. 44 00:02:20,240 --> 00:02:23,359 Speaker 3: Yeah, correct, Like so mom and pop type places things 45 00:02:23,400 --> 00:02:26,040 Speaker 3: like that, because I guess Cisco really supplies the larger 46 00:02:26,160 --> 00:02:29,920 Speaker 3: like hospitals, okay, and hotels things like that. So it's 47 00:02:29,960 --> 00:02:32,880 Speaker 3: a broadening of their portfolio. But stock's taken a hit today. 48 00:02:33,280 --> 00:02:36,960 Speaker 3: Let's move overseas to Italy now, and BFF Bank really 49 00:02:37,000 --> 00:02:39,440 Speaker 3: taking a hit here, plummeting as much as sixty one 50 00:02:39,520 --> 00:02:43,519 Speaker 3: percent after the Italian lender disclosed that a regulatory review 51 00:02:43,639 --> 00:02:47,519 Speaker 3: raised fresh questions about how it labels loans as performing. 52 00:02:48,120 --> 00:02:50,320 Speaker 3: So this probe was conducted by the Bank of Italy. 53 00:02:50,400 --> 00:02:54,720 Speaker 3: It found issues relating to the classification of credit exposure, 54 00:02:55,200 --> 00:02:59,000 Speaker 3: which could lead to additional past DO exposure of as 55 00:02:59,080 --> 00:03:02,200 Speaker 3: much as one and a half billion dollars. So the 56 00:03:02,240 --> 00:03:04,680 Speaker 3: Bank of Italy is now appointed to commissioners to assist 57 00:03:04,720 --> 00:03:08,320 Speaker 3: the Board of Directors in remediating what's happening over at 58 00:03:08,320 --> 00:03:09,040 Speaker 3: BFF Bank. 59 00:03:09,400 --> 00:03:13,280 Speaker 2: Okay, interesting because that's usually when you see noise news 60 00:03:13,280 --> 00:03:16,440 Speaker 2: coming out of the Italian banks. It's usually a little diasy. 61 00:03:16,919 --> 00:03:18,040 Speaker 3: Yeah, do you we have time for one? 62 00:03:18,080 --> 00:03:18,280 Speaker 2: Quick? 63 00:03:18,280 --> 00:03:21,760 Speaker 3: One quick one? Aritian therapeutics don't talk about it often, 64 00:03:21,800 --> 00:03:25,239 Speaker 3: but Veridian Therapeutics down forty percent. It's a drug developer. 65 00:03:25,240 --> 00:03:28,280 Speaker 3: It gave efficacy data from a late stage trial of 66 00:03:28,280 --> 00:03:32,800 Speaker 3: its experimental therapy for thyroid eye disease. The late stage 67 00:03:32,800 --> 00:03:34,800 Speaker 3: study in and of itself was pretty good, but it 68 00:03:34,840 --> 00:03:37,320 Speaker 3: fell short of investor expectations, not as good as some 69 00:03:37,360 --> 00:03:40,640 Speaker 3: of its rivals, and so of Aridian Therapeutics vr d N, 70 00:03:41,000 --> 00:03:43,360 Speaker 3: the ticker symbol. They're taking a hit this morning, sort 71 00:03:43,360 --> 00:03:47,600 Speaker 3: of any time it's like between earnings between it's just 72 00:03:47,640 --> 00:03:49,360 Speaker 3: like ad to being an odd Monday. 73 00:03:49,400 --> 00:03:50,480 Speaker 2: Almost Yep, that's goes. 74 00:03:50,880 --> 00:03:53,160 Speaker 3: I feel it too, like I'm just not not there. 75 00:03:53,360 --> 00:03:54,240 Speaker 3: I'm still not a. 76 00:03:54,560 --> 00:03:55,320 Speaker 2: Trade for Cisco. 77 00:03:55,360 --> 00:03:55,960 Speaker 1: That's a big deal. 78 00:03:56,000 --> 00:03:57,880 Speaker 2: They have a you know, thirty nine billion dollar market 79 00:03:57,920 --> 00:03:59,400 Speaker 2: cap and they're going out to do a twenty nine 80 00:03:59,440 --> 00:04:02,240 Speaker 2: billion dollar position. This is effectively doubling the size of 81 00:04:02,280 --> 00:04:04,560 Speaker 2: that company, which is why Wall Street is not loving it. 82 00:04:04,640 --> 00:04:04,800 Speaker 1: Yeah. 83 00:04:05,000 --> 00:04:06,920 Speaker 3: Yeah, that's a big, big trade. 84 00:04:07,360 --> 00:04:11,600 Speaker 1: The Stockmovers Report from Bloomberg Radio. Check back with us 85 00:04:11,640 --> 00:04:14,440 Speaker 1: throughout the day for the latest roundup of companies making 86 00:04:14,520 --> 00:04:18,120 Speaker 1: news on Wall Street and for the latest market moving headlines. 87 00:04:18,320 --> 00:04:22,360 Speaker 1: Listen to Bloomberg Radio Live. Catch us on YouTube. Bloomberg 88 00:04:22,400 --> 00:04:25,479 Speaker 1: dot com and on Applecarplay and Android Auto with the 89 00:04:25,480 --> 00:04:26,880 Speaker 1: Bloomberg Business App.