Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market. Harnessing the power of Bloomberg data.
Speaker 2: Let's take a look at some of the stocks on
Speaker 2: the move today. We can do that with Bloomberg. Alexander.
Speaker 1: Someone know about alex What are you looking at it?
Speaker 1: Good morning, guys. The first name I'm looking at is Instachart.
Speaker 1: That stock is falling this morning after Reuter's reported that
Speaker 1: the FTC sent the grocery delivery company a civil investigation demand.
Speaker 1: The FTC is seeking information about one of the company's
Speaker 1: AI pricing tools. Apparently a study showed that some shoppers
Speaker 1: got prices up to twenty three percent higher. The FTC
Speaker 1: declined to comment on this, but they told Reuters that
Speaker 1: they are quote disturbed. In a blog post data December eighteenth,
Speaker 1: instacart said that recent reports around that surge and pricing
Speaker 1: inaccurately blurred together fundamentally different things ab price test, dynamic pricing,
Speaker 1: and surveillance pricing. So we'll be interesting to see what
Speaker 1: the FTC finds. The stock right now is down about
Speaker 1: one point five percent, but a lot less than it
Speaker 1: was in pre market trading. All right, good one to
Speaker 1: watch for. What's next? Of course, we have Lulu Lemon today.
Speaker 1: Activist investor Elliott Management has built a stake of more
Speaker 1: than a billion dollars in the company. Elliott apparently has
Speaker 1: been working for months with retail executive Jane Nilsen. She
Speaker 1: is a former chief financial officer and chief operating officer
Speaker 1: for Ralph.
Speaker 2: Laura.
Speaker 1: Nielsen is viewed by the activist investor as a potential
Speaker 1: CEO candidate. Of course, the company had said that CEO
Speaker 1: Calvin McDonald would be stepping down at the end of January.
Speaker 1: Just taking a look at shares right now, they're up
Speaker 1: about seven percent. The stock rallied eleven percent since Friday,
Speaker 1: when they boosted their full year outlook and also announced
Speaker 1: the departure of McDonald. However, if you look at Lululemon shares,
Speaker 1: they're down about forty six percent this year, So completely
Speaker 1: understandable that Elliott would want a turnaround in this company.
Speaker 1: You Micron, Yeah, a positive sign for the AI trade.
Speaker 1: Looking at shares of Micron right now, they are surging
Speaker 1: about eleven percent. This is, of course, the largest US
Speaker 1: maker of computer memory chips. The company gave an upbeat
Speaker 1: forecast for the current quarter. They also signaled a surge
Speaker 1: in demand and supply shortages are allowing the company to
Speaker 1: charge more for their products. Analysts had estimated about four
Speaker 1: point four billion dollars in revenue for the average period,
Speaker 1: but Micron actually blew out expectations. Their revenue will be
Speaker 1: eighteen point three billion to nineteen point one billion. It
Speaker 1: is benefiting from the voracious appetite for AI computing components.
Speaker 1: Its executive vice president of operations said that this is
Speaker 1: the most significant disconnect between demand and supply that he's
Speaker 1: seen in twenty five years.
Speaker 2: The Stock Mover's report from Bloomberg Radio. Check back with
Speaker 2: us throughout the day for the latest roundup of companies
Speaker 2: making news on Wall Street and for the latest market
Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,
Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with
Speaker 2: the Bloomberg Business app.