Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg data.
Speaker 1: Let's take a look at some stocks on the move today.
Speaker 1: I'm Nathan Hager, joined by Bloomberg's Dan Curtis or The
Speaker 1: report brought to you by the number. One hundred and
Speaker 1: eighty five billion, the number we are hearing this morning
Speaker 1: from Google parent Alphabet.
Speaker 3: Good morning Dan, Good morning Nathan. That's right, it's the
Speaker 3: number I've probably heard the most all day. One hundred
Speaker 3: and eighty five billion dollars in capex. That's how much
Speaker 3: Alphabet is planning to spend this year. Absolutely monstrous number,
Speaker 3: topping piers, fifty percent higher than esthmus, just really taking
Speaker 3: blowing the street away. So Alphabet shares are down about
Speaker 3: three percent in the pre market. Analysts are mixed on
Speaker 3: that number. It's a lot of money. It'd be a
Speaker 3: lot of money for me. But it also does signal
Speaker 3: confidence in the AI trade, right, So if you're going
Speaker 3: to do something, do it big. That's what Alphabet is
Speaker 3: looking to do. The four Q numbers did come out
Speaker 3: top bottom lines both beat search revenues were up seventeen percent.
Speaker 3: That shows it's vending off chat GPT competition. Cloud revenue
Speaker 3: grew nearly fifty percent, so it's still getting growth from
Speaker 3: that AI from the money where it's looking to invest.
Speaker 3: The Gemini app has seven hundred and fifty million monthly users,
Speaker 3: so it looks like it's on the right foot for
Speaker 3: the AI trade. Just the amount of money that's spending
Speaker 3: on it has some people questioning whether it's quite worth it.
Speaker 3: So stock down three percent in the pre market.
Speaker 1: The memory chip trade may be taking it on the
Speaker 1: chin big time this morning. Get judging by the results
Speaker 1: from Qualcomm DAN that's right.
Speaker 3: So Qualcomm came out after the bell last night that share.
Speaker 3: Those shares are down twelve percent. Top and bottom line
Speaker 3: estimates for current quarter. Both top and bottom line forecast
Speaker 3: for current core both below estimates. That's even with fiscal
Speaker 3: first quarter earnings beating. Qualcomm is a smartphone processor maker,
Speaker 3: and it says, well, there's high demand. While there's demand
Speaker 3: for high end phones, some customers will be making fewer
Speaker 3: handsets because memory chip shortages and costs, especially at the
Speaker 3: low end. Qualcomm's looking to diversify towards chips for cars, PCs,
Speaker 3: data centers outside of this space because the handsets sector
Speaker 3: is proving very, very very cost a lot of caution
Speaker 3: over that. So those shares down twelve percent in the
Speaker 3: pre market.
Speaker 1: We got earnings this morning from Sday Lotterer and I'm
Speaker 1: going to say it, Dan, They're not pretty.
Speaker 3: They are not I guess, I guess all my makeup
Speaker 3: spending for radio isn't feeding through. It did raise full
Speaker 3: your sales and earnings guidance, but the market was expecting it.
Speaker 3: Shares are now down almost eleven percent in pre market.
Speaker 3: Company narrowed organic net sales growth, now seeing one to
Speaker 3: three percent for the year, but Wall Street was already
Speaker 3: at two point nine percent, so it was at the
Speaker 3: top end of what Sday latter provided. Again, EPs range
Speaker 3: was up fifteen cents, but Wallstreet had already moved on that.
Speaker 3: Fiscal second quarter earnings and sales did top did top estimates.
Speaker 3: Flat organic growth in America though CEO is looking for
Speaker 3: a turnaround, but right now shares not seeing a turnaround
Speaker 3: in the pre market.
Speaker 1: And just quickly, Dan, we got some news from Spotify
Speaker 1: this morning that some listeners might find a little interesting.
Speaker 3: That's right, so Spotify is going to be off airing
Speaker 3: premium subscribers a chance by paper books. I have this,
Speaker 3: I'm scratching my heads. Markets are taking a two percent
Speaker 3: move up on that news. Spotify, according to the Wall
Speaker 3: Street Journal, is partnering with bookshop dot org to provide
Speaker 3: paperback books. And I mean, I'm a Spotify premium user.
Speaker 3: I'm not sure if I'm going to buy that because
Speaker 3: I'll bump into things if I'm trying to commute and
Speaker 3: be on the book and read a book at the
Speaker 3: same time.
Speaker 2: This stock Movers 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
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