WEBVTT - Meta Pops, Snowflake Falls, Dollar General Rises

0:00:02.520 --> 0:00:09.960
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report,

0:00:10.240 --> 0:00:13.440
<v Speaker 1>your roundup of companies making moves in the stock market,

0:00:13.680 --> 0:00:16.079
<v Speaker 1>harnessing the power of Bloomberg Data.

0:00:16.640 --> 0:00:18.119
<v Speaker 2>It's got to look at some of the stocks on

0:00:18.239 --> 0:00:21.160
<v Speaker 2>the move today. We can do that with Bloomberg's Carmen Reinikey,

0:00:21.280 --> 0:00:23.919
<v Speaker 2>Deputy team leader for US Equities. Carmer, what are you

0:00:23.920 --> 0:00:24.439
<v Speaker 2>looking at today?

0:00:24.640 --> 0:00:26.160
<v Speaker 3>Yeah, So the first one I think we're all looking

0:00:26.200 --> 0:00:28.800
<v Speaker 3>at is Meta ticker m ETA. So the stock is

0:00:28.840 --> 0:00:30.720
<v Speaker 3>at about four and a half percent right now. This

0:00:30.880 --> 0:00:34.320
<v Speaker 3>is the best day since July, end of July and

0:00:34.400 --> 0:00:37.320
<v Speaker 3>the highest since October thirty first. So obviously this is

0:00:37.400 --> 0:00:40.720
<v Speaker 3>happening because Zuckerberg said they're going to cut resources for

0:00:40.800 --> 0:00:43.839
<v Speaker 3>building the metaverse. I think investors have for sort of

0:00:43.880 --> 0:00:45.960
<v Speaker 3>a long time been critical of the metaverse and the

0:00:46.000 --> 0:00:49.320
<v Speaker 3>spending there. So this being met with some with some buying.

0:00:49.680 --> 0:00:51.720
<v Speaker 3>And also, you know, a really nice day for Meta.

0:00:51.760 --> 0:00:54.560
<v Speaker 3>It's had a pretty significant draw down. I was looking

0:00:54.600 --> 0:00:57.000
<v Speaker 3>and it was, you know, earlier this month, down twenty

0:00:57.080 --> 0:01:00.760
<v Speaker 3>five percent from its peak. So seeing some nice green

0:01:00.840 --> 0:01:01.000
<v Speaker 3>on this.

0:01:01.080 --> 0:01:04.120
<v Speaker 2>And this was a this is a green bee, which

0:01:04.200 --> 0:01:06.800
<v Speaker 2>means that is an exclusive We broke the broke the

0:01:06.920 --> 0:01:11.200
<v Speaker 2>news Kurt Wagner Bloomberg News, breaking this news, moving the

0:01:11.319 --> 0:01:14.240
<v Speaker 2>stock here with some big news which I think people

0:01:14.480 --> 0:01:16.600
<v Speaker 2>if you're I think if you're from a Facebook slash

0:01:16.680 --> 0:01:19.040
<v Speaker 2>meta investor, you're like, I'm just not sure about the

0:01:19.120 --> 0:01:22.360
<v Speaker 2>return on investment on this metaverse. So extend you can

0:01:22.440 --> 0:01:24.600
<v Speaker 2>scale it back, that's a good thing. And we're seeing

0:01:24.640 --> 0:01:26.200
<v Speaker 2>that with move in the stock today. I think I

0:01:26.240 --> 0:01:27.560
<v Speaker 2>think that's what the stock's telling us.

0:01:27.920 --> 0:01:28.480
<v Speaker 1>What else you got?

0:01:28.760 --> 0:01:31.920
<v Speaker 3>Yeah, So also looking at some earnings here, So looking

0:01:31.959 --> 0:01:36.000
<v Speaker 3>at Snowflake, this is ticker snow shares are down almost

0:01:36.040 --> 0:01:37.800
<v Speaker 3>ten percent right now. This is actually the worst day

0:01:37.920 --> 0:01:41.319
<v Speaker 3>since April fourth, so you know our Liberation Day sell off.

0:01:42.080 --> 0:01:45.400
<v Speaker 3>The software company gave an outlook for operating margin that

0:01:45.560 --> 0:01:48.800
<v Speaker 3>was short of analystic expectations, and I mean this has

0:01:48.840 --> 0:01:50.800
<v Speaker 3>actually been a big sort of point and a lot

0:01:50.840 --> 0:01:54.840
<v Speaker 3>of these tech stocks, you know, profitability is important. Investors

0:01:54.880 --> 0:01:57.200
<v Speaker 3>want to make sure these companies aren't overspending and that

0:01:57.280 --> 0:01:59.120
<v Speaker 3>it's not eating into the profits. So we're seeing this

0:01:59.200 --> 0:02:02.400
<v Speaker 3>a little bit with with Snowflake. Companies still up really

0:02:02.480 --> 0:02:05.160
<v Speaker 3>strongly though fifty five percent you're to date.

0:02:05.320 --> 0:02:08.080
<v Speaker 4>Yeah, really see some interesting moves there, but we are

0:02:08.120 --> 0:02:10.840
<v Speaker 4>seeing double digit losses, as you called out as we speak.

0:02:11.200 --> 0:02:12.400
<v Speaker 4>What else you have your eyes on, Carmen.

0:02:12.560 --> 0:02:14.239
<v Speaker 3>Yeah, so looking a little bit at the health of

0:02:14.280 --> 0:02:17.919
<v Speaker 3>the consumer working a Dollar General, so that's ticker. DG

0:02:18.280 --> 0:02:20.840
<v Speaker 3>shares are up almost nine percent right now. This is

0:02:20.880 --> 0:02:23.400
<v Speaker 3>the best day since June and the highest since the

0:02:23.480 --> 0:02:27.720
<v Speaker 3>end of August. So they boosted their outlook on their

0:02:27.760 --> 0:02:30.640
<v Speaker 3>own earnings and basically they say that, you know, value

0:02:30.680 --> 0:02:35.200
<v Speaker 3>focused retailers are winning over consumers. So we're seeing sort

0:02:35.200 --> 0:02:38.280
<v Speaker 3>of the consumer trade down look for more value in

0:02:38.320 --> 0:02:41.280
<v Speaker 3>their shopping and so companies like Dollar General are really

0:02:41.320 --> 0:02:42.040
<v Speaker 3>benefiting from that.

0:02:42.360 --> 0:02:44.040
<v Speaker 4>And it's interesting how we've really been seeing that just

0:02:44.080 --> 0:02:46.679
<v Speaker 4>across the board, both the lower end consumer and the

0:02:46.800 --> 0:02:49.960
<v Speaker 4>higher end consumers trading down. So I mean, we are

0:02:49.960 --> 0:02:52.720
<v Speaker 4>still also seeing that consumer resilience, whether it's Macy's or

0:02:52.880 --> 0:02:53.519
<v Speaker 4>Dollar General.

0:02:53.680 --> 0:02:55.960
<v Speaker 3>Really interesting story, but a really important, you know, point

0:02:56.040 --> 0:02:58.079
<v Speaker 3>on the health of the consumer and the economy.

0:02:59.440 --> 0:03:03.640
<v Speaker 1>The Stockmover's Report from Bloomberg Radio. Check back with us

0:03:03.720 --> 0:03:06.480
<v Speaker 1>throughout the day for the latest roundup of companies making

0:03:06.600 --> 0:03:10.160
<v Speaker 1>news on Wall Street and for the latest market moving headlines.

0:03:10.400 --> 0:03:14.399
<v Speaker 1>Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg

0:03:14.480 --> 0:03:17.519
<v Speaker 1>dot com, and on Applecarplay and Android Auto with the

0:03:17.560 --> 0:03:18.880
<v Speaker 1>Bloomberg Business app.