WEBVTT - SpaceX Slips, Lucid Declines, Getty Images Soar

0:00:02.520 --> 0:00:07.000
<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

0:00:08.560 --> 0:00:12.440
<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

0:00:12.480 --> 0:00:16.320
<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

0:00:16.400 --> 0:00:19.600
<v Speaker 3>I'm Jim Stenebeck along with Carol Master. We are joined

0:00:19.640 --> 0:00:23.080
<v Speaker 3>by Bloomberg Television Markets corresponding Normal Linda for some stocks

0:00:23.239 --> 0:00:24.239
<v Speaker 3>on the move.

0:00:24.280 --> 0:00:26.759
<v Speaker 4>Hey, Noile, there's a lot that we could talk about today.

0:00:26.920 --> 0:00:29.240
<v Speaker 4>I do want to kick things off with SpaceX, because,

0:00:29.280 --> 0:00:30.640
<v Speaker 4>of course, this is the name that we've been talking

0:00:30.640 --> 0:00:34.479
<v Speaker 4>so much about, following about sixteen percent for its third

0:00:34.640 --> 0:00:37.400
<v Speaker 4>straight day of declines, this of course meaning that the

0:00:37.400 --> 0:00:41.000
<v Speaker 4>stock shed hundreds of billion dollars in market value. Now

0:00:41.000 --> 0:00:44.639
<v Speaker 4>this comes after SpaceX said that it's selling IG bonds

0:00:44.680 --> 0:00:47.559
<v Speaker 4>for the very first time. Of course, this really sparking

0:00:47.560 --> 0:00:50.440
<v Speaker 4>concerns about the idea of a massive borrowing spree that

0:00:50.479 --> 0:00:53.320
<v Speaker 4>we've seen from a lot of these major tech companies,

0:00:53.600 --> 0:00:55.000
<v Speaker 4>and whether or not we're actually going to be able

0:00:55.000 --> 0:00:57.240
<v Speaker 4>to see some sort of return on this investment when

0:00:57.240 --> 0:00:58.720
<v Speaker 4>we think about all the money being borrowed.

0:00:58.760 --> 0:01:01.120
<v Speaker 1>Here, I have to say we had a voice our

0:01:01.200 --> 0:01:05.679
<v Speaker 1>own Robert Schiffman talking about he follows the tech companies

0:01:06.000 --> 0:01:09.560
<v Speaker 1>on as a you know, from the credit perspective, and

0:01:10.000 --> 0:01:14.160
<v Speaker 1>you know, being very positive about this spend by certainly

0:01:14.200 --> 0:01:17.560
<v Speaker 1>a company like SpaceX the money needed to do the

0:01:17.560 --> 0:01:20.760
<v Speaker 1>build out. But it's also just, I don't know, he

0:01:20.840 --> 0:01:24.680
<v Speaker 1>was just incredibly optimistic about it and these companies getting

0:01:24.680 --> 0:01:28.480
<v Speaker 1>that investment grade rating from the ratings companies, you know,

0:01:28.600 --> 0:01:30.880
<v Speaker 1>making it doable, and investors being interested.

0:01:31.080 --> 0:01:33.760
<v Speaker 3>Just a reminder, was one thirty five for the IPO price.

0:01:33.760 --> 0:01:36.040
<v Speaker 3>It's still up fourteen and a half percent at one

0:01:36.200 --> 0:01:40.240
<v Speaker 3>fifty four sixty from that IPO. But yeah, like Nora said,

0:01:40.319 --> 0:01:43.400
<v Speaker 3>three days in a row of declines from that high

0:01:43.880 --> 0:01:47.200
<v Speaker 3>of yeah, two hundred one dollars eighty.

0:01:47.319 --> 0:01:49.800
<v Speaker 1>You know what I'm thinking about August seventeenth when they

0:01:49.800 --> 0:01:51.160
<v Speaker 1>report earnings.

0:01:51.200 --> 0:01:55.080
<v Speaker 3>Right, what I thought it was pizza Monday.

0:01:55.360 --> 0:01:56.280
<v Speaker 4>No, it's Monday.

0:01:56.320 --> 0:01:59.680
<v Speaker 1>Not It's not pizza night tonight, just Monday night.

0:02:00.200 --> 0:02:01.120
<v Speaker 2>Let's go to Lucid Group.

0:02:01.120 --> 0:02:02.880
<v Speaker 4>But yeah, a name I haven't talked about in a while.

0:02:02.960 --> 0:02:06.160
<v Speaker 4>Take your LCID. The stock is down falling more than

0:02:06.240 --> 0:02:08.799
<v Speaker 4>three percent on the day, down three point seven percent

0:02:08.880 --> 0:02:12.440
<v Speaker 4>to be more specific. The ev company slashing its US

0:02:12.480 --> 0:02:16.760
<v Speaker 4>workforce by eighteen percent. Not only that, the company also

0:02:16.840 --> 0:02:23.160
<v Speaker 4>eliminating its CO position, so chief offered operating officer position.

0:02:23.480 --> 0:02:26.600
<v Speaker 4>That also being mixed. And the company's really been struggling

0:02:26.639 --> 0:02:30.560
<v Speaker 4>so far this year, down about fifty one percent year

0:02:30.560 --> 0:02:32.880
<v Speaker 4>to date. Just a lot of stuff going on here,

0:02:32.960 --> 0:02:34.919
<v Speaker 4>and it seems that though investors are not really liking it.

0:02:35.160 --> 0:02:39.200
<v Speaker 3>Eighteen percent shedding now, but it cut twelve percent back

0:02:39.240 --> 0:02:43.040
<v Speaker 3>in February. It just adds to the concern. The company

0:02:43.160 --> 0:02:45.840
<v Speaker 3>had about nine thousand workers as is December thirty first,

0:02:45.840 --> 0:02:47.720
<v Speaker 3>suggesting the two rounds of layffs may have a limited

0:02:47.720 --> 0:02:49.240
<v Speaker 3>about twenty five hundred employees.

0:02:49.360 --> 0:02:52.000
<v Speaker 1>Like who's left? Uh yeah, I have to say people

0:02:52.000 --> 0:02:54.799
<v Speaker 1>who've been buying cars are in my world it feels

0:02:54.840 --> 0:02:57.399
<v Speaker 1>like they go for a hybrid rather than an EV.

0:02:57.520 --> 0:03:00.320
<v Speaker 1>At this point, I hear what about do that step?

0:03:00.400 --> 0:03:02.840
<v Speaker 4>Yeah, I hear that a ton. I do. Want to

0:03:02.919 --> 0:03:05.520
<v Speaker 4>end with the stock pretty small name, but making a

0:03:05.560 --> 0:03:07.520
<v Speaker 4>massive move on the day. That is the story s

0:03:07.520 --> 0:03:11.280
<v Speaker 4>Getty images ticker g e t y, the stock scaring

0:03:11.360 --> 0:03:13.320
<v Speaker 4>one hundred as much as one hundred and forty five

0:03:13.360 --> 0:03:17.120
<v Speaker 4>percent intra day but ending higher by ninety percent on

0:03:17.160 --> 0:03:18.959
<v Speaker 4>the day. That is the best day that we've seen

0:03:19.000 --> 0:03:21.840
<v Speaker 4>since July twenty twenty two, and it's just really interesting,

0:03:21.960 --> 0:03:24.520
<v Speaker 4>especially of course, is coming after the announcement of a

0:03:24.560 --> 0:03:27.080
<v Speaker 4>deal with Open Ai and a name like that, You're

0:03:27.120 --> 0:03:28.080
<v Speaker 4>going to see a stock like this.

0:03:28.160 --> 0:03:33.600
<v Speaker 2>Sort the Stock Movers Report from Bloomberg Radio. Check back

0:03:33.600 --> 0:03:35.840
<v Speaker 2>with us throughout the day for the latest roundup of

0:03:35.880 --> 0:03:39.200
<v Speaker 2>companies making news on Wall Street and for the latest

0:03:39.200 --> 0:03:43.400
<v Speaker 2>market moving headlines. Listen to Bloomberg Radio Live, catch us

0:03:43.440 --> 0:03:47.160
<v Speaker 2>on YouTube, Bloomberg dot com, and on Applecarplay and Android

0:03:47.200 --> 0:03:49.200
<v Speaker 2>Auto with the Bloomberg Business app.