WEBVTT - SpaceX Falls for the First Time, CarMax Drops, Allbirds Changes Name to Smartbird

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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>Time for stocks on the move actually.

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<v Speaker 2>Is belly.

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<v Speaker 1>What are your favorite movers and shakers as we reach

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<v Speaker 1>the end of our day. There's some interesting moves that

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<v Speaker 1>I wouldn't think would be going the direction they have

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<v Speaker 1>been going today.

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<v Speaker 3>The biggest shaker, of course, is SpaceX. I think everyone

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<v Speaker 3>wants to talk about this. And shares decline for the

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<v Speaker 3>first time since it's record IPO, so it's not a

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<v Speaker 3>three day winning streak. In those three days it gained

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<v Speaker 3>as much as fifty percent, and now we saw pullback

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<v Speaker 3>just five percent. But still, of course it's SpaceX. You're stopping.

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<v Speaker 1>It's inevitable, though, I.

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<v Speaker 3>Mean exactly, it's a voltile session, and I mean earlier

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<v Speaker 3>today we saw the stock pop six percent, so I mean,

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<v Speaker 3>sure we have a pullback of five percent. To your point,

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<v Speaker 3>we do have a manager quoted in the story saying

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<v Speaker 3>it's not that big of a deal. I would be

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<v Speaker 3>more surprise or panicky, of course if it was a

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<v Speaker 3>bigger drop. But you know, I mean, I guess the

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<v Speaker 3>big thing is the decline made them fall back below

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<v Speaker 3>Amazon's market cap. So I mean, you know, yesterday everyone's

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<v Speaker 3>making a big deal about how SpaceX is above Amazon

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<v Speaker 3>and briefly Microsoft, and now it's below Amazon. But it's

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<v Speaker 3>just the sixth largest company, you know, just six It's

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<v Speaker 3>it's not a big.

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<v Speaker 1>Cash We're going to be fine. Really, they're going to

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<v Speaker 1>be fine.

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<v Speaker 3>And again one important point though, I mean, we know

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<v Speaker 3>that the shares available to trade is a small portion

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<v Speaker 3>because of the float and all that weedy thing. So

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<v Speaker 3>that's probably why it's not like all of SpaceX, all

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<v Speaker 3>of its nearly three triller market cap can be traded.

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<v Speaker 3>So that's also one thing. Ticker is SPCX.

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<v Speaker 1>What else you got?

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<v Speaker 3>CarMax ticker KMX shares drop nearly nine percent after its

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<v Speaker 3>same story sales and used car profit declined for a

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<v Speaker 3>fourth straight quarter. So this raised a lot of questions

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<v Speaker 3>about the durability of its turnaround effort. The stock is

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<v Speaker 3>gained thirty five percent this year, though, but it's still

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<v Speaker 3>down around two third since it's twenty twenty one high.

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<v Speaker 3>So it was big during the pandemic for the meme

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<v Speaker 3>stock era, so it was one of them.

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<v Speaker 1>That's really interesting to me because I know we're in

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<v Speaker 1>New York now where people don't have cars, but like

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<v Speaker 1>more of them, I don't either, but I did, and

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<v Speaker 1>I did buy a car at CarMax, and everyone I

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<v Speaker 1>knew a car CarMax. Yeah, there's the car vending machine. No, no,

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<v Speaker 1>that's Carvana Carbon that's wait.

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<v Speaker 3>How do you feel now that you don't have a car?

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<v Speaker 1>I miss my car. I don't miss trying to park

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<v Speaker 1>my car, but I do miss just being able to

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<v Speaker 1>jump in the car and leave the city. However, I'm

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<v Speaker 1>subwaying It's okay. Yeah, I actually rented a car this

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<v Speaker 1>weekend and it was very expensive.

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<v Speaker 3>Oh really, yeah it wasn't you know.

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<v Speaker 1>It's not as easy as just yeah, I just rent

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<v Speaker 1>a car like it was a pretty large check. Used

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<v Speaker 1>cars are still very expensive, yeah, Exactually, I wonder if

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<v Speaker 1>it's why Carmacks is struggling little bit, because people are

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<v Speaker 1>holding onto the cars that they've got. They're not buying new,

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<v Speaker 1>even new used at the moment.

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<v Speaker 3>That's why I stick it to my two ninety one

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<v Speaker 3>way metro fee deal.

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<v Speaker 1>It's a good deal.

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<v Speaker 2>Okay, one more stock.

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<v Speaker 3>I'm excited about this ticker is a bird. It's smart Bird.

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<v Speaker 3>It used to be all birds, and just for the

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<v Speaker 3>two of you, Oh, this is all alvert sneakers. Our

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<v Speaker 3>listeners cannot see it. It's a ballet flat. That's all birds.

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<v Speaker 1>I love the glorious Salawa.

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<v Speaker 3>I really like it. I have it in two colors.

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<v Speaker 3>So when I saw that they rebranded in smart Birds,

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<v Speaker 3>I was like, what anyway? So the stock rallied forty

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<v Speaker 3>seven percent. They were formerly known as Alberts. As I

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<v Speaker 3>said fifteen times, this is the biggest intro day gain

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<v Speaker 3>since April fifteen. So we all know it's a shoemaker

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<v Speaker 3>turned AI firm. I mean, who has not turned into

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<v Speaker 3>an AI firm. They also made an announcement that they

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<v Speaker 3>appointed Nadia Carlston as their president and CEO and Lily

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<v Speaker 3>Yan Hughes as board chair. So smart Bird, smart Bird. Now,

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<v Speaker 3>I guess it's struggling just like many other companies, and

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<v Speaker 3>they're trying to capitalize on the AI frenzy, you know,

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<v Speaker 3>trying to remember in the dot com everyone wanted a

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<v Speaker 3>dot com in their name. I'm not saying that this

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<v Speaker 3>is what they're doing. I'm sure they thought about it well,

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<v Speaker 3>but it's hard to ignore that. I mean, the hot

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<v Speaker 3>thing right now is AI and they're trying to be AI.

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<v Speaker 1>This one confuses me a little bit because we are

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<v Speaker 1>starting to see a cooling off on an investment in

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<v Speaker 1>places where the software side is not as essential as

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<v Speaker 1>other places. Right, Like, yes, Mendeep Singh introduced me to

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<v Speaker 1>the phrase disintermediation. But basically, if they can pull you

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<v Speaker 1>out easily, that's going to impact your stock. So if

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<v Speaker 1>you're not crucial, it's not Maybe I know it's buzzy

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<v Speaker 1>and exciting, but maybe not the best way to pay

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<v Speaker 1>your companies. So, like, what are they providing that other

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<v Speaker 1>non shoe brand turned AI companies.

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<v Speaker 3>I think it remains to be seen. Before now investors

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<v Speaker 3>are probably celebrating. That's why you see shares gaining fifty

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<v Speaker 3>percent in double digits. Yeah, I know, So now I

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<v Speaker 3>don't know what am I going to call my shoes

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<v Speaker 3>now when someone asks you have nice shoes, you can.

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<v Speaker 1>Call they're cute. Just here, thank you, They're cute.

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<v Speaker 2>They're AI, They're a The Stock Movers Report from Bloomberg Radio.

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