1 00:00:02,520 --> 00:00:07,360 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,640 --> 00:00:13,040 Speaker 2: The Stock Movers podcast, your roundup of companies making moves 3 00:00:13,080 --> 00:00:16,480 Speaker 2: in the stock market, harnessing the power of Bloomberg data. 4 00:00:18,239 --> 00:00:20,200 Speaker 3: Let's take a look at some stocks on the move today. 5 00:00:20,280 --> 00:00:23,920 Speaker 4: With us is Bloomberg News Equities reporter Nora Melinda. I'm 6 00:00:23,960 --> 00:00:26,840 Speaker 4: Emily Grafeo here with Tim Senovic. Nora, what are you 7 00:00:26,880 --> 00:00:27,360 Speaker 4: looking at? 8 00:00:27,600 --> 00:00:29,320 Speaker 3: Well, let's take a look at neumont. 9 00:00:29,480 --> 00:00:32,760 Speaker 5: This is taker in em and this is a precious 10 00:00:32,760 --> 00:00:35,760 Speaker 5: metals company. Market CAAP is about sixty three billion dollars 11 00:00:35,800 --> 00:00:39,000 Speaker 5: in their base in Denver, Colorado. We're seeing shares that 12 00:00:39,320 --> 00:00:42,239 Speaker 5: are lower this afternoon. We're seeing shares that are down 13 00:00:42,280 --> 00:00:46,199 Speaker 5: about six percent. This is after market closed. Yesterday, they 14 00:00:46,200 --> 00:00:49,240 Speaker 5: said that their CFO, Kathy Obleman, was going to be 15 00:00:49,320 --> 00:00:52,279 Speaker 5: resigning from her role. We have Peter Wexler coming in 16 00:00:52,320 --> 00:00:55,960 Speaker 5: as interim CEO CFO rather, but this is until a 17 00:00:56,000 --> 00:00:59,000 Speaker 5: permanent successor is named. And they weren't really expecting this 18 00:00:59,120 --> 00:01:00,840 Speaker 5: was so definitely us A. That's what much of the 19 00:01:00,840 --> 00:01:04,120 Speaker 5: street is saying. BML analysts writing that we are somewhat 20 00:01:04,160 --> 00:01:06,039 Speaker 5: surprised that she'd only been in the year for about 21 00:01:06,120 --> 00:01:08,440 Speaker 5: in the role for about two years. But they do 22 00:01:08,520 --> 00:01:10,640 Speaker 5: know that the average tenure of a s A P 23 00:01:10,760 --> 00:01:13,160 Speaker 5: five hundred CFO was around five years, so this was 24 00:01:13,200 --> 00:01:16,240 Speaker 5: definitely a stark surprising departure here. 25 00:01:16,440 --> 00:01:19,720 Speaker 1: July twenty fourth is when we'll get second quarter results 26 00:01:19,760 --> 00:01:22,800 Speaker 1: from Neumont, so keep an eye out for those in 27 00:01:22,840 --> 00:01:26,680 Speaker 1: just about a couple of weeks. Newmont shares ticker NEM 28 00:01:26,800 --> 00:01:30,320 Speaker 1: are lower on this Tuesday. What else are you watching? 29 00:01:30,600 --> 00:01:33,800 Speaker 5: Also looking at trade desks that's ticker TTD, and we're 30 00:01:33,800 --> 00:01:34,680 Speaker 5: seeing shares. 31 00:01:34,400 --> 00:01:37,479 Speaker 3: That are rallying right now. It's a thirty nine. 32 00:01:37,360 --> 00:01:40,240 Speaker 5: Point nine billion dollar market cap company, it's an online 33 00:01:40,280 --> 00:01:44,440 Speaker 5: advertising firm. It's hitting its highest level since February, and 34 00:01:44,480 --> 00:01:47,640 Speaker 5: this is after it was added to the SMP five hundred. 35 00:01:48,000 --> 00:01:52,280 Speaker 5: It'll be added ahead of trading on July eighteenth. They're 36 00:01:52,280 --> 00:01:55,400 Speaker 5: saying that this inclusion is an additional confirmation of trade desks, 37 00:01:55,560 --> 00:01:59,120 Speaker 5: very impressive fundamentals that's coming from Evercore analysts today. So 38 00:01:59,160 --> 00:02:01,640 Speaker 5: we are seeing shares pairing a little bit, but definitely 39 00:02:01,680 --> 00:02:04,680 Speaker 5: still pointing higher, up about seven point eight percent right 40 00:02:04,680 --> 00:02:05,960 Speaker 5: now as we speak. But if you look on a 41 00:02:06,000 --> 00:02:09,680 Speaker 5: broader scale, companies now about thirty one percent so far 42 00:02:09,760 --> 00:02:10,200 Speaker 5: this year. 43 00:02:11,200 --> 00:02:12,600 Speaker 1: But still index inclusion. 44 00:02:12,800 --> 00:02:17,040 Speaker 3: Yeah, still index inclusion so interesting. You never really know 45 00:02:17,160 --> 00:02:18,520 Speaker 3: how do they make can. 46 00:02:18,440 --> 00:02:21,840 Speaker 1: You explain this? Emily significant? And like the optimism around this. 47 00:02:21,919 --> 00:02:24,080 Speaker 1: It has to do with okay, well, now funds have 48 00:02:24,120 --> 00:02:25,120 Speaker 1: to buy the stock. 49 00:02:25,000 --> 00:02:26,200 Speaker 3: Right right visibility. 50 00:02:26,400 --> 00:02:29,960 Speaker 4: Yeah, so there's like billions of dollars it might even 51 00:02:29,960 --> 00:02:33,360 Speaker 4: be trillions of dollars now that track the S and 52 00:02:33,360 --> 00:02:38,160 Speaker 4: P five hundred through various index funds. And so what 53 00:02:38,320 --> 00:02:41,360 Speaker 4: happens is once a company, once it's announced that a 54 00:02:41,400 --> 00:02:42,960 Speaker 4: company is going to be added, there's a little bit 55 00:02:43,000 --> 00:02:46,000 Speaker 4: of time between the announcement and when all of those 56 00:02:46,080 --> 00:02:49,240 Speaker 4: big passive funds have to buy. And so in that 57 00:02:49,320 --> 00:02:52,640 Speaker 4: interim period, hedge funds buy it anticipating that it's going 58 00:02:52,680 --> 00:02:55,280 Speaker 4: to go up. And so there's a little bit of 59 00:02:55,320 --> 00:02:57,960 Speaker 4: like an index arbitrage trade. Okay, go a little bit 60 00:02:58,440 --> 00:03:02,120 Speaker 4: moment and anticipation big buying later on, there's buying. 61 00:03:02,160 --> 00:03:05,240 Speaker 5: Now, well, we can't talk about stock movers without talking 62 00:03:05,240 --> 00:03:07,600 Speaker 5: about all that's going on in the banking space. We 63 00:03:07,680 --> 00:03:10,600 Speaker 5: know that earnings really kicked off this morning. So I'm 64 00:03:10,600 --> 00:03:13,320 Speaker 5: looking at shares of Wells Fargo. It's among one of 65 00:03:13,360 --> 00:03:15,520 Speaker 5: the worst performing stocks in the S and P five hundred. 66 00:03:15,520 --> 00:03:19,360 Speaker 5: I'm actually looking at the KBW Bank Index that's ticker BKX, 67 00:03:19,400 --> 00:03:21,639 Speaker 5: and it's down about two percent right now, and we're 68 00:03:21,639 --> 00:03:25,000 Speaker 5: seeing Wells Fargo and State Street some of the worst 69 00:03:25,040 --> 00:03:29,720 Speaker 5: performing stocks in that index. But Wells Farger ticker WFC 70 00:03:30,360 --> 00:03:33,280 Speaker 5: is lower after reporting net interest income for the second 71 00:03:33,360 --> 00:03:36,160 Speaker 5: quarter that missed the average analyst estimate. It lowered its 72 00:03:36,200 --> 00:03:40,240 Speaker 5: full year guidance for net income net interest income after 73 00:03:40,560 --> 00:03:42,600 Speaker 5: another quarter of tepid growth. 74 00:03:42,920 --> 00:03:44,240 Speaker 3: So they're saying that a lot of this. 75 00:03:44,280 --> 00:03:46,640 Speaker 5: Lowered guidance will be on the mind of the market 76 00:03:46,880 --> 00:03:50,080 Speaker 5: with the shares under pressure today, especially after rallying over 77 00:03:50,120 --> 00:03:52,360 Speaker 5: the past month, so seeing the stock taking a bit 78 00:03:52,360 --> 00:03:53,760 Speaker 5: of a breathe right now. But when you do put 79 00:03:53,760 --> 00:03:55,400 Speaker 5: that against some of the other results we got from 80 00:03:55,400 --> 00:03:57,240 Speaker 5: like City Group, for instance, that's one of the best 81 00:03:57,240 --> 00:04:01,040 Speaker 5: performing stocks right now in that banking index, rising to 82 00:04:01,040 --> 00:04:03,760 Speaker 5: its hight level since two thousand and eight after wild 83 00:04:03,960 --> 00:04:07,080 Speaker 5: insane right the comparison here, it's saying that it would 84 00:04:07,160 --> 00:04:10,520 Speaker 5: ramp up stock buybacks following a strong result in the 85 00:04:10,560 --> 00:04:12,600 Speaker 5: regulatory stress test that we all have kind of been 86 00:04:12,640 --> 00:04:14,160 Speaker 5: following here so so. 87 00:04:14,120 --> 00:04:18,880 Speaker 1: We start WFCUS down about six percent. JP Morgan reported 88 00:04:18,920 --> 00:04:21,320 Speaker 1: earlier today, down about nine tens of one percent in city, 89 00:04:21,320 --> 00:04:23,600 Speaker 1: as you mentioned, highest since two thousand and eight, up 90 00:04:23,680 --> 00:04:25,000 Speaker 1: four point two percent. 91 00:04:25,120 --> 00:04:26,040 Speaker 3: As we saigned a tear. 92 00:04:26,240 --> 00:04:29,480 Speaker 4: It makes tomorrow even more exciting, right because there's not 93 00:04:29,520 --> 00:04:30,760 Speaker 4: a consensus. 94 00:04:30,240 --> 00:04:32,440 Speaker 3: Of like, how are all the banks doing. We've seen 95 00:04:32,480 --> 00:04:33,520 Speaker 3: this fiprocation, so. 96 00:04:33,480 --> 00:04:35,760 Speaker 1: Bank of America, Mortgan, Stanley, Goldman, Sacks. If we look 97 00:04:35,800 --> 00:04:36,560 Speaker 1: forward a little bit. 98 00:04:36,760 --> 00:04:38,279 Speaker 3: Most definitely those are the big one. 99 00:04:38,360 --> 00:04:43,560 Speaker 2: Okay. The Stock Movers podcast from Bloomberg Radio. Check back 100 00:04:43,560 --> 00:04:46,000 Speaker 2: with us throughout the day for the latest roundup of 101 00:04:46,040 --> 00:04:49,200 Speaker 2: companies making news on Wall Street and for the latest 102 00:04:49,279 --> 00:04:53,440 Speaker 2: market moving headlines. Listen to Bloomberg Radio Live, catch us 103 00:04:53,440 --> 00:04:56,799 Speaker 2: on YouTube, Bloomberg dot com, and on Applecarplay and Android 104 00:04:56,839 --> 00:04:58,880 Speaker 2: Auto with the Bloomberg Business app.