Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers podcast. This is your roundup of companies
Speaker 2: making news on Wall Street and beyond, harnessing the power
Speaker 2: of Bloomberg data.
Speaker 1: Let's take a look at some stocks on the move today.
Speaker 1: We are joined by Bloomberg's Valerie Titel. On a morning
Speaker 1: where stocks are moving on earnings and they are getting
Speaker 1: hit hard. Have to start Valerie with FedEx.
Speaker 3: Good morning, Hey, good morning, Nathan, Happy Friday. FedEx shares
Speaker 3: dropping over eight percent in pre market. They have lowered
Speaker 3: their full year guidance for a third consecutive quarter. It's
Speaker 3: the latest US company to sound the alarm over weakening
Speaker 3: consumer confidence and a potential falloup from the escalating trade war.
Speaker 3: Fed excited weakness in its higher margin business to business volumes.
Speaker 3: The CEO also added that the current environment is adding
Speaker 3: uncertainty to underlying demand and the stock had its price
Speaker 3: target cut by various cell site analysts this morning. Wells,
Speaker 3: Fargo ubs among those names. That's FedEx dropping over eight
Speaker 3: percent this morning, and.
Speaker 1: We're seeing a weight on Nike shares as well. It
Speaker 1: sounds like it could be a similar story there in
Speaker 1: terms of the outlook.
Speaker 3: Nike shares down five point seven percent this morning. The
Speaker 3: sports where maker issued a weak outlook for the current
Speaker 3: quarter and its turnaround efforts are facing a growing list
Speaker 3: of challenges, one of them being an inventory glut weighing
Speaker 3: on margins. That being said, it is feeling the impact
Speaker 3: of the growing trade war as well. Nike does produce
Speaker 3: some of its shoes and other items outside the US
Speaker 3: in places like China and Mexico, and the CEO noted
Speaker 3: those tear risks also weighing on their outlook. That's Nike
Speaker 3: down five point seven percent.
Speaker 1: And we got some tech earnings as well from Micron Technology.
Speaker 3: Yeah, this one originally looked pretty positive. The stock originally
Speaker 3: jumped six percent, but it's now in the red. Micron
Speaker 3: down three and a half percent. It's a race that
Speaker 3: Postmarket gained despite strong sales forecasts for the current quarter,
Speaker 3: bolstered by demand for its AI products, those being its
Speaker 3: high bandwidth memory chips, which are used primarily in data
Speaker 3: centers and vital to AI systems. Their price target was
Speaker 3: actually raised as well by Morgan Stanley, but it seems
Speaker 3: the investors and the markets are taking a less kindly
Speaker 3: i to their results this morning, Micron shares following three
Speaker 3: and a half percent.
Speaker 1: And this morning I saw we got earnings from Chinese
Speaker 1: automaker Neo. They've got shares that trade in the US.
Speaker 1: How are they doing?
Speaker 3: Yeah, they're ADRs dropping nearly four percent this morning. This
Speaker 3: is one of the larger Chinese Chinese EV manufacturers. They
Speaker 3: came out with a statement flagging that first quarter deliveries
Speaker 3: are likely to disappoint. After ten years of trying to
Speaker 3: track trying to crack the EV market in China, Neo
Speaker 3: is still struggling to turn a profit on a full
Speaker 3: year basis. It's one of the larger EV manufacturers in China.
Speaker 3: But we do have the largest EV manufacturer bid reporting
Speaker 3: before the bell on Monday, so maybe overshadowing that we
Speaker 3: could see. Also some strugg from BYD. But that's Neo
Speaker 3: down three point eight percent pre market.
Speaker 1: That is a lot of red on the screen this morning.
Speaker 1: Is there anything in the green to watch today?
Speaker 3: We'll end it on a positive note. Nathan Lockheed Martin
Speaker 3: shares are rising over two percent. Bloomberg has reported the
Speaker 3: White House is poised to announce on Friday the winner
Speaker 3: of its contest to build the next generation Fighter Jet
Speaker 3: could be Boeing. It looked like they chose Lockheed over
Speaker 3: its partner Boeing, and maybe we get an announcement from
Speaker 3: the White House later today. That's Lockheed Martin up two percent.
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