WEBVTT - Kospi Index Falls, Led by Electronics Sector; Adidas Falls to Three-Year Low; Gitlab Lower on Earnings

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

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg data.

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<v Speaker 1>Let's take a look at some stocks on the move today.

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<v Speaker 1>I'm Nathan Hager, joined by Bloomberg's Dan Curtis, watching not

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<v Speaker 1>just stocks on Wall Street, but stocks in Seoul after

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<v Speaker 1>that historic sell off for the COSPY in South Korea.

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<v Speaker 3>Good morning Dan, Good morning Nathan. That's right. So the

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<v Speaker 3>COSTP fell over twelve percent for to worst day on record,

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<v Speaker 3>and I'm watching a lot of those Korean names because

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<v Speaker 3>that pain is continuing into the US pre market. So

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<v Speaker 3>companies like LG Display, which is take our LPL is

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<v Speaker 3>down ten percent, Korea Electric Power k EP down seven

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<v Speaker 3>and a half percent, alongside POSTCOPKX. Those are also down

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<v Speaker 3>seven and a half percent. So Korea got hit really hard.

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<v Speaker 3>Eight hundred of the eighty thirty of the eight hundred

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<v Speaker 3>and thirty six stocks in that index fell, But because

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<v Speaker 3>it's been up so much, even after the twelve percent drop,

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<v Speaker 3>the index is up twenty percent year to date. Compare

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<v Speaker 3>that to the S and B five hundred, which is

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<v Speaker 3>about flat on the year, and the two largest companies

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<v Speaker 3>in that index Samsung sk Heinix, those memory chip companies

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<v Speaker 3>are about forty percent of the index. That's been a

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<v Speaker 3>big draw to the costb so that's really come back

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<v Speaker 3>down today.

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<v Speaker 1>Are we seeing a read through dan for some of

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<v Speaker 1>those companies competitors in the US?

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<v Speaker 3>No, So, sand Disk is up three percent, Micron is

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<v Speaker 3>up three percent as well. In the US pre market,

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<v Speaker 3>Memory has been somewhat somewhat protected from the selloff, even

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<v Speaker 3>Samsung s k Heinix, the two members that I just

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<v Speaker 3>mentioned in Korea, those rebounded after the creating close in

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<v Speaker 3>late trading. So Memory hasn't died with the Korea rollover.

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<v Speaker 3>It's just been some price at price taking out of

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<v Speaker 3>Korea this morning after the massive climb.

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<v Speaker 1>Okay keeping things overseas. Then I see Adidas or Audios

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<v Speaker 1>or Power we're saying it now is on your list

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<v Speaker 1>as well? What's happening with the apparel retailer. I'll go

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<v Speaker 1>with Audi d Austince. I've been living in London for

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<v Speaker 1>a few years, so that's going enough. I mean, that's

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<v Speaker 1>just how I say it now. I guess yeah, So

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<v Speaker 1>that stock is at a three year low. In German trading.

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<v Speaker 1>The shares are down six percent. The company is projecting

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<v Speaker 1>operating profit two point three billion euros that's about two

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<v Speaker 1>point seven billion dollars for the year, well below estimates.

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<v Speaker 3>It has a history of setting low bar for earnings,

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<v Speaker 3>so some analysts are saying that might be overly pessimistic

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<v Speaker 3>and that they may actually come out a little bit stronger.

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<v Speaker 3>But that's really weighing on shares this morning. The company,

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<v Speaker 3>trying to convey some security, has extended the contract with

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<v Speaker 3>the CEO. He's the architect, the architect of the company's revamp.

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<v Speaker 3>He's been at the helm for four years, so they're

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<v Speaker 3>giving them more time to work on the turnaround. As

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<v Speaker 3>the general sportswear industry is under law skepticism around growth.

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<v Speaker 1>And you got your eye on GitLab as well. What's

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<v Speaker 1>going on with that company.

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<v Speaker 3>Yeah, so get Lab shares ticker GTLB down six percent

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<v Speaker 3>in pre market. The software company developing company forecast for

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<v Speaker 3>the current fiscal year. Earnings were below estimates. The company

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<v Speaker 3>sees about eighty cents per share. The estimate was one

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<v Speaker 3>oh six, so those shares are falling six percent. That's

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<v Speaker 3>as we've seen a lot of weakness in the software space.

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<v Speaker 3>Get Lab said bookings growth, that's potential revenue has not

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<v Speaker 3>scaled with actual realized revenue, and so that's part of

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<v Speaker 3>the reason that those forecasts are weaker than expected.

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<v Speaker 1>Now, let's close things out dan with rass stores, because

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<v Speaker 1>those stock, that stock's still moving after their earnings.

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<v Speaker 3>That's right. So raw stare stores those that came out

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<v Speaker 3>last night, but those shares are up in the pre

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<v Speaker 3>market right now seven percent. Earnings per share came at

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<v Speaker 3>two dollars versus a dollar eighty roughly. Estimate sales also stronger.

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<v Speaker 3>Those shares are getting a nice bounce and create.

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<v Speaker 2>the Bloomberg Business app. Mm hmm