1 00:00:02,520 --> 00:00:07,360 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. 2 00:00:08,560 --> 00:00:12,440 Speaker 2: The Stock Movers Report, your roundup of companies making moves 3 00:00:12,480 --> 00:00:16,280 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:16,680 --> 00:00:18,279 Speaker 3: Let's take a look at some of the stocks on 5 00:00:18,320 --> 00:00:22,000 Speaker 3: the move today. We're joined now by Bloomberg's Valerie tie 6 00:00:22,079 --> 00:00:24,520 Speaker 3: Tel Valerie. I feel like we have to start with 7 00:00:24,640 --> 00:00:27,520 Speaker 3: regional banks. They are definitely in the spotlight for today. 8 00:00:27,640 --> 00:00:30,240 Speaker 1: All of the banking sectors in the spotlight, especially those 9 00:00:30,280 --> 00:00:32,960 Speaker 1: regional names. But I do have some good news. Zion's 10 00:00:33,000 --> 00:00:35,640 Speaker 1: Bankorp is basically back to flat. It had been down 11 00:00:35,680 --> 00:00:37,680 Speaker 1: as much as one and a half percent in pre market, 12 00:00:37,720 --> 00:00:40,840 Speaker 1: but is trading flat to the downside as we speak. 13 00:00:40,880 --> 00:00:42,960 Speaker 1: But also want to check on Western Alliance. That was 14 00:00:42,960 --> 00:00:46,000 Speaker 1: another stock that dropped double digits yesterday. We are in 15 00:00:46,040 --> 00:00:49,160 Speaker 1: the red for Western Alliance, down two point one percent. Now. 16 00:00:49,159 --> 00:00:52,040 Speaker 1: These banks are in focus. Both of them dropped double 17 00:00:52,040 --> 00:00:55,400 Speaker 1: digits yesterday and closed at the lows on the back 18 00:00:55,440 --> 00:00:58,640 Speaker 1: of a write down related to alleged collateral fraud on 19 00:00:58,760 --> 00:01:02,640 Speaker 1: loans tied to destry property funds. The KRE Regional Bank 20 00:01:02,680 --> 00:01:06,960 Speaker 1: index actually suffered its worst slide since April earlier this year, 21 00:01:07,000 --> 00:01:09,280 Speaker 1: but it's not all bad news when it comes to 22 00:01:09,319 --> 00:01:11,640 Speaker 1: regional banks. We did have some reporting this morning and 23 00:01:11,640 --> 00:01:14,680 Speaker 1: it actually looked pretty good. We heard from Truest Financial. 24 00:01:15,000 --> 00:01:17,640 Speaker 1: Those shares are up three point one percent percent. We 25 00:01:17,680 --> 00:01:20,560 Speaker 1: also heard from Fifth Third Bank, which has been a 26 00:01:20,560 --> 00:01:22,919 Speaker 1: bank that has been in a spotlight because they previously 27 00:01:23,560 --> 00:01:27,440 Speaker 1: had disclosed that they had had some ties to Tricolor, 28 00:01:27,480 --> 00:01:29,880 Speaker 1: that was the auto lender that went bankrupt a few 29 00:01:29,880 --> 00:01:31,840 Speaker 1: weeks ago. But those shares are in the green too, 30 00:01:32,160 --> 00:01:33,920 Speaker 1: up six tens of one percent. So there just seem 31 00:01:33,959 --> 00:01:36,760 Speaker 1: to be some kind of positivity in some pockets, at 32 00:01:36,800 --> 00:01:39,200 Speaker 1: least in the regional banking sector. All Right, some hits 33 00:01:39,200 --> 00:01:40,560 Speaker 1: of slants of sunlight there. 34 00:01:40,600 --> 00:01:43,440 Speaker 3: Okay, we go from banks to the pharma sector, and 35 00:01:43,480 --> 00:01:46,360 Speaker 3: that's really taken ahead Lily Novo. It's a lot what 36 00:01:46,480 --> 00:01:48,320 Speaker 3: President Trump was saying about their drugs. 37 00:01:48,560 --> 00:01:51,480 Speaker 1: Yeah, we have Eli Lily and Novo Nordisk on a 38 00:01:51,560 --> 00:01:55,480 Speaker 1: back foot. Eli Lily down four point two percent, Novo 39 00:01:55,560 --> 00:01:59,000 Speaker 1: Nordisk down four and a half percent. Now this comes 40 00:01:59,040 --> 00:02:03,320 Speaker 1: on the back of some words from the White House yesterday, Lisa, 41 00:02:04,280 --> 00:02:08,840 Speaker 1: all having to do with pricing for these weight loss drugs. Now, 42 00:02:09,000 --> 00:02:12,520 Speaker 1: Trump and the White House said that these diabetes, sorry, 43 00:02:12,520 --> 00:02:14,800 Speaker 1: these weight loss drugs could come to just down to 44 00:02:14,880 --> 00:02:17,040 Speaker 1: one hundred and fifty dollars a month, which would be 45 00:02:17,480 --> 00:02:19,640 Speaker 1: a steep drop given the list price for some of 46 00:02:19,680 --> 00:02:22,160 Speaker 1: these is roughly one thousand for a month of supply, 47 00:02:22,720 --> 00:02:25,120 Speaker 1: So we have these shares in the red now. Officials 48 00:02:25,120 --> 00:02:28,880 Speaker 1: were quick to respond that prices haven't been negotiated yet, 49 00:02:28,880 --> 00:02:31,120 Speaker 1: that talks are still ongoing with drug makers but still 50 00:02:31,160 --> 00:02:34,960 Speaker 1: at signals some pretty aggressive posturing from the Trump administration 51 00:02:36,080 --> 00:02:39,679 Speaker 1: and trying to negotiate lower prices. Given these weight loss 52 00:02:39,800 --> 00:02:44,160 Speaker 1: drugs are currently one of the most lucrative prescription drugs 53 00:02:44,160 --> 00:02:48,480 Speaker 1: out there recently would entail some decent margin pressure for Eli, Lilly, 54 00:02:48,600 --> 00:02:51,440 Speaker 1: and Novo. But Lisa, I also do want to mention 55 00:02:51,680 --> 00:02:54,440 Speaker 1: the wider banking sector since it has been in focus 56 00:02:54,560 --> 00:02:57,440 Speaker 1: even in the European session. We did at heavyweights like 57 00:02:57,520 --> 00:03:01,600 Speaker 1: Deutsche Bank dropping six point two percent and Barclay's dropping 58 00:03:01,680 --> 00:03:04,520 Speaker 1: six percent, so it was a huge focus in terms 59 00:03:04,960 --> 00:03:08,119 Speaker 1: of the European session today with the bank sector down 60 00:03:08,160 --> 00:03:11,360 Speaker 1: the most sense August, we're also seeing the Wall Street heavyweights. 61 00:03:11,360 --> 00:03:13,720 Speaker 1: They're non impervious to what's going on in the regional 62 00:03:13,760 --> 00:03:17,480 Speaker 1: banking space, we have Bank of America down nearly two percent, 63 00:03:17,600 --> 00:03:20,840 Speaker 1: Wells Fargo down one, and City down one point six. 64 00:03:20,880 --> 00:03:23,480 Speaker 1: And that's despite a lot of strong earnings from the 65 00:03:23,480 --> 00:03:24,680 Speaker 1: big Wall Street banks this week. 66 00:03:25,600 --> 00:03:29,600 Speaker 2: This Stock Movers report from Bloomberg Radio. 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