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 00:00:17,920 --> 00:00:19,680 Speaker 3: Let's take a look at some stocks that are on 5 00:00:19,720 --> 00:00:22,600 Speaker 3: the move today. Bloomberg News earnings report are red, Brown 6 00:00:22,880 --> 00:00:25,600 Speaker 3: is in the house read You had. 7 00:00:25,480 --> 00:00:29,080 Speaker 4: A lot to choose from today, certainly did well. 8 00:00:29,120 --> 00:00:32,760 Speaker 3: Let's start with Phase Energy Richie yeah En. 9 00:00:32,800 --> 00:00:37,400 Speaker 4: Phase down eleven percent today following a downgrade from Jeffrey's 10 00:00:37,440 --> 00:00:41,600 Speaker 4: analyst Julian Dumalin Smith, who raised concerns around the company's 11 00:00:41,600 --> 00:00:44,920 Speaker 4: potential exposure to cuts in the IRA. You know, we 12 00:00:45,360 --> 00:00:49,080 Speaker 4: know the Inflation Reduction Act, correct, we know the Republican 13 00:00:49,159 --> 00:00:52,760 Speaker 4: Senate Excuse me, senate Republicans in the Senate are looking 14 00:00:52,800 --> 00:00:55,720 Speaker 4: for kind of any area where they can cut money 15 00:00:55,760 --> 00:00:57,960 Speaker 4: out of the budget. Inflation Reduction Act would probably be 16 00:00:58,000 --> 00:00:59,160 Speaker 4: a pretty easy one for them. 17 00:00:59,200 --> 00:01:01,320 Speaker 1: This was all approved of spending, right, and now they're 18 00:01:01,320 --> 00:01:01,960 Speaker 1: like pulling it. 19 00:01:01,880 --> 00:01:03,480 Speaker 4: Back, right. I mean it's but you have to think 20 00:01:03,480 --> 00:01:05,200 Speaker 4: it's you know, it's a four hundred and thirty dollars 21 00:01:05,800 --> 00:01:09,600 Speaker 4: with the four hundred and thirty billion dollar target for them, right, 22 00:01:09,600 --> 00:01:11,800 Speaker 4: and it's an easy one considering you know who pushed 23 00:01:11,840 --> 00:01:15,720 Speaker 4: that that that legislation through the stock is its lowest 24 00:01:15,720 --> 00:01:19,000 Speaker 4: since it's been since July twenty twenty. So kind of 25 00:01:19,000 --> 00:01:21,160 Speaker 4: been getting battered here for the last few years. 26 00:01:21,480 --> 00:01:24,400 Speaker 3: And the reminder there is a solar equipment manufacturer. Yes, 27 00:01:24,560 --> 00:01:28,280 Speaker 3: got a marank cap of what about six point five 28 00:01:28,319 --> 00:01:29,320 Speaker 3: billion dollars. 29 00:01:29,120 --> 00:01:31,600 Speaker 1: Second worst performer in the s and P five hundred today, 30 00:01:31,640 --> 00:01:33,360 Speaker 1: so not too pretty, yes. 31 00:01:33,120 --> 00:01:35,720 Speaker 4: And definitely not. And Jeffries is kind of turning quite 32 00:01:35,720 --> 00:01:38,880 Speaker 4: betish on the stock. They're one of four celeratings everyone. 33 00:01:39,200 --> 00:01:41,280 Speaker 4: Most of the ratings are now are hold, twenty two 34 00:01:41,319 --> 00:01:45,840 Speaker 4: holes and fifteen buys. But Jeffries is kind of warning that, 35 00:01:47,120 --> 00:01:48,920 Speaker 4: you know, the growth might not be there for the 36 00:01:48,920 --> 00:01:50,880 Speaker 4: company going forward. While a lot of analysts are still 37 00:01:50,880 --> 00:01:56,200 Speaker 4: pretty bullish, Jeffries expects low single digit declines next year 38 00:01:56,960 --> 00:02:00,560 Speaker 4: just due to people not appreciating the level of risk 39 00:02:00,840 --> 00:02:03,160 Speaker 4: kind of coming out of Washington, DC. 40 00:02:04,080 --> 00:02:08,240 Speaker 1: Yeah, listen, I mean, right, all of those spending programs 41 00:02:08,320 --> 00:02:10,680 Speaker 1: under the Biden administration, Right, that was you talking about 42 00:02:10,680 --> 00:02:13,680 Speaker 1: money going into certain industries, right, almost you know, you 43 00:02:13,720 --> 00:02:16,480 Speaker 1: start to do projections and expectations based on that and 44 00:02:16,520 --> 00:02:19,000 Speaker 1: that was kind of a given, and so now you 45 00:02:19,080 --> 00:02:20,560 Speaker 1: do a one eighty on that, right, it's a very 46 00:02:20,560 --> 00:02:21,680 Speaker 1: different outlook. 47 00:02:21,360 --> 00:02:23,960 Speaker 4: Definitely, and it's not just phase either. First solar as 48 00:02:24,000 --> 00:02:27,080 Speaker 4: well was down around i think five ish percent today 49 00:02:27,080 --> 00:02:30,280 Speaker 4: as well. So just in general, there's green stocks that 50 00:02:30,400 --> 00:02:34,680 Speaker 4: were so heavily supported and had so much positivementum behind 51 00:02:34,680 --> 00:02:38,080 Speaker 4: them are starting to maybe wobble, given you know, the 52 00:02:38,160 --> 00:02:39,239 Speaker 4: changing tunes in the country. 53 00:02:39,280 --> 00:02:42,200 Speaker 1: For solar down seven and a half percent, so near 54 00:02:42,400 --> 00:02:43,680 Speaker 1: just off its lows of the session. 55 00:02:43,800 --> 00:02:45,880 Speaker 3: Hey, speaking of a change in momentum, there was this 56 00:02:46,000 --> 00:02:49,680 Speaker 3: idea that defense stocks would be a beneficiary at one 57 00:02:49,720 --> 00:02:52,680 Speaker 3: point when people were thinking about this administration. What's going 58 00:02:52,720 --> 00:02:53,040 Speaker 3: on now? 59 00:02:53,160 --> 00:02:55,840 Speaker 4: Yeah, well, if one sector is getting costs are targeted 60 00:02:55,880 --> 00:02:59,760 Speaker 4: for costs, this is another one that surprisingly quite supported. 61 00:03:00,200 --> 00:03:03,440 Speaker 4: The news came out last night President Trump Defense Secretary 62 00:03:03,560 --> 00:03:08,200 Speaker 4: Pete Hesget says, both talking up this idea of a 63 00:03:08,240 --> 00:03:11,800 Speaker 4: one trillion dollar defense budget, talking about that it's going 64 00:03:11,840 --> 00:03:13,320 Speaker 4: to be in the vicinity of a one trillion you know, 65 00:03:13,360 --> 00:03:15,359 Speaker 4: they want to be the first ones with with that 66 00:03:15,440 --> 00:03:19,760 Speaker 4: kind of flashy number, and it's really this promise to 67 00:03:19,919 --> 00:03:23,919 Speaker 4: rebuild the military. So that's pushed General Dynamics, Lockeyed, Northrop, 68 00:03:24,120 --> 00:03:28,600 Speaker 4: and rti UX all up. You know, relatively speaking considering 69 00:03:28,840 --> 00:03:30,720 Speaker 4: how things are, they're all within the top ten best 70 00:03:30,760 --> 00:03:32,919 Speaker 4: performers of the S and P five hundred today. 71 00:03:33,080 --> 00:03:35,600 Speaker 1: I thought we were pushing like Europe to spend more 72 00:03:35,640 --> 00:03:38,200 Speaker 1: on defense and other nations to spend more on defense 73 00:03:38,240 --> 00:03:41,280 Speaker 1: so that the US didn't have to kind of police 74 00:03:41,320 --> 00:03:41,800 Speaker 1: the world. 75 00:03:42,720 --> 00:03:45,040 Speaker 4: Yeah, well they also, I don't think it's very a 76 00:03:45,080 --> 00:03:50,120 Speaker 4: political expedient thing to talk about cutting the military budget. 77 00:03:51,480 --> 00:03:53,800 Speaker 3: Correct, That is where dose is going to have trouble with. 78 00:03:53,920 --> 00:03:57,240 Speaker 1: It's amazing, like both Republicans and Democrats right in terms 79 00:03:57,240 --> 00:03:59,040 Speaker 1: of defense spending. Sorry, didn't mean to put you in 80 00:03:59,040 --> 00:04:00,720 Speaker 1: a tough spot, but it's just it's like, wait a minute, 81 00:04:00,760 --> 00:04:02,000 Speaker 1: let me let me understand this. 82 00:04:02,120 --> 00:04:05,360 Speaker 4: I can choose my words wisely. You can, you can, no, 83 00:04:05,440 --> 00:04:08,360 Speaker 4: I mean, it always has bipartisan support, right, it's and 84 00:04:08,440 --> 00:04:10,000 Speaker 4: also just to put it in context, like you know, 85 00:04:10,000 --> 00:04:12,320 Speaker 4: they're really touting this one tillion dollars. The stocks are 86 00:04:12,400 --> 00:04:15,680 Speaker 4: up slow, single digits, all of them. So, and the 87 00:04:15,720 --> 00:04:17,920 Speaker 4: reason being is last year, if we remember, we kind 88 00:04:17,920 --> 00:04:19,920 Speaker 4: of a short memory with a lot of these things, 89 00:04:19,960 --> 00:04:21,480 Speaker 4: but they were at nine hundred and twenty three billion 90 00:04:21,480 --> 00:04:24,520 Speaker 4: dollars last year for fiscal twenty twenty four. You know, 91 00:04:24,600 --> 00:04:29,839 Speaker 4: another seventy billion dollars is not bad obviously, but yeah, 92 00:04:29,839 --> 00:04:31,560 Speaker 4: you know it's it's a moderate boost, and it is, 93 00:04:31,760 --> 00:04:34,040 Speaker 4: but it does speak to the kind of the continued 94 00:04:34,120 --> 00:04:35,520 Speaker 4: support of this industry. 95 00:04:36,279 --> 00:04:38,239 Speaker 1: Another one that actually ended in the green today. 96 00:04:38,320 --> 00:04:40,640 Speaker 3: Yeah, like maybe if you want to just cash it 97 00:04:40,680 --> 00:04:44,320 Speaker 3: all in and get away for a little while. Yeah, 98 00:04:44,680 --> 00:04:48,080 Speaker 3: go take a sale on a ship. See ya, see 99 00:04:48,120 --> 00:04:50,479 Speaker 3: you later. The I ses Carnival. 100 00:04:50,920 --> 00:04:52,680 Speaker 4: Yeah, I have to talk about cruises every time I'm 101 00:04:52,720 --> 00:04:55,280 Speaker 4: in here. Why why are these Why Why do I 102 00:04:55,320 --> 00:04:56,839 Speaker 4: have to Why is it higher? 103 00:04:58,240 --> 00:05:00,520 Speaker 3: Because I would rather be on a cruise than about 104 00:05:00,520 --> 00:05:01,039 Speaker 3: thirty seconds? 105 00:05:01,120 --> 00:05:04,160 Speaker 4: Right, Okay, Well, look, Carnival announced that another two billion 106 00:05:04,200 --> 00:05:07,039 Speaker 4: dollars for two new cruise ships. This is actually one of, 107 00:05:07,120 --> 00:05:10,240 Speaker 4: if I'm not mistaken, the first announcement that they are 108 00:05:10,279 --> 00:05:14,039 Speaker 4: going to restart building their capacity post COVID. They've really 109 00:05:14,040 --> 00:05:16,360 Speaker 4: been focusing on paying down their debt. Yeah, it's really 110 00:05:16,440 --> 00:05:18,800 Speaker 4: interesting to me. I'm almost reading yeah exactly, I'm reading 111 00:05:18,800 --> 00:05:21,320 Speaker 4: this almost like a buyback by the company by the management, 112 00:05:21,360 --> 00:05:23,360 Speaker 4: singling that like, look, we believe in our company. We 113 00:05:23,360 --> 00:05:25,880 Speaker 4: believe in the direction that things are heading to say 114 00:05:25,920 --> 00:05:28,480 Speaker 4: that we're willing to invest through even this like economic 115 00:05:28,600 --> 00:05:32,480 Speaker 4: uncertain time. Yeah, but I mean, these ships probably won't 116 00:05:32,520 --> 00:05:35,279 Speaker 4: hit the waters for many, many years. But still they're 117 00:05:35,279 --> 00:05:38,479 Speaker 4: willing to take on two billion dollars despite everything else 118 00:05:38,480 --> 00:05:40,719 Speaker 4: that's going on, and a lot of that has to 119 00:05:40,760 --> 00:05:42,440 Speaker 4: do with the continued demand. I know, it sounds like 120 00:05:42,440 --> 00:05:45,200 Speaker 4: a broken record within the cruise industry. We will get 121 00:05:45,240 --> 00:05:47,880 Speaker 4: a little bit more insight into the travel industry tomorrow 122 00:05:47,960 --> 00:05:49,480 Speaker 4: because Delta's reporting earnings. 123 00:05:50,640 --> 00:05:54,760 Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with 124 00:05:54,839 --> 00:05:57,600 Speaker 2: us throughout the day for the latest roundup of companies 125 00:05:57,640 --> 00:06:00,720 Speaker 2: making news on Wall Street and for the latest market 126 00:06:00,720 --> 00:06:05,080 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 127 00:06:05,160 --> 00:06:08,400 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 128 00:06:08,440 --> 00:06:09,919 Speaker 2: the Bloomberg Business app.