WEBVTT - Victoria's Secret Release; Broadcom Soars; Citi Cuts

0:00:02.520 --> 0:00:10.440
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The Stock Movers podcast,

0:00:10.800 --> 0:00:14.040
<v Speaker 1>your roundup of companies making moves in the stock market,

0:00:14.240 --> 0:00:19.520
<v Speaker 1>harnessing the power of Bloomberg Data right to the stock movers.

0:00:19.079 --> 0:00:22.759
<v Speaker 2>And lifting on certain market here the Stock Movers a

0:00:22.800 --> 0:00:24.960
<v Speaker 2>wonderful podcast and joining us John Tucker.

0:00:25.239 --> 0:00:27.480
<v Speaker 3>Remember they used to be across the street. Now it's

0:00:27.920 --> 0:00:31.080
<v Speaker 3>a blank space across the street from space for several

0:00:31.160 --> 0:00:36.400
<v Speaker 3>years now. Yeah, it's a bigorious secret ticker symbol vs CEO.

0:00:36.560 --> 0:00:39.279
<v Speaker 3>They actually well, yeah, they know. They set a new

0:00:39.360 --> 0:00:42.360
<v Speaker 3>date for their first quarter earnings release. It's going to

0:00:42.440 --> 0:00:45.640
<v Speaker 3>be next week, June eleven. Now, they had a big

0:00:45.720 --> 0:00:49.240
<v Speaker 3>data breach back in May. I recall the information exposed

0:00:49.320 --> 0:00:53.920
<v Speaker 3>in that incident included names, dates of birth, social security numbers,

0:00:54.000 --> 0:00:58.440
<v Speaker 3>driver's license numbers, state ID numbers, passport numbers, and also

0:00:58.640 --> 0:01:04.080
<v Speaker 3>a financial account information, digital signatures, you name it, medical information.

0:01:04.680 --> 0:01:07.320
<v Speaker 3>It detected the breach May twenty fourth. The company. It

0:01:07.560 --> 0:01:12.320
<v Speaker 3>shut down the company's website and also the corporate IT

0:01:12.920 --> 0:01:17.520
<v Speaker 3>systems from May twenty six to twenty ninth in response,

0:01:17.920 --> 0:01:21.080
<v Speaker 3>and they are continued. It says the incident's scope and impact.

0:01:21.240 --> 0:01:23.520
<v Speaker 3>It impacted their earnings I mean they delay their earnings

0:01:23.520 --> 0:01:23.920
<v Speaker 3>because of this.

0:01:24.200 --> 0:01:25.759
<v Speaker 2>What I do here on this, folks, is I look

0:01:25.800 --> 0:01:28.800
<v Speaker 2>at you know, pre pandemic and pre pandemic they're popping

0:01:28.800 --> 0:01:32.000
<v Speaker 2>eight billion, and they're not doing that anymore. They're popping

0:01:32.040 --> 0:01:33.680
<v Speaker 2>six point two ish billion.

0:01:34.280 --> 0:01:37.640
<v Speaker 3>And the tenor of the company has changed dramatically in

0:01:37.760 --> 0:01:40.240
<v Speaker 3>terms of like, remember they used to have that Runway show,

0:01:40.240 --> 0:01:40.679
<v Speaker 3>et cetera.

0:01:40.760 --> 0:01:44.280
<v Speaker 2>So no, I don't recall that. You don't would you

0:01:44.280 --> 0:01:46.440
<v Speaker 2>like to move on to the next one? So av

0:01:46.720 --> 0:01:48.200
<v Speaker 2>an HR violation.

0:01:47.920 --> 0:01:55.040
<v Speaker 3>Avgoh Broadcom handle That share price has soared, catapulting the

0:01:55.080 --> 0:01:57.760
<v Speaker 3>chip maker into the ranks of the world's most valuable companies.

0:01:58.160 --> 0:02:01.960
<v Speaker 3>This is also ratchet up the pressure on its earnings

0:02:02.000 --> 0:02:05.320
<v Speaker 3>report to try and sustain the momentum. I think we're

0:02:05.320 --> 0:02:07.920
<v Speaker 3>going to get those after the close of regular trading.

0:02:07.920 --> 0:02:10.400
<v Speaker 3>More than half the stocks five hundred and forty billion

0:02:10.400 --> 0:02:13.200
<v Speaker 3>dollar rally since it's April low has come of the

0:02:13.280 --> 0:02:16.440
<v Speaker 3>past month. There are signs that heavy spending on AI

0:02:16.680 --> 0:02:18.480
<v Speaker 3>gear is poised.

0:02:18.600 --> 0:02:20.639
<v Speaker 2>So this is Broadcom after the close.

0:02:21.000 --> 0:02:24.280
<v Speaker 3>Yeah, I'm learning every day it is today, right, Yeah,

0:02:24.680 --> 0:02:27.600
<v Speaker 3>shares you'll recall they had tumbled forty one percent from

0:02:27.600 --> 0:02:31.919
<v Speaker 3>the December record before staging a two month seventy eight

0:02:31.960 --> 0:02:35.359
<v Speaker 3>percent rally. This is now made at the seventh most

0:02:35.480 --> 0:02:38.320
<v Speaker 3>valuable company in the S and P five hundred the

0:02:38.480 --> 0:02:42.280
<v Speaker 3>market cap one point two three trillion dollars.

0:02:42.320 --> 0:02:44.239
<v Speaker 1>I never used to see those kinds of moves in

0:02:44.560 --> 0:02:46.680
<v Speaker 1>cap stocks. I mean, you know, it's not trading like

0:02:46.720 --> 0:02:47.919
<v Speaker 1>a it's not a penny stock.

0:02:48.000 --> 0:02:50.760
<v Speaker 3>This is a one of the Yeah, indeed, one of

0:02:50.760 --> 0:02:54.360
<v Speaker 3>the biggest beneficiaries of AI spending. Mother likes off some

0:02:54.440 --> 0:02:57.880
<v Speaker 3>of the customers like Microsoft. I'll wrap up. This comes

0:02:57.919 --> 0:03:00.520
<v Speaker 3>under the category of Jane Fraser kind of trying to

0:03:00.520 --> 0:03:03.720
<v Speaker 3>write the ship City Group going to cut its technology

0:03:03.720 --> 0:03:08.320
<v Speaker 3>employee workforce in China by thirty five hundred jobs, part

0:03:08.400 --> 0:03:12.320
<v Speaker 3>of the global simplification efforts. At the same time they're

0:03:12.360 --> 0:03:17.400
<v Speaker 3>saying we're still committed to China. Reductions are expanded to

0:03:17.440 --> 0:03:20.800
<v Speaker 3>be completed by the start of the fourth order, according

0:03:20.840 --> 0:03:23.680
<v Speaker 3>to the Bank. In a statement today, the firm declined

0:03:23.720 --> 0:03:26.560
<v Speaker 3>to provide staffing numbers at those Chinese locations, though.

0:03:27.760 --> 0:03:31.880
<v Speaker 1>The Stock Movers podcast from Bloomberg Radio. Check back with

0:03:31.960 --> 0:03:34.720
<v Speaker 1>us throughout the day for the latest roundup of companies

0:03:34.760 --> 0:03:37.800
<v Speaker 1>making news on Wall Street and for the latest market

0:03:37.840 --> 0:03:42.240
<v Speaker 1>moving headlines. Listen to Bloomberg Radio Live. Catch us on YouTube,

0:03:42.240 --> 0:03:45.520
<v Speaker 1>Bloomberg dot com, and on Applecarplay and Android Auto with

0:03:45.560 --> 0:03:47.040
<v Speaker 1>the Bloomberg Business app.