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 3: Let's take a look at some stocks on the move today.
Speaker 3: I'm Nathan Hager, joined by Bloomberg's Valerie Titel, starting with
Speaker 3: a stock that is moving way to the south following
Speaker 3: some headlines out of China. Give us the update on
Speaker 3: Qualcomm this morning. Good morning, val.
Speaker 1: Hey, Good morning Nathan. Happy Friday. Qualcom shares are down
Speaker 1: over two and a half percent so far in pre
Speaker 1: market trade. This comes as China has started an anti
Speaker 1: trust investigation into the company. Now, this is a latest
Speaker 1: in a string of tip for tat moves between She
Speaker 1: and Trump is a jockey for leverage before their key
Speaker 1: meeting later this month to discuss trade. But it is
Speaker 1: affecting Qualcom shares this morning, and that is because Qualcomm
Speaker 1: they get a majority of their revenue from China. Around
Speaker 1: sixty five percent of their revenue from the last fiscal
Speaker 1: year came from China.
Speaker 3: It also makes up a.
Speaker 1: Majority of their sales as well, so it does pose
Speaker 1: some issues for Qualcom if perhaps the Chinese government Chinese
Speaker 1: regulator do cast a I on them in a negative way,
Speaker 1: but it does follow a similar move from China that
Speaker 1: they made against Nvidia a month or so ago that
Speaker 1: was largely shrugged off by shares of Nvidia. But Qualcom
Speaker 1: shares are in the red down two point six percent.
Speaker 3: Yeah, certainly bears watching as we get closer to that
Speaker 3: key meeting at the end of the month. The broader
Speaker 3: market this morning, Valerie might show a little bit of
Speaker 3: fatigue around the AI trade that we are certainly seeing
Speaker 3: it still in the most The biggest gainer on the
Speaker 3: tape this morning Applied Digital.
Speaker 1: Applied Digital up twenty two percent in the pre market trade. Okay,
Speaker 1: this comes after earnings where their revenue did beat estimates,
Speaker 1: but they also had some positive details about expanding a
Speaker 1: lease agreement with core Weave for additional compute, so they're
Speaker 1: in advanced discussions to do that with the hyper Scaler
Speaker 1: to build and focus on a data center campus in
Speaker 1: North Dakota. Applied Digital is a company that creates equipment
Speaker 1: for manufacturing semiconductors and has also been involved in the
Speaker 1: data center buildout.
Speaker 3: So these shares arising higher.
Speaker 1: On the back of these earnings announcement, up twenty two
Speaker 1: percent in pre market trade.
Speaker 3: Another stock moving after earnings distressed for Levi Strauss.
Speaker 1: Levis shares down nearly seven percent now. For Levi, this
Speaker 1: comes despite raising its full year outlook, despite saying that
Speaker 1: sales are going to look good into the holiday season. Essentially,
Speaker 1: the market is really hanging on at some sentiment around tariffs.
Speaker 1: They warned that tariffs are starting to bite now. While
Speaker 1: in the previous quarter they were still able to raise prices,
Speaker 1: consumers were still buying, so margins did seem okay in
Speaker 1: the previous quarters. It does seem like there might be
Speaker 1: some skepticism over whether their margins will stay stable heading
Speaker 1: into the holiday season given that teriff warning. They did
Speaker 1: pencil in and upgrade when it came to their tariff
Speaker 1: what they're essentially penciling in for tariffs for the rest
Speaker 1: of the world ex China, that was buffed up to
Speaker 1: twenty percent. So some concern around there around the tariff warning.
Speaker 3: For Levi, and just quickly another company that's been speculated
Speaker 3: about being a potential US government target is still catching
Speaker 3: a bit.
Speaker 1: Yeah, this all goes back to the rare earth situation
Speaker 1: that the jockeying for power between US and China on
Speaker 1: rare earth critical medals is up eleven percent in pre
Speaker 1: market trade. It's risen eighty percent so far this week,
Speaker 1: and that is on speculation that perhaps it could be
Speaker 1: the next company that the US government takes an equity
Speaker 1: stake in. Remember, the US government is doing this in
Speaker 1: order to try to get leverage over China, which is very,
Speaker 1: very dominant in the critical metals mining space.
Speaker 2: This stock mover's report from Bloomberg Radio. Check back with
Speaker 2: us throughout for the latest roundup of companies making news
Speaker 2: on Wall Street and for the latest market moving headlines.
Speaker 2: Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg
Speaker 2: dot com, and on Applecarplay and Android Auto with the
Speaker 2: Bloomberg Business app.