1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,920 --> 00:00:13,360 Speaker 2: This is the closing bell on this stock mover's report. 3 00:00:13,600 --> 00:00:16,560 Speaker 2: The company's making moves at the close of US trading 4 00:00:16,800 --> 00:00:22,600 Speaker 2: with Carol Master, Tim Stenebeck, Romain, Bostik, and Scarlet Food to. 5 00:00:22,560 --> 00:00:25,760 Speaker 3: The s and P five hundred I go, and you've got, 6 00:00:26,120 --> 00:00:27,920 Speaker 3: as I pull it up on my terminal, four hundred 7 00:00:27,920 --> 00:00:30,160 Speaker 3: and sixty six names to the downside, one hundred and 8 00:00:30,200 --> 00:00:31,680 Speaker 3: thirty seven to the upside Scarlet. 9 00:00:31,720 --> 00:00:33,680 Speaker 4: So definitely more of a risk off trade today. 10 00:00:33,800 --> 00:00:35,800 Speaker 5: Yeah. And when you look at the IMAP with it's 11 00:00:35,800 --> 00:00:39,000 Speaker 5: eleven suctors, only three of them finishing in the green 12 00:00:39,400 --> 00:00:42,640 Speaker 5: tech up by more than one percent, Communications services gaining 13 00:00:42,640 --> 00:00:45,680 Speaker 5: half of one percent, Healthcare marginally higher, but everything else 14 00:00:45,760 --> 00:00:47,680 Speaker 5: is down. And the big laggard here on the day 15 00:00:47,880 --> 00:00:49,800 Speaker 5: was Real Estate Investment Trust losing. 16 00:00:49,560 --> 00:00:50,520 Speaker 4: Two and a half percent. 17 00:00:50,640 --> 00:00:53,080 Speaker 3: All right, let's get to some of the individual gainers 18 00:00:53,080 --> 00:00:55,760 Speaker 3: if I may, and got to talk about BP today, 19 00:00:55,800 --> 00:00:57,760 Speaker 3: folks at its highs up more than ten percent in 20 00:00:57,760 --> 00:00:59,800 Speaker 3: today's session, finishing with just a gain of about one 21 00:00:59,840 --> 00:01:03,080 Speaker 3: point ninety six percent. The ADRs that trade here, the 22 00:01:03,120 --> 00:01:05,960 Speaker 3: big energy giant, oil giant, they rallied on a Wall 23 00:01:06,000 --> 00:01:08,320 Speaker 3: Street Journal report that Royal Dutch Shell is in early 24 00:01:08,360 --> 00:01:12,919 Speaker 3: talks to by BP, which is considering the approach carefully. 25 00:01:13,080 --> 00:01:16,479 Speaker 3: We did then have Shell come out and say nope, nope, 26 00:01:16,480 --> 00:01:18,200 Speaker 3: we're not looking to do this, but there's been lots 27 00:01:18,200 --> 00:01:21,240 Speaker 3: of speculation and activist has been pushing for some changes at BP, 28 00:01:21,480 --> 00:01:22,520 Speaker 3: so this. 29 00:01:22,440 --> 00:01:23,479 Speaker 4: Is something we're going to watch. 30 00:01:23,560 --> 00:01:26,840 Speaker 3: Keep in mind that we Bloomberg also had reported I 31 00:01:26,840 --> 00:01:29,000 Speaker 3: think back in May that Shell had been studying the 32 00:01:29,000 --> 00:01:29,680 Speaker 3: merits of a deal. 33 00:01:29,720 --> 00:01:31,200 Speaker 4: So we're going to keep this one in all radar, 34 00:01:31,280 --> 00:01:32,199 Speaker 4: but not as. 35 00:01:32,160 --> 00:01:34,240 Speaker 3: Enthusiastic, but still with a game of about one point 36 00:01:34,240 --> 00:01:37,280 Speaker 3: six percent chips, we mentioned it. Micron is going to 37 00:01:37,280 --> 00:01:40,280 Speaker 3: report after the closing bell. AMD a now performer today 38 00:01:40,319 --> 00:01:43,200 Speaker 3: up about three point five percent. We saw that moving 39 00:01:43,240 --> 00:01:46,960 Speaker 3: your second biggest gainer of the Nasdaq one hundred cfra yesterday. 40 00:01:47,319 --> 00:01:49,920 Speaker 3: Upgraded the chip maker to strong buy from buy, up 41 00:01:49,920 --> 00:01:52,360 Speaker 3: the price target to one sixty five from one twenty five, 42 00:01:52,400 --> 00:01:55,920 Speaker 3: stock closing at one forty three and change. Angelo Zino 43 00:01:56,040 --> 00:01:58,480 Speaker 3: saying in a note that AMD is closing the competitive 44 00:01:58,480 --> 00:02:01,480 Speaker 3: gap with Nvidia, and we've got miss. 45 00:02:01,120 --> 00:02:03,880 Speaker 1: Micron earning is crossing the wire three q adjusted operating 46 00:02:03,920 --> 00:02:06,320 Speaker 1: income two point four nine billion. That is a beat. 47 00:02:06,360 --> 00:02:09,000 Speaker 1: The street was looking for two point one three billion. 48 00:02:09,040 --> 00:02:12,640 Speaker 1: Cash flow from operations coming in slightly below street estimates 49 00:02:12,639 --> 00:02:15,919 Speaker 1: at four point six one billion dollars adjusted EPs does 50 00:02:15,960 --> 00:02:18,760 Speaker 1: beat the bottom line number fourth quarter a dollar ninety 51 00:02:18,760 --> 00:02:21,040 Speaker 1: one the street was looking for a dollar sixty on average, 52 00:02:21,040 --> 00:02:24,120 Speaker 1: and the top line number revenue for the third quarter 53 00:02:24,160 --> 00:02:27,079 Speaker 1: fiscal third quarter nine point three billion dollars the street 54 00:02:27,120 --> 00:02:29,560 Speaker 1: was looking for eight point eight five billion dollars, and 55 00:02:29,760 --> 00:02:32,800 Speaker 1: gross margin also coming in above estimates at thirty nine percent. 56 00:02:32,840 --> 00:02:35,519 Speaker 1: The street was looking for roughly about thirty seven percent. 57 00:02:35,800 --> 00:02:38,080 Speaker 1: Now for the current quarter, the fiscal fourth quarter, the 58 00:02:38,080 --> 00:02:41,800 Speaker 1: company is guiding for a revenue range of ten point 59 00:02:41,840 --> 00:02:44,320 Speaker 1: four to eleven billion dollars. The low end of that 60 00:02:44,440 --> 00:02:47,919 Speaker 1: range is significantly above the average of street estimates. The 61 00:02:47,960 --> 00:02:51,360 Speaker 1: street Scarlett was looking for nine point eight nine billion. 62 00:02:51,520 --> 00:02:53,000 Speaker 5: Yeah, so that is a beat, and you're looking at 63 00:02:53,040 --> 00:02:55,800 Speaker 5: the stock gaining more than six percent in after hours trading. 64 00:02:56,080 --> 00:02:59,280 Speaker 5: Fiscal fourth quarter revenue, you mentioned that it's a range 65 00:02:59,280 --> 00:03:02,680 Speaker 5: of ten point four to eleven billion, higher than the 66 00:03:01,880 --> 00:03:05,639 Speaker 5: consens assessment of nine point nine billion, projected to grow 67 00:03:05,800 --> 00:03:10,200 Speaker 5: fifteen percent sequentially, So once again it underscores a demand 68 00:03:10,200 --> 00:03:13,520 Speaker 5: there for these high bandwidth memory chips that Micron makes. 69 00:03:13,560 --> 00:03:16,239 Speaker 5: And as Pierre Farragul was telling us earlier, Carol, this 70 00:03:16,400 --> 00:03:19,040 Speaker 5: idea that it has to meet demand for that means 71 00:03:19,040 --> 00:03:21,600 Speaker 5: that it makes fewer of the DRAM and the nand chips, 72 00:03:21,639 --> 00:03:25,840 Speaker 5: and so it has a better supplied demand equation for 73 00:03:25,919 --> 00:03:27,320 Speaker 5: those legacy chips as well. 74 00:03:27,360 --> 00:03:27,520 Speaker 6: Well. 75 00:03:27,520 --> 00:03:30,400 Speaker 3: Listen, they are a key beneficiary of AI computing gear 76 00:03:30,480 --> 00:03:33,880 Speaker 3: spending right their growth, those high bandwidth memory chips, they're 77 00:03:33,880 --> 00:03:36,400 Speaker 3: in high demand right as you said, they've been driven 78 00:03:36,480 --> 00:03:39,880 Speaker 3: up the prices due to supply constraints, but you are 79 00:03:39,920 --> 00:03:42,040 Speaker 3: seeing that they're playing into that AI trade. What I 80 00:03:42,040 --> 00:03:44,000 Speaker 3: want to point out though, you've got to stock up 81 00:03:44,000 --> 00:03:46,880 Speaker 3: almost seven percent in the aftermarket. Shares have roughly doubled 82 00:03:46,920 --> 00:03:49,240 Speaker 3: since the S and P bottom backed in April, So 83 00:03:49,280 --> 00:03:51,920 Speaker 3: this was a real test they had to outperform here 84 00:03:52,000 --> 00:03:53,440 Speaker 3: and that share price move show. 85 00:03:53,480 --> 00:03:54,560 Speaker 4: Sorry, just real quickly too. 86 00:03:54,600 --> 00:03:55,040 Speaker 5: I just saw me. 87 00:03:55,120 --> 00:03:57,240 Speaker 1: There are more numbers coming out here on the forecast, 88 00:03:57,240 --> 00:04:00,280 Speaker 1: specifically an increase a widening of gross s mart and 89 00:04:00,280 --> 00:04:03,280 Speaker 1: projected to be about forty one percent for the current quarter. 90 00:04:03,320 --> 00:04:06,160 Speaker 1: That's plus or minus one percentage point that's well above 91 00:04:06,200 --> 00:04:09,040 Speaker 1: street estimates. And then diluted earnings per share tim two 92 00:04:09,080 --> 00:04:11,320 Speaker 1: dollars and twenty nine cents a share is the guidance 93 00:04:11,360 --> 00:04:14,560 Speaker 1: plus or minus about fifteen cents, also coming in above 94 00:04:14,560 --> 00:04:15,200 Speaker 1: street estimates. 95 00:04:15,280 --> 00:04:16,960 Speaker 6: Okay, so we'll wait till the earnings call to get 96 00:04:16,960 --> 00:04:19,640 Speaker 6: more commentary. But Sandja Miurotra is saying that we're on 97 00:04:19,720 --> 00:04:23,159 Speaker 6: track to deliver record revenue with solid profitability and free 98 00:04:23,160 --> 00:04:26,200 Speaker 6: cash flow in fiscal twenty twenty five while we make 99 00:04:26,240 --> 00:04:29,800 Speaker 6: discipline investments to build our technology leadership and get this 100 00:04:29,880 --> 00:04:34,159 Speaker 6: part guys manufacturing excellence to satisfy growing AI driven memory demand. 101 00:04:34,160 --> 00:04:36,360 Speaker 6: So they're still saying, yeah, there's been a lot of demand, 102 00:04:36,640 --> 00:04:39,279 Speaker 6: there were questions about demand moving forward, and we're going 103 00:04:39,320 --> 00:04:41,359 Speaker 6: to work to deliver on that demand. 104 00:04:41,880 --> 00:04:44,560 Speaker 4: All right, So interesting, some optimism. I was trying to 105 00:04:44,560 --> 00:04:47,200 Speaker 4: take a look. It looks like AMD is even maybe. 106 00:04:47,000 --> 00:04:49,080 Speaker 3: Moving in the aftermarket, so we'll keep a watch on 107 00:04:49,120 --> 00:04:51,400 Speaker 3: that chip space. I'm going to go back and mentioned 108 00:04:51,440 --> 00:04:53,919 Speaker 3: amdal ready. I want to go to Nvidia because, as 109 00:04:53,920 --> 00:04:57,480 Speaker 3: Scarlett mentioned earlier, an olperformer today at more than four percent, 110 00:04:57,520 --> 00:05:00,560 Speaker 3: pretty much finishing at its highs of the and I 111 00:05:00,640 --> 00:05:04,279 Speaker 3: believe that was a record close for the company. Yes, indeed, 112 00:05:04,920 --> 00:05:07,200 Speaker 3: and Vidia's price target lifted to a street high of 113 00:05:07,200 --> 00:05:09,840 Speaker 3: two point fifty from one to seventy five. Overat Loop 114 00:05:09,920 --> 00:05:13,560 Speaker 3: Capital Markets, who says that the chip maker's position favorably 115 00:05:13,640 --> 00:05:17,000 Speaker 3: into the next golden wave of generative AI adoption and 116 00:05:17,040 --> 00:05:21,560 Speaker 3: can reach a six trillion dollars market cap for the company. 117 00:05:21,680 --> 00:05:24,040 Speaker 4: Right now, the market cap at three point seven trillion. 118 00:05:24,080 --> 00:05:25,720 Speaker 3: So some Maplet performance and I'm just going to throw 119 00:05:25,760 --> 00:05:29,440 Speaker 3: in alphabet if I can, up about two point three percent. 120 00:05:29,520 --> 00:05:31,680 Speaker 3: This was a top gainer two in the S and 121 00:05:31,720 --> 00:05:36,480 Speaker 3: P and NASDAQ one hundred. Alphabet's Google launching Gemini cl One. 122 00:05:36,520 --> 00:05:40,160 Speaker 3: I believe it is our CLI and AI coding assistant 123 00:05:40,200 --> 00:05:41,880 Speaker 3: to ease the work of developers and catch up with 124 00:05:41,880 --> 00:05:45,200 Speaker 3: some rival products. So again some opperformance there, Tim, What 125 00:05:45,240 --> 00:05:46,240 Speaker 3: do you get for declining? 126 00:05:46,360 --> 00:05:48,400 Speaker 6: I want to start with FedEx down three point three 127 00:05:48,440 --> 00:05:50,920 Speaker 6: percent today, It fell close to six percent earlier in 128 00:05:50,960 --> 00:05:53,719 Speaker 6: the session. Bounced off those lows, the company warning that 129 00:05:53,760 --> 00:05:56,400 Speaker 6: its profit will be worse than expected for this quarter. 130 00:05:56,440 --> 00:05:58,160 Speaker 6: It declined to offer guidance for the rest of the 131 00:05:58,240 --> 00:06:02,360 Speaker 6: year due to the uncertain global demand environment. Also General 132 00:06:02,360 --> 00:06:05,000 Speaker 6: Mills following more than five percent today. It's the worst 133 00:06:05,040 --> 00:06:08,559 Speaker 6: single day going back two years to June of twenty 134 00:06:08,680 --> 00:06:11,839 Speaker 6: twenty three. The company projected a lower adjusted profit for 135 00:06:11,880 --> 00:06:15,559 Speaker 6: the fiscal year ahead. Kausis consumers is what they say 136 00:06:15,640 --> 00:06:20,000 Speaker 6: they are finding. Those cautious consumers are limiting their grocery expenses. 137 00:06:20,480 --> 00:06:23,480 Speaker 6: And here's an interesting one a New York City focused decliner, 138 00:06:23,640 --> 00:06:26,640 Speaker 6: Flagstar Financial. Remember this is the company formerly known as 139 00:06:26,839 --> 00:06:30,960 Speaker 6: New York Community Bank. Shares fell three point nine percent today. 140 00:06:31,520 --> 00:06:34,360 Speaker 6: This is due to its exposure to the rent regulated 141 00:06:34,440 --> 00:06:39,000 Speaker 6: market as a result of Zorinmumdantis Mamdani's upset last night 142 00:06:39,560 --> 00:06:42,000 Speaker 6: as he's set to become the Democratic nominee for mayor 143 00:06:42,040 --> 00:06:44,599 Speaker 6: of New York. He's called for a bold progressive agenda, 144 00:06:45,000 --> 00:06:48,880 Speaker 6: including rent freezes, and that bank is heavily exposed to 145 00:06:48,880 --> 00:06:52,039 Speaker 6: the rent regulated market. Shares fell four percent today. 146 00:06:52,360 --> 00:06:54,160 Speaker 1: Just a quick check on yield's not a whole lot 147 00:06:54,160 --> 00:06:56,720 Speaker 1: of action there, but three straight days now that we've 148 00:06:56,760 --> 00:06:59,280 Speaker 1: seen yields fall on the shorter end of the curve, 149 00:06:59,360 --> 00:07:01,839 Speaker 1: down about by basis points on the two year. The 150 00:07:01,880 --> 00:07:04,000 Speaker 1: long end of the curve you can see much different 151 00:07:04,000 --> 00:07:05,640 Speaker 1: and that it's tributing in, of course, a lot to 152 00:07:05,680 --> 00:07:07,920 Speaker 1: this steepening that we've seen as of late. 153 00:07:08,000 --> 00:07:08,279 Speaker 2: Guys. 154 00:07:08,400 --> 00:07:10,400 Speaker 3: Yeah, and listen, we're just taking a look again. As 155 00:07:10,400 --> 00:07:12,680 Speaker 3: Micron continues to move higher, we've seen some other one 156 00:07:12,720 --> 00:07:16,120 Speaker 3: sand Disc, Western Digital following Micron higher and the after 157 00:07:16,160 --> 00:07:18,600 Speaker 3: market sand Disk up about two point nine percent, three 158 00:07:18,640 --> 00:07:21,160 Speaker 3: and a half percent. So we are seeing their news 159 00:07:21,160 --> 00:07:24,520 Speaker 3: lift a couple of other names in the sector in. 160 00:07:24,560 --> 00:07:27,040 Speaker 5: Videos well, so building on that record high now of 161 00:07:27,120 --> 00:07:29,520 Speaker 5: my four tons of one percent, and of course we'll 162 00:07:29,520 --> 00:07:31,280 Speaker 5: wait to get more details from the earnings call, but 163 00:07:31,520 --> 00:07:34,120 Speaker 5: clearly margin expansion is what investors were fixated on. 164 00:07:34,360 --> 00:07:36,800 Speaker 1: Yeah, and just real quickly before we go, another headline 165 00:07:36,800 --> 00:07:39,840 Speaker 1: crossing the wire, this on a software stock Asana CEO, 166 00:07:40,240 --> 00:07:42,600 Speaker 1: new CEO at that company, Dan Rodgers. 167 00:07:43,960 --> 00:07:45,680 Speaker 4: Yeah, so okay, a little bit of earnings. 168 00:07:45,680 --> 00:07:47,280 Speaker 3: I feel like, you know, wait, we're just getting the 169 00:07:47,360 --> 00:07:50,040 Speaker 3: last you know, little bit of the asp right before 170 00:07:50,040 --> 00:07:53,040 Speaker 3: we start in JP Morgan, Yeah, July fifteen weeks. 171 00:07:52,680 --> 00:07:54,240 Speaker 6: July fifteenth, mark your calendars. 172 00:07:54,280 --> 00:07:56,320 Speaker 4: All right, it's going to be a long three weeks 173 00:07:56,360 --> 00:07:59,920 Speaker 4: until then. Nothing's going to go on. It's been so quiet. 174 00:08:01,560 --> 00:08:05,800 Speaker 2: The stockmover's report from Bloomberg Radio. Check back with us 175 00:08:05,800 --> 00:08:08,640 Speaker 2: throughout the day for the latest roundup of companies making 176 00:08:08,680 --> 00:08:12,320 Speaker 2: news on Wall Street and for the latest market moving headlines. 177 00:08:12,520 --> 00:08:16,520 Speaker 2: Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg 178 00:08:16,560 --> 00:08:19,640 Speaker 2: dot com, and on Applecarplay and Android Auto with the 179 00:08:19,680 --> 00:08:21,040 Speaker 2: Bloomberg Business app.