WEBVTT - Closing Bell: MSG Soars on Knicks Win, Ferrari Disappoints, Beer Stocks Fall

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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 this 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 Krol Masser, Tim Stenebeck, Romain Bostik and Katie Greifel.

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<v Speaker 3>I want to talk about a chip maker on our

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<v Speaker 3>radar today. That's Micron Technology. This is the biggest gainer

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<v Speaker 3>in the S and P five hundred, up nineteen point

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<v Speaker 3>three percent today. The market cap now over eight trillion

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<v Speaker 3>dollars one point oh one trillion dollars. This this as

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<v Speaker 3>a result of what happened over a UBS. They boosted

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<v Speaker 3>the price target for Micron it to more than sixteen

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<v Speaker 3>hundred dollars a share. It's at about nine hundred dollars

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<v Speaker 3>a share right now. This implies a market cap of

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<v Speaker 3>more than one point eight trillion, larger than the current

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<v Speaker 3>market cap of companies like Meta, Tesla and Berkshire. Are

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<v Speaker 3>still a ways to go. But Romayne, you were going

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<v Speaker 3>to say something. It's up close to twenty percent in

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<v Speaker 3>a single day.

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<v Speaker 4>Yeah, And I'm I'm just more fascinated by the trillion

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<v Speaker 4>dollar mark.

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<v Speaker 1>I mean, you go back a few years ago, we.

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<v Speaker 4>Had zero trillion dollar companies, and by my account, we've

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<v Speaker 4>now got fourteen in there if you conclude Micron, and

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<v Speaker 4>of course you know you have the Granddaddy and Video

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<v Speaker 4>and then of course you have at least one IPO

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<v Speaker 4>coming down the pike that we know is also going

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<v Speaker 4>to be in the trillion dollars would be SpaceX, and

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<v Speaker 4>potentially a couple others with regards to the two big

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<v Speaker 4>AI companies also potentially going to come to market.

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<v Speaker 5>Yeah.

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<v Speaker 3>Remember for so many years Romaine, it was like, what's

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<v Speaker 3>the biggest market cap company in the world, And it

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<v Speaker 3>was always this question about like, okay, is it going

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<v Speaker 3>to be a Ramco, x on Mobil or Apple?

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<v Speaker 1>Yeah?

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<v Speaker 3>Yeah, times have really changed, right, Hey, sure have Hey,

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<v Speaker 3>speaking of SpaceX, there's a lot of excitement in the

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<v Speaker 3>space industry right now. I want to draw everybody's attention

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<v Speaker 3>over to the Procure Space ETF it's ticker UFO. That's

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<v Speaker 3>a pretty good one. Is up five point seven percent today.

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<v Speaker 3>We did see shares in rocket and satellite companies rally

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<v Speaker 3>set to extend those recent gains. It's really been advancing

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<v Speaker 3>this whole sector since SpaceX filed or what stands to

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<v Speaker 3>be the largest ever IPO among notable movers today. Well,

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<v Speaker 3>if you just go to the procure Space IPO or

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<v Speaker 3>space ETF, thirty six names were higher, twelve were lower.

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<v Speaker 3>Momentous was up more than one hundred and nine percent,

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<v Speaker 3>Redwire was up twenty six percent, cit Is Space up

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<v Speaker 3>twenty one percent, Firefly Aerospace also up eighteen point eight percent.

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<v Speaker 1>I'm sorry, Momentous was up one hundred percent.

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<v Speaker 3>That's correct. Yeah, that's correct. A single A single name, right,

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<v Speaker 3>it's in the space industry.

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<v Speaker 4>I mean, I know it's like a microcap, but is

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<v Speaker 4>it something happened.

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<v Speaker 3>This space, just space space happened. Okay, did you guys

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<v Speaker 3>watch the game, the Big Game.

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<v Speaker 1>The Big Game, the New York Knicks. I chucked the score,

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<v Speaker 1>the Big Game.

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<v Speaker 3>I did hear my neighbors cheering.

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<v Speaker 1>A lot last night? There was a lot of cursing. No,

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<v Speaker 1>they were happy.

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<v Speaker 3>Everyone was very happy. Three point five percent up.

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<v Speaker 4>Well, I mean, have you met in New York or

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<v Speaker 4>they curse even when they're happy, that's true.

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<v Speaker 3>Madison Square Garden shares off their best levels of the session,

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<v Speaker 3>but still closed at a record this after the New

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<v Speaker 3>York completed a four to zero series sweep over the

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<v Speaker 3>Cavaliers to advance the NBA Finals first time. Yeah, Alex,

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<v Speaker 3>going back to nineteen ninety nine, big win for yeah there?

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<v Speaker 3>What were you going to say?

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<v Speaker 1>A big win for Dolan there?

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<v Speaker 2>Oh?

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<v Speaker 5>Yeah, yeah, big win also for Timothy Shallow, just.

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<v Speaker 1>Timothy Shallow waist rowld.

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<v Speaker 5>Ol is what Kleie Jenner?

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<v Speaker 1>They're doing? Well?

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<v Speaker 4>If the Knicks do win the finals? Is this city

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<v Speaker 4>just going to become completely insufferable?

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<v Speaker 6>I hope?

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<v Speaker 2>So?

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<v Speaker 3>Like, is it going to do what happens in like

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<v Speaker 3>Philly and Boston when they're is a champ to.

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<v Speaker 5>Increase the street polls, It'll be amazing.

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<v Speaker 4>Yeah, I mean sorry, I don't know do we have that?

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<v Speaker 4>Like I think the entire NYPD you needs to be

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<v Speaker 4>on patrol that night.

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<v Speaker 1>All right, we'll see what happens all over time for everybody, Alex?

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<v Speaker 1>What are you? I have to say?

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<v Speaker 6>Guys, it is not the easiest feat finding decliners in

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<v Speaker 6>this market when most of the US benchmarks are at

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<v Speaker 6>record highs, but I managed to muster if you up

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<v Speaker 6>for you? The first one that I'm looking at is AutoZone.

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<v Speaker 6>It had its worst day since twenty twenty two, down

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<v Speaker 6>nine percent. Actually beat on earnings, but it's total revenue

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<v Speaker 6>fell short of forecasts and a reported sluggish growth in

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<v Speaker 6>its international markets. It has stores in Mexico and Brazil,

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<v Speaker 6>and also some margin pressures. In fact, DA Davidson analyst

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<v Speaker 6>Michael Baker said that the company delivered its best quarter

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<v Speaker 6>in some time, but the expectations were just too high.

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<v Speaker 4>All right, Well, we are getting some earnings right now,

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<v Speaker 4>This from a cloud company, z Scaler, just crossing the

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<v Speaker 4>Bloomberg terminal. Revenue in the most recent quarter does appear

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<v Speaker 4>to be a slight beat eight hundred and fifty million.

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<v Speaker 1>The street was looking.

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<v Speaker 4>For eight thirty five, just a dps at a dollar

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<v Speaker 4>eight that beats the street estimates average of street estimates

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<v Speaker 4>of a dollar one, and reoccurring revenue basically in line

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<v Speaker 4>with estimates.

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<v Speaker 1>Here's your forecast.

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<v Speaker 4>The company says that for the fiscal fourth quarter, the

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<v Speaker 4>quarter that we're in right now, revenue will be in

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<v Speaker 4>a range of eight seventy five to eight seventy eight.

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<v Speaker 4>The high end of that range is below the average

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<v Speaker 4>of street estimates of eight seventy nine. The company also

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<v Speaker 4>says that for the full year, which basically closes out,

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<v Speaker 4>also guiding just slightly below what the street was looking

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<v Speaker 4>for at about three point seventy four a billion dollars.

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<v Speaker 4>So that is probably why you're seeing the nee jerk

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<v Speaker 4>reaction to the downside and the shares.

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<v Speaker 5>Yeah, totally about underway in the after hours. Shares now

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<v Speaker 5>down more than ten percent. And this is a company

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<v Speaker 5>where shares had already declined about eighteen percent heading into

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<v Speaker 5>today's close, so the bar had been reset a little

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<v Speaker 5>bit lower here, but Alex, you can see that disappointment

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<v Speaker 5>still coming through.

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<v Speaker 6>Yeah, and disappointment also in Ferrari. Now I'm sticking here

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<v Speaker 6>with car companies, which by the way, is not my

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<v Speaker 6>forte at all, but I'll.

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<v Speaker 3>Try my best because you're a real New York We'll.

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<v Speaker 6>Have Hannah Elliott on the show later to break it

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<v Speaker 6>down for us. But this was a fun story. Ferrari

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<v Speaker 6>rather whose ticker is Race, which I love, it had

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<v Speaker 6>a big down day down I believe it was eight percent.

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<v Speaker 6>This is after a debut its electric vehicle. If you're

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<v Speaker 6>Ferrari Luce, investors didn't like it, Analysts didn't like it

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<v Speaker 6>at all, and neither did social media influencers. In fact,

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<v Speaker 6>one analyst said that the car looks like quote a

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<v Speaker 6>mix between a Honda and a Tesla three. Apparently that

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<v Speaker 6>was meant to be an insult.

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<v Speaker 1>Man that I actually like this.

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<v Speaker 3>Really you pre ordered it?

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<v Speaker 4>Well, I live in Manhattan, so no, I'm not going

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<v Speaker 4>to drive a Ferrari on Manhattan.

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<v Speaker 3>Well, there are plenty of places to buy Ferraris in Manhattan.

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<v Speaker 3>I think on the West side there's a Ferrari dealer

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<v Speaker 3>not too far from you, and just little South rough Man.

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<v Speaker 4>I will keep that in mid I'll talk that over

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<v Speaker 4>with my wife Toyeah.

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

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