WEBVTT - Paycom Rallies, Fortinet Disappoints, Lilly Falls

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

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 1>All right, I'm Carol Masser along with Nora Melinda here

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<v Speaker 1>on Bloomberg Businessweekdaily. We want to get into some of

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<v Speaker 1>the stocks on the move today. Here to do that

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<v Speaker 1>is Bloomberg News Deputy team leader for US Equities Jess

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<v Speaker 1>Metten in our studio. All right, good to have you here.

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<v Speaker 1>So let's start with Paycom.

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<v Speaker 3>What are we seeing?

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<v Speaker 4>So this is a software cloud company that works more

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<v Speaker 4>in the payroll and HR space, so some of its

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<v Speaker 4>rivals are Workday. So Paycom is in the S and

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<v Speaker 4>P five hundred. The ticker symbol is PAYC. So it

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<v Speaker 4>actually jumped as much as twelve percent earlier this morning,

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<v Speaker 4>gave up some of those gains, but still actually up

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<v Speaker 4>close to about four percent right now. So I wanted

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<v Speaker 4>to point that out just because it did boost its

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<v Speaker 4>full year revenue forecast. And this does tie to AI

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<v Speaker 4>because it was driven by artificial intelligence demands. So obviously

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<v Speaker 4>not just when you think of those tech and growth

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<v Speaker 4>companies when it's an AI story, but also when it

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<v Speaker 4>comes to payroll in HR software providers there, and I

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<v Speaker 4>wanted to point out too, because when you're looking at

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<v Speaker 4>that stock, it actually was trading around right now close

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<v Speaker 4>to two hundred and thirty one dollars. It got close

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<v Speaker 4>to resistance from a technical perspective around two forty three

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<v Speaker 4>earlier today, So that was actually dating back to its

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<v Speaker 4>December high. So that might be some of the reasons

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<v Speaker 4>why we saw it pulled back a little bit there.

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<v Speaker 4>But a in our function, if you want to look

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<v Speaker 4>at the cell side targets there there's four buys, fifteen

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<v Speaker 4>holes and zero cells.

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<v Speaker 3>Why I was about the number one gainer in the

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<v Speaker 3>S ANDP it why it was, Yes, it was and

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<v Speaker 3>so and now it's I had to talk to because

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<v Speaker 3>I didn't recognize the ticker. And again these software companies

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<v Speaker 3>that are outperformed.

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<v Speaker 4>It was added to the S and P five hundred

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<v Speaker 4>actually a little bit more than five years ago in

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<v Speaker 4>January of twenty twenty. So it is indeed in the

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<v Speaker 4>major indecks of about fourteen percent so far this year.

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<v Speaker 4>What else are you looking at? So I'm going to

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<v Speaker 4>move over to the decliners today. It's the two worst

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<v Speaker 4>performers in the S and P five hundred. So we'll

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<v Speaker 4>start off first with Fortinet FTTNT is this ticker symbol

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<v Speaker 4>on this down twenty five percent, so this would be

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<v Speaker 4>on pace if it holds through the clothes. It's worst

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<v Speaker 4>day since November two thousand and nine, so when you're

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<v Speaker 4>thinking about cybersecurity, and also some of its peers really

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<v Speaker 4>balche no exactly so to go that far back, and

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<v Speaker 4>it's the worst performer in the NAZAQ one hundred as well.

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<v Speaker 4>So it gave an update to its firewall refresh cycle.

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<v Speaker 4>The problem was it wasn't as good as what cell

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<v Speaker 4>side strategists, shareholders and investors were anticipating. So really it

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<v Speaker 4>was supposed to be this opportunity to update or renew

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<v Speaker 4>that type of IT infrastructure, but that unfortunately the product

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<v Speaker 4>growth the estimates were declining there and so that's why

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<v Speaker 4>you're seeing it getting pummeled on the cell side though,

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<v Speaker 4>William Blair analysts saying they're not seeing strong product revenue

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<v Speaker 4>growth and billings materialize right now. And then of course

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<v Speaker 4>Bloomberg Intelligence Zone man Deep Sing was pouring out as

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<v Speaker 4>well that fortnete is unlikely to see any big profit

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<v Speaker 4>lived from its product refresh cycle. So you all are

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<v Speaker 4>seeing those piers like data dog. Of course, one of

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<v Speaker 4>Tom King's favorite d dog is the ticker symbol and

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<v Speaker 4>that down more than four percent. And then also looking

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<v Speaker 4>at Palo Alto Networks pa n W is the ticker

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<v Speaker 4>down four percent as well.

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<v Speaker 1>Let's talk Eli Lily ticker l wyse, I mean.

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<v Speaker 4>Her green blaker.

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<v Speaker 1>I know, I know, there she goes.

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<v Speaker 4>I know, I still unfortunately poured the corel of lotter

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<v Speaker 4>on it, but I had to point out because.

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<v Speaker 1>It's such a tear a year after year, but a

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<v Speaker 1>different tone today.

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<v Speaker 4>And this is the second worst performer in the S

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<v Speaker 4>and P five hundred before, behind a Fortnite. So when

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<v Speaker 4>you're looking at this stock, the ticker symbol ll Y

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<v Speaker 4>down fourteen percent on pace and I had a double

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<v Speaker 4>check this on piece of its worst day since August

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<v Speaker 4>two thousand. Is pretty wild there. So on the flip

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<v Speaker 4>side of that, if you look at its rival Novo

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<v Speaker 4>nordis if the US listed shares here, nvos the tickers

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<v Speaker 4>and actually up seven percent because they're going to benefit

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<v Speaker 4>from this. So if you're looking at Eli Lilly, of

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<v Speaker 4>course it's outlook for twenty twenty five top quarterly estimates.

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<v Speaker 4>If you're looking at those types of drugs that we

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<v Speaker 4>talk about so much with Montero and zep Bound, those

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<v Speaker 4>sales are actually soaring. But unfortunately it was this study

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<v Speaker 4>that they were doing that overshadowed some of the optimism

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<v Speaker 4>when it comes to earnings. So it's experimental pill that

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<v Speaker 4>helped patients actually shed roughly about eleven percent of their

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<v Speaker 4>body weight in a late stage study. It just wasn't

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<v Speaker 4>as good and as close to what its rival Novodortis

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<v Speaker 4>had done. That's why you ended up seeing that pumbled.

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<v Speaker 4>So you're seeing those two stocks diverge and go in

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<v Speaker 4>different directions from needles to pills.

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<v Speaker 3>Right, that's the new transition they're hoping.

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<v Speaker 1>They're hopefully, you know, those having its own problems as well.

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<v Speaker 1>I mean, it's just as we kind of transition through.

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