1
00:00:02,560 --> 00:00:07,080
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:08,680 --> 00:00:13,080
Speaker 2: The Stock Movers podcast, your roundup of companies making moves

3
00:00:13,119 --> 00:00:16,520
Speaker 2: in the stock market, harnessing the power of Bloomberg data.

4
00:00:17,239 --> 00:00:19,960
Speaker 1: Joined right now by Red Brown. He's a Bloomberg News

5
00:00:20,000 --> 00:00:24,000
Speaker 1: earnings reporter for stocks on the move today. Read a

6
00:00:24,040 --> 00:00:25,599
Speaker 1: lot of red on the screen.

7
00:00:25,640 --> 00:00:28,760
Speaker 3: What's going on? Yes, there is a lot of is. Yeah,

8
00:00:28,840 --> 00:00:31,000
Speaker 3: so I have to pick all the stocks.

9
00:00:31,480 --> 00:00:32,760
Speaker 1: Honestly, I didn't even mean to do that.

10
00:00:32,920 --> 00:00:33,560
Speaker 3: Yeah, it happens.

11
00:00:34,560 --> 00:00:35,120
Speaker 4: There you went.

12
00:00:36,040 --> 00:00:39,240
Speaker 3: We'll let it slide. Speaking of sliding, we have Best

13
00:00:39,240 --> 00:00:42,400
Speaker 3: Buy is down around eight percent today. Last time I checked,

14
00:00:42,440 --> 00:00:44,640
Speaker 3: that was the most in the S and P five hundred.

15
00:00:45,360 --> 00:00:47,360
Speaker 3: This is a company that everyone knew was going to

16
00:00:47,360 --> 00:00:49,840
Speaker 3: be hit by terras once they were announced. This move

17
00:00:49,880 --> 00:00:52,519
Speaker 3: today is the worst inter day actually since around when

18
00:00:52,600 --> 00:00:56,440
Speaker 3: tariffs were hit, and today is really coming down to

19
00:00:57,160 --> 00:01:00,640
Speaker 3: another week. Earnings report from the company. They cut their

20
00:01:00,720 --> 00:01:03,280
Speaker 3: full year sales outlook, and that's coming down to a

21
00:01:03,320 --> 00:01:05,160
Speaker 3: little bit because of the weaker demand that we've seen

22
00:01:05,200 --> 00:01:07,160
Speaker 3: a lot of the retail companies come out and say

23
00:01:07,680 --> 00:01:09,560
Speaker 3: that tariffs are kind of in the uncertainty. Of course,

24
00:01:09,560 --> 00:01:13,319
Speaker 3: everyone's favorite word is kind of causing within consumers. So yeah,

25
00:01:13,319 --> 00:01:17,119
Speaker 3: that's that's kind of explaining the move today. I think

26
00:01:17,160 --> 00:01:19,520
Speaker 3: it's really kind of interesting the move is so aggressive

27
00:01:19,560 --> 00:01:21,920
Speaker 3: considering the news that we got from tariffs. It doesn't

28
00:01:21,920 --> 00:01:25,360
Speaker 3: seem like traders are really giving them any slack or

29
00:01:25,480 --> 00:01:29,600
Speaker 3: kind of expecting that the tariffs won't be as prevalent

30
00:01:29,720 --> 00:01:32,120
Speaker 3: going forward. And I think that also has to do

31
00:01:32,200 --> 00:01:34,160
Speaker 3: with just where best Buy is. We're not really seeing

32
00:01:34,160 --> 00:01:37,040
Speaker 3: a lot of growth trajectory for the company in general,

33
00:01:37,160 --> 00:01:40,960
Speaker 3: So a couple of kind of compounding issues for best Buy, Yeah.

34
00:01:40,800 --> 00:01:43,319
Speaker 1: Best Buy, tick er BB Why still Carol a fourteen

35
00:01:43,360 --> 00:01:46,000
Speaker 1: billion dollar company down twenty four percent so far as

36
00:01:46,040 --> 00:01:46,880
Speaker 1: here twenty three percent?

37
00:01:47,040 --> 00:01:50,400
Speaker 4: Totally, but it is that Alice commentary is not terrible, right, No,

38
00:01:50,560 --> 00:01:51,080
Speaker 4: I think they.

39
00:01:50,920 --> 00:01:53,800
Speaker 3: Were actually kind of happy worse. Yeah, they were saying

40
00:01:53,840 --> 00:01:56,160
Speaker 3: that kind of those sales. The sales did shrink, but

41
00:01:56,200 --> 00:01:58,600
Speaker 3: maybe not it was worse than consensus, But I think

42
00:01:58,640 --> 00:02:01,040
Speaker 3: there are some analysts within in that consensus that we're

43
00:02:01,040 --> 00:02:03,760
Speaker 3: saying a little bit better than expected. I think things

44
00:02:03,760 --> 00:02:07,080
Speaker 3: like iPhones laptops performed pretty well. That could be due

45
00:02:07,120 --> 00:02:09,680
Speaker 3: to consumers pulling forward their demand. We've heard that quite

46
00:02:09,680 --> 00:02:12,800
Speaker 3: a bit as well. But yeah, overall, not a ton

47
00:02:13,720 --> 00:02:16,799
Speaker 3: of enthusiasm for for best Buy, at least for from

48
00:02:16,800 --> 00:02:17,519
Speaker 3: the buyside.

49
00:02:17,560 --> 00:02:20,560
Speaker 4: We continue the negative tour, downside tour.

50
00:02:20,680 --> 00:02:25,480
Speaker 3: So I know, I'm so grimed today. Yes, next one

51
00:02:25,520 --> 00:02:27,400
Speaker 3: that we can take a look at it would be Salesforce,

52
00:02:27,840 --> 00:02:31,720
Speaker 3: another company that that announced earnings. This one was there

53
00:02:31,760 --> 00:02:33,440
Speaker 3: was a lot of positives take out they had. You know,

54
00:02:33,480 --> 00:02:36,800
Speaker 3: they posted its results that were in general stronger than expected.

55
00:02:36,840 --> 00:02:40,200
Speaker 3: But you know, with AI, it becomes the focus for

56
00:02:40,240 --> 00:02:42,800
Speaker 3: a lot of these companies, these software companies, and the

57
00:02:42,840 --> 00:02:47,000
Speaker 3: AI results weren't as compelling I think for for service Now,

58
00:02:47,720 --> 00:02:51,079
Speaker 3: excuse me, Salesforce. The reason being is they've launched their

59
00:02:51,240 --> 00:02:54,560
Speaker 3: own AI tool called agent Force in October, and I

60
00:02:54,600 --> 00:02:57,240
Speaker 3: think the market was hoping to see a little bit

61
00:02:57,240 --> 00:03:02,320
Speaker 3: more of an aggressive growth for that particular tool. It's

62
00:03:02,360 --> 00:03:05,880
Speaker 3: coming up against competition from Service Now and Microsoft for

63
00:03:05,960 --> 00:03:09,560
Speaker 3: these sort of artificial intelligence agents that help with you know,

64
00:03:09,600 --> 00:03:12,720
Speaker 3: your salesforce things like that. So yeah, the business only

65
00:03:12,760 --> 00:03:16,040
Speaker 3: grew by around one hundred million dollars, which is a lot,

66
00:03:16,080 --> 00:03:18,639
Speaker 3: but apparently not enough for the market today.

67
00:03:18,760 --> 00:03:23,320
Speaker 1: All Right, Salesforce ticker CRM Finally, Uber shares also in

68
00:03:23,360 --> 00:03:23,960
Speaker 1: the red ticker.

69
00:03:24,120 --> 00:03:27,280
Speaker 3: Uber Yes shares down around five little over five percent.

70
00:03:27,280 --> 00:03:29,160
Speaker 3: And this is not an earning story. This is more

71
00:03:29,200 --> 00:03:32,839
Speaker 3: of a competition story. It seems to be trading down

72
00:03:32,840 --> 00:03:36,160
Speaker 3: because of Elon Musk announcing that Tessa will be announcing

73
00:03:36,640 --> 00:03:39,120
Speaker 3: launching robo taxis in Austin within two weeks.

74
00:03:40,160 --> 00:03:41,080
Speaker 1: This is so confusing.

75
00:03:41,440 --> 00:03:44,480
Speaker 4: I'm confused. Why so why is Uber?

76
00:03:44,800 --> 00:03:45,000
Speaker 2: Why?

77
00:03:45,200 --> 00:03:45,360
Speaker 4: Well?

78
00:03:45,360 --> 00:03:49,320
Speaker 1: Ok, I mean, look the story. Yeah, every time we

79
00:03:49,400 --> 00:03:51,120
Speaker 1: every time you and I speak to somebody who's jumped

80
00:03:51,120 --> 00:03:53,600
Speaker 1: in a waimo in San Francisco or in Arizona where

81
00:03:53,640 --> 00:03:55,680
Speaker 1: you were, Why would I get into a car with

82
00:03:55,720 --> 00:03:57,360
Speaker 1: a driver if I can do this right?

83
00:03:57,480 --> 00:03:57,920
Speaker 2: Love the way.

84
00:03:58,240 --> 00:04:00,840
Speaker 1: But on the other side of this, how Uber partnered

85
00:04:00,840 --> 00:04:03,160
Speaker 1: with some of these driverlest tech companies such as Weimo

86
00:04:03,560 --> 00:04:04,360
Speaker 1: in some cities.

87
00:04:04,440 --> 00:04:06,680
Speaker 3: Yeah, no, I mean I just getting ready for this

88
00:04:06,920 --> 00:04:08,520
Speaker 3: to speak with you guys. I was kind of taking

89
00:04:08,560 --> 00:04:10,600
Speaker 3: I wasn't appreciated just how big the market is and

90
00:04:10,640 --> 00:04:14,080
Speaker 3: how much work Huber has done. I think maybe the

91
00:04:14,160 --> 00:04:17,239
Speaker 3: problem might be, or the hesitancy might be, that Tesla

92
00:04:17,320 --> 00:04:19,040
Speaker 3: is going to be a major player in this right,

93
00:04:19,120 --> 00:04:22,040
Speaker 3: like a lot of the stock is predicated on the

94
00:04:22,120 --> 00:04:25,000
Speaker 3: robo taxis being successful. You know, Elon Musk has said,

95
00:04:25,000 --> 00:04:27,200
Speaker 3: We're going to be big in robo taxis. So it's

96
00:04:27,200 --> 00:04:30,799
Speaker 3: just a major competitor for for Uber.

97
00:04:30,960 --> 00:04:33,479
Speaker 4: Like you do wonder at some point, right, do they

98
00:04:33,520 --> 00:04:37,719
Speaker 4: stop having those partnerships because Tesla's doing it like everybody's

99
00:04:37,720 --> 00:04:39,440
Speaker 4: doing it on their own. Like, who have they partnered with.

100
00:04:39,520 --> 00:04:42,240
Speaker 1: They've partnered with Weimo, and they've partnered with roughly a

101
00:04:42,360 --> 00:04:46,360
Speaker 1: dozen manufacturers. They've also invested in self driving tech companies.

102
00:04:46,680 --> 00:04:50,360
Speaker 1: But remember Uber had a self driving car unit under

103
00:04:50,400 --> 00:04:53,279
Speaker 1: a previous CEO and co founder Travis Kalanick years and

104
00:04:53,320 --> 00:04:56,000
Speaker 1: years ago. They ended up selling that off years ago

105
00:04:56,200 --> 00:04:58,560
Speaker 1: because it was just so much money that they were investing.

106
00:04:59,080 --> 00:05:01,240
Speaker 1: But they had they were working on this tech. They've

107
00:05:01,240 --> 00:05:03,040
Speaker 1: been working on this tech for years. They're not working

108
00:05:03,080 --> 00:05:04,200
Speaker 1: on it the same way that they used to.

109
00:05:04,400 --> 00:05:08,039
Speaker 4: Okay, I don't know, Yeah, I don't know yet.

110
00:05:08,320 --> 00:05:11,680
Speaker 3: I don't think I would feel it's so cool, you

111
00:05:11,720 --> 00:05:12,320
Speaker 3: would feel fine.

112
00:05:12,360 --> 00:05:14,600
Speaker 4: Really, I would have closed my eyes. I was in it.

113
00:05:14,760 --> 00:05:17,600
Speaker 4: It was at night. He got me going, and this

114
00:05:17,680 --> 00:05:20,880
Speaker 4: one I never thought because he's like, you don't love

115
00:05:20,920 --> 00:05:21,480
Speaker 4: car rights.

116
00:05:21,640 --> 00:05:24,040
Speaker 1: No, I don't like it. That's why I live in

117
00:05:24,040 --> 00:05:26,440
Speaker 1: New York City and you loved it. Yeah, it was great,

118
00:05:26,560 --> 00:05:27,800
Speaker 1: was it just like the novelty of it.

119
00:05:27,839 --> 00:05:28,280
Speaker 4: Was excited.

120
00:05:28,600 --> 00:05:31,320
Speaker 1: It was the safety of it, the ease of use,

121
00:05:31,400 --> 00:05:34,080
Speaker 1: the cleanliness, the Yeah it was great, clean, it was.

122
00:05:34,240 --> 00:05:34,919
Speaker 2: You gotta try it.

123
00:05:35,040 --> 00:05:36,520
Speaker 4: Yeah, just promise that she will do that.

124
00:05:36,560 --> 00:05:37,120
Speaker 3: I'll give it a go.

125
00:05:38,560 --> 00:05:42,680
Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with

126
00:05:42,760 --> 00:05:45,520
Speaker 2: us throughout the day for the latest roundup of companies

127
00:05:45,560 --> 00:05:48,599
Speaker 2: making news on Wall Street and for the latest market

128
00:05:48,640 --> 00:05:53,000
Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

129
00:05:53,040 --> 00:05:56,240
Speaker 2: Bloomberg dot com, and on Applecarplay and Android Atto with

130
00:05:56,360 --> 00:05:57,839
Speaker 2: the Bloomberg Business app.