Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 1: Let's take a look at some stocks on the move today.
Speaker 1: I'm Nathan Hager joined by Bloomberg Stan Curtis with a
Speaker 1: big focus on big tech this morning. The selloff continues
Speaker 1: and a lot of that Dan may be driven by
Speaker 1: Micron technology. Didn't they just report like massive earnings blowout
Speaker 1: this week?
Speaker 3: Good morning morning, Nathan. That's right, And to be honest,
Speaker 3: I'm looking forward to the weekend with all the volatility
Speaker 3: and memory serials right now. It's been a long week
Speaker 3: of up and downs years. But yeah, so Micron shares
Speaker 3: are down over five percent in the pre market. We
Speaker 3: have Memory on the backfoot. Sand disc SNDK is down
Speaker 3: nearly six percent in the pre market, and the AI
Speaker 3: trade is on the back foot today. So as you said,
Speaker 3: you know, after Wednesday session we got this massive blowout
Speaker 3: earnings report. Yesterday the shares closed at inched out a
Speaker 3: record high and now they are back down again. So
Speaker 3: this is on as kind of everything in the space
Speaker 3: is on the back foot. We've had some news coming
Speaker 3: out overnight. We've had open Ai looking to delay its
Speaker 3: IPO plans according to The New York Times. That's pushing
Speaker 3: back against the AI space. We also had news overnight
Speaker 3: of Micron's competitor, Samsung sk Heinex in South Korea preparing
Speaker 3: to announce hundreds of billion dollars worth of new investments
Speaker 3: on Monday. According to South Korea media reports, that pushed
Speaker 3: those memory makers shares lower. Some seeing echoes of China's
Speaker 3: Common Prosperity push a few year years ago, which was
Speaker 3: an effort to reduce wealth and equality, and so the
Speaker 3: AI trade is just getting challenged today. We have the
Speaker 3: cost concerns on the side of memory. We had Apple
Speaker 3: raising prices and now revenue concerns over the Open AI
Speaker 3: reported delay, really pressuring the space. As you said, volatile
Speaker 3: week for the memory maker. We've had two to ten
Speaker 3: percent moves from Micron already this week. It's ended last
Speaker 3: week at one and thirty three dollars. So we are
Speaker 3: set to just inch out a little bit of gains
Speaker 3: on a very multiple week all over the place, but
Speaker 3: just up a tiny bit.
Speaker 1: Yeah, certainly, so a tough week for the chip stocks,
Speaker 1: but not everything in the tech sector is in the red.
Speaker 1: This morning, we got some deal news that's given a
Speaker 1: pop to a company called Synaptics.
Speaker 3: So Synaptics shares are up four percent in the pre
Speaker 3: market under ticker Syna is a smart device semi conductor maker,
Speaker 3: and on Semi has agreed to buy. To buy it,
Speaker 3: investors will get one point three to five shares of
Speaker 3: on Semi for every shehriff Synaptics held, and that's about
Speaker 3: a nineteen percent premium based on last closing price. That said,
Speaker 3: we now have one ticker oh and down thirteen percent
Speaker 3: on the backside of this deal. On Semi sees the
Speaker 3: next wave of AI adoption being in the physical world,
Speaker 3: driving the need for systems that can quote, sense to
Speaker 3: side and act in real time. However, analysts say this
Speaker 3: is bringing it farther away from the AI data centers,
Speaker 3: which is where all the money is, so those shares
Speaker 3: are on the back foot. And this follows basically Synaptic
Speaker 3: trying to buy Allegro Microsystems last year and then dropping
Speaker 3: the bid, So this is just another deal they are
Speaker 3: trying to get to grow the business.
Speaker 1: And we got some more deal news in the tech space,
Speaker 1: but this involves a deal with the federal government for
Speaker 1: rocket Lab.
Speaker 3: Yeah, a rocket company that's not SpaceX, and it secured.
Speaker 2: They exist.
Speaker 3: They secured a NASA contract, So take our RKLB is
Speaker 3: up about two percent in the pre market. Rocket Lab
Speaker 3: was selected to provide three electron launches for two missions,
Speaker 3: so two back to back launches in about a year
Speaker 3: or more from now, in a separate launch early in
Speaker 3: twenty twenty seven. All the launches to take place from
Speaker 3: New Zealand. So it's getting these NASA contracts and that's
Speaker 3: helping lift some shares in that space.
Speaker 2: This morning, this stock Movers report from Bloomberg Radio. Check
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