WEBVTT - Closing Bell: Chipotle Rises, Tech Stocks Lead Selloff, Lululemon Sinks

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news.

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<v Speaker 2>This is the closing bell on the stock. Movers report

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<v Speaker 2>the company's making moves at the close of US trading

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<v Speaker 2>with Carol Masser, Tim Stenoveeck Romaine Bostik, and Katie Greyfell.

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<v Speaker 3>Today should be a day where the decliners go first.

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<v Speaker 3>But I'm a gentleman, Carol Masser will.

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<v Speaker 4>Have I'm the optimist. I'm just going to go for it.

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<v Speaker 1>Let's hear about it. What is this like ten can soup?

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<v Speaker 4>Exactly?

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<v Speaker 5>It is really funny to go for the gainers and

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<v Speaker 5>what gain Although everybody knows to potle Mexican girl, look

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<v Speaker 5>not a bad trade. It was up as much as

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<v Speaker 5>seven percent of the tie today, finishing at the gain

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<v Speaker 5>of more than four percent. JP Morgan upgrading to overweight

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<v Speaker 5>from neutral, siting a rare valuation opportunity for the stock.

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<v Speaker 4>The analyst John.

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<v Speaker 5>Ivanco saying that the stock's multiple now has fully rerated

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<v Speaker 5>to reflect a more moderate, yet still well above average

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<v Speaker 5>growth profile. Price target set to thirty five dollars a share,

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<v Speaker 5>employing a twenty four percent increase from the Thursday close.

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<v Speaker 5>You can see the stock closing just below thirty dollars

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<v Speaker 5>a share. All right, let's get to the number one.

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<v Speaker 5>Let me just double check. Yep, it's the number one

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<v Speaker 5>gainer in the S and P five hundred Cooper companies. Yeah,

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<v Speaker 5>we don't talk about this one a lot, right, not

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<v Speaker 5>top of the S and P after the contact lens maker.

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<v Speaker 4>It's also medical device maker.

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<v Speaker 5>Posted second quarter sales and adjusted profit that top estimates.

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<v Speaker 5>Company also gave updates about its ongoing strategic review that

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<v Speaker 5>analyst found encouraging. It's about a thirteen billion dollar market

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<v Speaker 5>cap company. If you're not familiar, it is still down

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<v Speaker 5>about eighteen percent year to date.

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<v Speaker 4>But yeah, do you have something you want to add, Well,

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<v Speaker 4>we're familiar with it. Yeah.

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<v Speaker 1>Oh that's your leader. Okay, that's your leader in the

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<v Speaker 1>SP five you're encouraged by.

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<v Speaker 4>And I think it's kind of no. No, I think

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<v Speaker 4>it's fascinating.

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<v Speaker 5>If you go to the Nasdaq, Gainers, Manda Leese, Coca

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<v Speaker 5>Cola Enterprise like these are not high tech companies. Like

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<v Speaker 5>I thought it was kind of interesting.

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<v Speaker 1>Sp fed X Freight, It's Clorox, can be Kimberly Clark.

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<v Speaker 1>So we see where investors' minds are at. Yeah, they

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<v Speaker 1>did not go to cash, but they're going into something

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<v Speaker 1>more defensive sectors, right.

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<v Speaker 5>Which is telling, right, they're willing to look at some

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<v Speaker 5>other different names and like you said, not putting cash

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<v Speaker 5>under their mattresses.

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<v Speaker 4>Hey for something different, something small, Miles. Well, so I

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<v Speaker 4>was just at a family wedding. They're like, what's what

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<v Speaker 4>The dude always gives you a hard time. I'm like,

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<v Speaker 4>you know, they said, Tim, did you think that?

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<v Speaker 3>Tim?

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<v Speaker 2>No?

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<v Speaker 5>No, no, And I'm just like truly a teddy bear.

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<v Speaker 4>You know, when you get you scratch below the surface.

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<v Speaker 3>Here's just something It's hard to get there though.

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<v Speaker 5>Actually you need kind of a pick to kind of

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<v Speaker 5>get into it. But hey, well we'll move on a

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<v Speaker 5>small cap company because remain I know you love them.

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<v Speaker 5>It's a nine hundred and seven million dollar market cap

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<v Speaker 5>company Merlin ticker.

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<v Speaker 4>I know I had to dig mr Ln.

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<v Speaker 5>It's a software company involved in the aerospace and defense

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<v Speaker 5>tech areas, rallying big time today as we bring it

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<v Speaker 5>up almost twenty percent here afternounces a successful completion of

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<v Speaker 5>the critical design review for its C one thirty J

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<v Speaker 5>autonomy program with the.

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<v Speaker 4>US Special Operation Command.

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<v Speaker 5>I thought that was interesting in terms of what's happening

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<v Speaker 5>with defense in particular, Stop's still down by eighteen percent

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<v Speaker 5>with about five percent of the float is short.

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<v Speaker 4>Take it away the klimber man.

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<v Speaker 3>All right, well, not everything is lower today, but some

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<v Speaker 3>prominent names lower. Let's go to the socks down more

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<v Speaker 3>than two ten point two percent today, We'll go ahead

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<v Speaker 3>and round that up to ten point three worst day

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<v Speaker 3>going back to March of twenty twenty during the COVID scare.

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<v Speaker 3>Every name in the socks is lower.

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<v Speaker 4>Today.

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<v Speaker 3>You've got Marvel down more than sixteen percent, Micron down

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<v Speaker 3>more than thirteen percent, Amd down more than ten percent,

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<v Speaker 3>Intel down eleven point three percent, Broadcomm down eight percent,

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<v Speaker 3>in Vidia down six point two Qualcomm down eleven percent.

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<v Speaker 3>The list goes on. I could give you twenty five

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<v Speaker 3>more names that are lower in the socks today. Tech

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<v Speaker 3>stocks broadly lower following that latest job support added a

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<v Speaker 3>speculation the fed's next interistry move will be a high.

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<v Speaker 3>Let's change years, though, and talk a little bit about retail.

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<v Speaker 3>Earlier in the session, one of the worst performers going

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<v Speaker 3>into today would have been Lululemon. Not the worst performer,

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<v Speaker 3>but it was down throughout the day. Today closed at

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<v Speaker 3>eight point six percent lower. This lowest levels in more

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<v Speaker 3>than eight years. After the company cut its annual forecast

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<v Speaker 3>due to deteriorating performance in North America. The company now

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<v Speaker 3>sees revenue in the range of eleven to eleven point

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<v Speaker 3>one to five billion dollars for the fiscal year, down

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<v Speaker 3>below the average Jannalist estimates compiled by Bloomberg. The company

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<v Speaker 3>says it's been contending with increased competition, poor product launches,

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<v Speaker 3>and negative commentary in the media and social media, which

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<v Speaker 3>has led to lower store traffic and lower sales. And finally,

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<v Speaker 3>I can't believe we haven't talked about bitcoin yet. It

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<v Speaker 3>fell below sixty thousand dollars for the first time going

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<v Speaker 3>back to October twenty twenty four. This is the I

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<v Speaker 3>Shares Bitcoin Trust ETF otherwise known as IBIT, down more

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<v Speaker 3>than five point two percent. This leg lower fueled by

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<v Speaker 3>a combination of investors pulling money from bitcoin tied ets

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<v Speaker 3>such as this, renewed geopolitical tensions, growing concern about the

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<v Speaker 3>durability of one of the market's most important sources of demand.

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<v Speaker 3>I think big questions about what happens with all these

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<v Speaker 3>retail investors who may have been putting money into cryptocurrency

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<v Speaker 3>when we have some big AI companies that are going public.

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<v Speaker 2>This Stock Movers report from Bloomberg Radio. Check back with

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<v Speaker 2>us throughout the day for the latest roundup of companies

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