WEBVTT - FedEx, Nike, Micron

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The Stock Movers podcast. This is your roundup of companies

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<v Speaker 2>making news on Wall Street and beyond, harnessing the power

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<v Speaker 2>of Bloomberg data.

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<v Speaker 1>Let's take a look at some stocks on the move today.

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<v Speaker 1>We are joined by Bloomberg's Valerie Titel. On a morning

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<v Speaker 1>where stocks are moving on earnings and they are getting

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<v Speaker 1>hit hard. Have to start Valerie with FedEx.

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<v Speaker 3>Good morning, Hey, good morning, Nathan, Happy Friday. FedEx shares

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<v Speaker 3>dropping over eight percent in pre market. They have lowered

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<v Speaker 3>their full year guidance for a third consecutive quarter. It's

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<v Speaker 3>the latest US company to sound the alarm over weakening

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<v Speaker 3>consumer confidence and a potential falloup from the escalating trade war.

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<v Speaker 3>Fed excited weakness in its higher margin business to business volumes.

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<v Speaker 3>The CEO also added that the current environment is adding

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<v Speaker 3>uncertainty to underlying demand and the stock had its price

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<v Speaker 3>target cut by various cell site analysts this morning. Wells,

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<v Speaker 3>Fargo ubs among those names. That's FedEx dropping over eight

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<v Speaker 3>percent this morning, and.

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<v Speaker 1>We're seeing a weight on Nike shares as well. It

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<v Speaker 1>sounds like it could be a similar story there in

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<v Speaker 1>terms of the outlook.

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<v Speaker 3>Nike shares down five point seven percent this morning. The

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<v Speaker 3>sports where maker issued a weak outlook for the current

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<v Speaker 3>quarter and its turnaround efforts are facing a growing list

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<v Speaker 3>of challenges, one of them being an inventory glut weighing

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<v Speaker 3>on margins. That being said, it is feeling the impact

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<v Speaker 3>of the growing trade war as well. Nike does produce

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<v Speaker 3>some of its shoes and other items outside the US

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<v Speaker 3>in places like China and Mexico, and the CEO noted

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<v Speaker 3>those tear risks also weighing on their outlook. That's Nike

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<v Speaker 3>down five point seven percent.

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<v Speaker 1>And we got some tech earnings as well from Micron Technology.

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<v Speaker 3>Yeah, this one originally looked pretty positive. The stock originally

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<v Speaker 3>jumped six percent, but it's now in the red. Micron

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<v Speaker 3>down three and a half percent. It's a race that

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<v Speaker 3>Postmarket gained despite strong sales forecasts for the current quarter,

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<v Speaker 3>bolstered by demand for its AI products, those being its

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<v Speaker 3>high bandwidth memory chips, which are used primarily in data

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<v Speaker 3>centers and vital to AI systems. Their price target was

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<v Speaker 3>actually raised as well by Morgan Stanley, but it seems

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<v Speaker 3>the investors and the markets are taking a less kindly

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<v Speaker 3>i to their results this morning, Micron shares following three

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<v Speaker 3>and a half percent.

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<v Speaker 1>And this morning I saw we got earnings from Chinese

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<v Speaker 1>automaker Neo. They've got shares that trade in the US.

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<v Speaker 1>How are they doing?

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<v Speaker 3>Yeah, they're ADRs dropping nearly four percent this morning. This

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<v Speaker 3>is one of the larger Chinese Chinese EV manufacturers. They

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<v Speaker 3>came out with a statement flagging that first quarter deliveries

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<v Speaker 3>are likely to disappoint. After ten years of trying to

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<v Speaker 3>track trying to crack the EV market in China, Neo

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<v Speaker 3>is still struggling to turn a profit on a full

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<v Speaker 3>year basis. It's one of the larger EV manufacturers in China.

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<v Speaker 3>But we do have the largest EV manufacturer bid reporting

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<v Speaker 3>before the bell on Monday, so maybe overshadowing that we

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<v Speaker 3>could see. Also some strugg from BYD. But that's Neo

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<v Speaker 3>down three point eight percent pre market.

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<v Speaker 1>That is a lot of red on the screen this morning.

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<v Speaker 1>Is there anything in the green to watch today?

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<v Speaker 3>We'll end it on a positive note. Nathan Lockheed Martin

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<v Speaker 3>shares are rising over two percent. Bloomberg has reported the

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<v Speaker 3>White House is poised to announce on Friday the winner

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<v Speaker 3>of its contest to build the next generation Fighter Jet

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<v Speaker 3>could be Boeing. It looked like they chose Lockheed over

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<v Speaker 3>its partner Boeing, and maybe we get an announcement from

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<v Speaker 3>the White House later today. That's Lockheed Martin up two percent.

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<v Speaker 2>The Stock Movers podcast from Bloomberg Radio. Check back with

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<v Speaker 2>us throughout the day for the latest roundup of companies

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