1 00:00:02,480 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:08,520 --> 00:00:12,400 Speaker 2: The Stock Movers report, your roundup of companies making moves 3 00:00:12,440 --> 00:00:16,600 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:17,000 --> 00:00:19,680 Speaker 3: I'm Carol Manser along with Isabelle Lee. Let's get to 5 00:00:19,760 --> 00:00:22,799 Speaker 3: some stocks on the move. Bloomberg News Equities reporter Natalia 6 00:00:22,880 --> 00:00:26,360 Speaker 3: kinny Jevich is here in studio and got to talk 7 00:00:26,360 --> 00:00:28,520 Speaker 3: about the big banks. They were definitely moving, some good, 8 00:00:28,600 --> 00:00:29,000 Speaker 3: some bad. 9 00:00:29,200 --> 00:00:31,920 Speaker 4: Yes, it is an interesting earning season. So let's start 10 00:00:31,960 --> 00:00:35,680 Speaker 4: with Wells Fargo. The ticker is WFC. This is the 11 00:00:35,720 --> 00:00:38,199 Speaker 4: best performer in the SMB five hundred. The stock is 12 00:00:38,280 --> 00:00:41,000 Speaker 4: up by seven percent. Of course, this came after the 13 00:00:41,080 --> 00:00:45,080 Speaker 4: bank raised its key profitability metric known as target for 14 00:00:45,159 --> 00:00:49,320 Speaker 4: return on tangible common equity to arrange between seventeen to 15 00:00:49,640 --> 00:00:53,440 Speaker 4: eighteen percent from a previous level of fifteen. Of course, 16 00:00:53,440 --> 00:00:57,040 Speaker 4: it came after the Federal Reserve removed an asset cap 17 00:00:57,080 --> 00:01:00,000 Speaker 4: in June, because we know that Wells Fargo was restricted 18 00:01:00,080 --> 00:01:03,480 Speaker 4: it from expanding the size of its asset size. So 19 00:01:03,640 --> 00:01:06,479 Speaker 4: now it is a big development. However, on the earning 20 00:01:06,560 --> 00:01:10,720 Speaker 4: side itself, we saw that net interest income came below 21 00:01:10,840 --> 00:01:15,080 Speaker 4: expectations EPs and revenue were inline. And then another big 22 00:01:15,120 --> 00:01:18,480 Speaker 4: bank we are watching us of course, gp Morgan the 23 00:01:18,520 --> 00:01:23,080 Speaker 4: tickers GPM. The stock finished the training session down by 24 00:01:23,120 --> 00:01:27,039 Speaker 4: almost two percent. Couple highlights, of course, we saw that 25 00:01:27,160 --> 00:01:30,560 Speaker 4: the revenue was driven by investment banking fees. For me, 26 00:01:30,640 --> 00:01:33,920 Speaker 4: it's specifically interesting because I covered the IPO market as well. 27 00:01:34,200 --> 00:01:38,399 Speaker 4: We saw recovery. But of course highlights from CEO Jamie 28 00:01:38,480 --> 00:01:42,080 Speaker 4: Damond about softness and the economy, labor market. This is 29 00:01:42,160 --> 00:01:45,800 Speaker 4: kind of a cottage or a college. It can only 30 00:01:45,800 --> 00:01:46,760 Speaker 4: happen in the US. 31 00:01:47,840 --> 00:01:48,360 Speaker 2: I love it. 32 00:01:48,480 --> 00:01:50,120 Speaker 3: You don't know we're talking about Just check out the 33 00:01:50,120 --> 00:01:51,320 Speaker 3: story at Bloomberg dot com. 34 00:01:51,520 --> 00:01:54,680 Speaker 1: What about Walmart? This is also a really big. 35 00:01:55,000 --> 00:01:57,400 Speaker 4: It is a big story. Just yesterday right we spoke 36 00:01:57,440 --> 00:01:59,960 Speaker 4: who else wants to collaborate with open Ai? And here 37 00:02:00,080 --> 00:02:04,000 Speaker 4: we are. We have Walmart. The ticket is WMT. The 38 00:02:04,040 --> 00:02:06,920 Speaker 4: stock is up by almost five percent. Of course, it 39 00:02:07,040 --> 00:02:10,080 Speaker 4: came after announcement that the company will team up with 40 00:02:10,240 --> 00:02:17,000 Speaker 4: open ai and enable shoppers to browse and buy products 41 00:02:17,000 --> 00:02:20,079 Speaker 4: on child GPT. And of course it is a kind 42 00:02:20,120 --> 00:02:22,799 Speaker 4: of big push. Analysts are pretty excited about that. They 43 00:02:22,880 --> 00:02:28,239 Speaker 4: see quote significant opportunities, specifically UBS analysts are saying that 44 00:02:28,480 --> 00:02:33,120 Speaker 4: and DA division Davidson excuse me, analysts is saying that 45 00:02:34,080 --> 00:02:37,800 Speaker 4: it is actually making the case for Walmart to be 46 00:02:37,960 --> 00:02:42,320 Speaker 4: a winner among all traditional retailers in this kind of. 47 00:02:42,240 --> 00:02:44,520 Speaker 3: Thing, Like doesn't it bag the question like who's next? 48 00:02:44,560 --> 00:02:46,040 Speaker 3: Do we now all of a sudden get a ton 49 00:02:46,080 --> 00:02:47,600 Speaker 3: of buy buttons from everybody? 50 00:02:47,720 --> 00:02:50,639 Speaker 1: Like I don't know, Yes, you're right, this is something 51 00:02:50,680 --> 00:02:52,760 Speaker 1: I didn't see coming actually, but if you think about 52 00:02:52,760 --> 00:02:55,120 Speaker 1: it, it kind of makes sense, like, yeah, of course you 53 00:02:55,200 --> 00:02:59,359 Speaker 1: want to have AI to help you with whatever your 54 00:02:59,360 --> 00:03:02,080 Speaker 1: shopping list is. And Matt earlier from TV made the 55 00:03:02,120 --> 00:03:05,280 Speaker 1: case that he even uses CHATTVT for recipes. 56 00:03:05,320 --> 00:03:07,679 Speaker 3: He uses it for He totally does. Tim does the 57 00:03:07,720 --> 00:03:09,440 Speaker 3: same thing, like I'll be like, here's what's in my 58 00:03:10,120 --> 00:03:11,920 Speaker 3: fridge or something, and so on and sup forth, Like 59 00:03:11,919 --> 00:03:13,880 Speaker 3: what can I do with it? I love it? I 60 00:03:13,919 --> 00:03:15,720 Speaker 3: love playing with it. I've used it a little bit 61 00:03:15,720 --> 00:03:19,160 Speaker 3: for work and stuff, but it's kind of fun. All right. 62 00:03:19,240 --> 00:03:21,919 Speaker 3: There's a company I'm not familiar with, but it definitely 63 00:03:22,000 --> 00:03:22,840 Speaker 3: was on the move today. 64 00:03:23,040 --> 00:03:25,320 Speaker 4: Yes, it is an interesting story. The company is called 65 00:03:25,360 --> 00:03:31,959 Speaker 4: a Thai Life Sciences particulars ATAI. The stock jumped by 66 00:03:32,080 --> 00:03:37,840 Speaker 4: eleven percent today. This is a clinical trial stage biopharmaceutical company. 67 00:03:37,880 --> 00:03:40,680 Speaker 4: It was among the biggest movers today in the pharmaceutical 68 00:03:40,760 --> 00:03:46,320 Speaker 4: space across other psychedelic stocks. So that it came after 69 00:03:49,080 --> 00:03:53,440 Speaker 4: after a Republican state senator in North Carolina said that 70 00:03:53,520 --> 00:03:57,720 Speaker 4: the state could quote lead the nation and expanding military 71 00:03:57,800 --> 00:04:02,680 Speaker 4: veterans access to mental health drugs because this company specifically 72 00:04:02,720 --> 00:04:06,480 Speaker 4: develops our treatments for mental health diseases. This is a 73 00:04:06,600 --> 00:04:10,880 Speaker 4: puting to a report from a publication called Marijuana Moment. 74 00:04:11,160 --> 00:04:13,440 Speaker 4: So we do see that these stocks are on the 75 00:04:13,520 --> 00:04:14,040 Speaker 4: move today. 76 00:04:14,240 --> 00:04:16,800 Speaker 1: Yeah, and need an initiated coverage of the company with 77 00:04:16,839 --> 00:04:21,080 Speaker 1: a recommendation of buy and a price target of twelve dollars. 78 00:04:21,240 --> 00:04:22,120 Speaker 3: You're not a couple. 79 00:04:21,920 --> 00:04:24,480 Speaker 4: Almost doubling today's price. By the way, the stock finished, 80 00:04:24,480 --> 00:04:25,200 Speaker 4: that's six. 81 00:04:25,160 --> 00:04:27,360 Speaker 3: Three hundred and fifty one percent higher this year. 82 00:04:28,320 --> 00:04:29,000 Speaker 2: Is that crazy? 83 00:04:29,279 --> 00:04:32,440 Speaker 1: I feel like these companies they can take four market 84 00:04:32,480 --> 00:04:34,760 Speaker 1: We forget about them and then when a big announcement comes. 85 00:04:34,920 --> 00:04:40,960 Speaker 2: Yes, the Stock Movers Report from Bloomberg Radio. Check back 86 00:04:40,960 --> 00:04:43,200 Speaker 2: with us throughout the day for the latest roundup of 87 00:04:43,240 --> 00:04:46,560 Speaker 2: companies making news on Wall Street and for the latest 88 00:04:46,560 --> 00:04:50,800 Speaker 2: market moving headlines. Listen to Bloomberg Radio Live. 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