1 00:00:02,520 --> 00:00:09,960 Speaker 1: Bloomberg Audio Studios, podcasts, radio News, The Stock Movers Report, 2 00:00:10,240 --> 00:00:13,440 Speaker 1: your roundup of companies making moves in the stock market, 3 00:00:13,680 --> 00:00:17,440 Speaker 1: harnessing the power of Bloomberg Data. Let's take a look 4 00:00:17,480 --> 00:00:19,079 Speaker 1: at some stocks on the move today. 5 00:00:19,480 --> 00:00:23,360 Speaker 2: Alexis Christopherus. Let's start with Workday because that stock is 6 00:00:23,440 --> 00:00:28,120 Speaker 2: down nine percent today, down nearly forty percent so far 7 00:00:28,280 --> 00:00:30,440 Speaker 2: this year. So here's a story. It's a software company. 8 00:00:30,520 --> 00:00:33,200 Speaker 2: We know it gave an outlook for quarterly subscription sales 9 00:00:33,240 --> 00:00:36,720 Speaker 2: that fell short of estimates. And really at the heart 10 00:00:36,880 --> 00:00:39,640 Speaker 2: this is an AI story, right. It's getting caught up 11 00:00:39,640 --> 00:00:43,160 Speaker 2: in the selling amongst the software stocks because of anxiety 12 00:00:43,240 --> 00:00:46,800 Speaker 2: that AI is going to take away jobs in that area. 13 00:00:46,960 --> 00:00:50,040 Speaker 2: So subscription sales make up the bulk of Workday's total revenue, 14 00:00:50,479 --> 00:00:53,000 Speaker 2: and we know that application software makers are facing these 15 00:00:53,040 --> 00:00:58,240 Speaker 2: spheres over potential disruption to their business models from AI tools. Now, 16 00:00:58,360 --> 00:01:00,640 Speaker 2: earlier this month, I don't know if you remember, said 17 00:01:00,640 --> 00:01:02,880 Speaker 2: that its co founder was going to return to the 18 00:01:02,920 --> 00:01:06,080 Speaker 2: company as CEO to lead the company through what they 19 00:01:06,120 --> 00:01:09,399 Speaker 2: call this AI transition. But it's not really helping the 20 00:01:09,440 --> 00:01:11,919 Speaker 2: stock much. Is not much confidence in that at the moment, 21 00:01:12,000 --> 00:01:14,720 Speaker 2: So and not only work day. We're looking at Salesforce. 22 00:01:14,720 --> 00:01:16,960 Speaker 2: I mean they're sort of complementary businesses, but it's a 23 00:01:17,000 --> 00:01:20,039 Speaker 2: cloud based enterprise systems company, and Salesforce is out with 24 00:01:20,080 --> 00:01:24,119 Speaker 2: earnings after today's closing belt. Analysts have some high expectations there. 25 00:01:24,120 --> 00:01:27,160 Speaker 2: I mean the stock is down thirty percent. It was 26 00:01:27,200 --> 00:01:29,600 Speaker 2: down thirty percent last year, so it can use some 27 00:01:29,640 --> 00:01:33,399 Speaker 2: good news. Yeah. Absolutely, those application software companies really under pressure. 28 00:01:33,400 --> 00:01:37,280 Speaker 2: We've seen that. Cova, yeah, which you and I have said. 29 00:01:37,280 --> 00:01:39,880 Speaker 2: We have not had Cabo busing yet. This is a 30 00:01:39,920 --> 00:01:43,240 Speaker 2: Mediterranean fast casual. So Tom if Cava, if you're listening, 31 00:01:43,560 --> 00:01:45,240 Speaker 2: you can send the three of us some bowls. We 32 00:01:45,280 --> 00:01:48,400 Speaker 2: could check it out. Cava is up eleven percent here 33 00:01:48,960 --> 00:01:51,040 Speaker 2: and up fifteen and a half percent year to date. 34 00:01:51,080 --> 00:01:53,400 Speaker 2: It is basically blown away the competition, and by that 35 00:01:53,480 --> 00:01:57,520 Speaker 2: I mean Chipotle and Sweet Green in that fast casual space. 36 00:01:58,120 --> 00:02:00,640 Speaker 2: It says that comp sales for the year came in 37 00:02:00,720 --> 00:02:05,800 Speaker 2: above analyst estimates, and Chipotle Mexican Grill, you know, as 38 00:02:06,000 --> 00:02:10,440 Speaker 2: a comparison point, issued in underwhelming a comparable sales forecast recently. 39 00:02:11,080 --> 00:02:15,040 Speaker 2: And Sweet Green also is you know, having some challenges. 40 00:02:15,080 --> 00:02:18,799 Speaker 2: So Bloomberg Intelligence out with some commentary saying Cava's long 41 00:02:18,880 --> 00:02:22,680 Speaker 2: term growth outlook remains compelling as the rising popularity of 42 00:02:22,720 --> 00:02:27,720 Speaker 2: healthy Mediterranean food in the US continues to proliferate and 43 00:02:27,840 --> 00:02:31,320 Speaker 2: growing brand awareness, though, is a struggle for the company. 44 00:02:31,360 --> 00:02:32,600 Speaker 2: I think they're right. You know, I didn't know when 45 00:02:32,600 --> 00:02:34,679 Speaker 2: it first came out, was kava like a wine bar. 46 00:02:35,520 --> 00:02:38,480 Speaker 2: I did think that at first. That's not It is 47 00:02:38,480 --> 00:02:40,560 Speaker 2: this fast cant so it's like a fancy, sweet green. 48 00:02:41,480 --> 00:02:41,760 Speaker 1: Yeah. 49 00:02:42,040 --> 00:02:44,760 Speaker 2: I think you're I would say that fair Mediterranean fair, 50 00:02:44,880 --> 00:02:47,120 Speaker 2: which I can get on board with. And the maker 51 00:02:47,200 --> 00:02:51,360 Speaker 2: of Guinness Diagio, it is cutting its guidance for the 52 00:02:51,440 --> 00:02:54,560 Speaker 2: second time this fiscal year. The companies having a hard 53 00:02:54,600 --> 00:02:57,079 Speaker 2: time a reviving demand, not only here in the US, 54 00:02:57,120 --> 00:03:00,480 Speaker 2: but also in China. So the stock is down twelve percent. 55 00:03:00,760 --> 00:03:03,840 Speaker 2: Diagio here in the pre market. Diagio's new CEO, he 56 00:03:03,880 --> 00:03:06,240 Speaker 2: took over just about seven weeks ago, Dave Lewis, But 57 00:03:06,280 --> 00:03:09,400 Speaker 2: he already said the problem with this company, which also 58 00:03:09,440 --> 00:03:12,320 Speaker 2: you know, makes Johnny Walker whiskey. He says it's forgotten 59 00:03:12,360 --> 00:03:15,680 Speaker 2: how to serve drinks to its customers properly. What does 60 00:03:15,720 --> 00:03:19,040 Speaker 2: he mean by that? I meaning they are not investing 61 00:03:19,160 --> 00:03:23,760 Speaker 2: enough in building and executing businesses like bars, pubs, restaurants, 62 00:03:23,760 --> 00:03:26,440 Speaker 2: the interfacing, the actual day to day with customers. Do 63 00:03:26,520 --> 00:03:31,440 Speaker 2: you think COVID shifted. Oh no, that's exactly thematic, dramatic change. 64 00:03:31,560 --> 00:03:35,520 Speaker 2: Absolutely COVID. A lot of people were making their cocktails 65 00:03:35,520 --> 00:03:37,320 Speaker 2: at home because they couldn't go to a bar. And 66 00:03:37,360 --> 00:03:39,640 Speaker 2: then now you also have fewer, you know, more people 67 00:03:39,760 --> 00:03:43,400 Speaker 2: drinking less alcohol. So those two things happening at once. 68 00:03:44,920 --> 00:03:47,320 Speaker 1: I just think COVID had a profound change. 69 00:03:47,320 --> 00:03:49,800 Speaker 2: I don't have any science or math or analysis, but 70 00:03:50,240 --> 00:03:52,840 Speaker 2: you have to be it. I am drinking Claus Jenny Kremel, 71 00:03:52,960 --> 00:03:55,120 Speaker 2: the poor guinness. You have to really do it correctly 72 00:03:55,320 --> 00:03:58,520 Speaker 2: and not everybody get that right. Head on the base, 73 00:03:59,280 --> 00:04:01,720 Speaker 2: help us with that. You know, you can go to 74 00:04:01,720 --> 00:04:04,200 Speaker 2: a good Irish club, they know what they're doing. Do 75 00:04:04,240 --> 00:04:06,440 Speaker 2: you like your guinness on tap? Or how does this 76 00:04:06,480 --> 00:04:07,120 Speaker 2: stall a bottle? 77 00:04:07,160 --> 00:04:07,400 Speaker 1: Oh? 78 00:04:07,320 --> 00:04:10,200 Speaker 2: No? No? No? South America? Yeah, okay, yeah? 79 00:04:10,440 --> 00:04:11,560 Speaker 1: Are is that it? 80 00:04:12,000 --> 00:04:14,880 Speaker 2: Well? I have first Solar it's down sixteen percent. There 81 00:04:14,880 --> 00:04:15,560 Speaker 2: you do please? 82 00:04:15,680 --> 00:04:15,840 Speaker 1: Yeah. 83 00:04:15,920 --> 00:04:18,880 Speaker 2: Ext So it released its fourth quarter earnings report, missing 84 00:04:18,920 --> 00:04:22,960 Speaker 2: the consensus earnings estimates. Already, you know that it's fast 85 00:04:22,960 --> 00:04:26,320 Speaker 2: and furious here coming from the analysts, a number of downgrades, 86 00:04:26,720 --> 00:04:31,440 Speaker 2: h and price targets for First Solar, so that company 87 00:04:31,520 --> 00:04:33,240 Speaker 2: among the biggest losers here in the S and P 88 00:04:33,279 --> 00:04:34,159 Speaker 2: five hundred this morning. 89 00:04:35,120 --> 00:04:39,160 Speaker 1: This stock mover's report from Bloomberg Radio. Check back with 90 00:04:39,240 --> 00:04:41,800 Speaker 1: us throughout the day for the latest roundup of companies 91 00:04:41,880 --> 00:04:44,960 Speaker 1: making news on Wall Street and for the latest market 92 00:04:45,000 --> 00:04:49,440 Speaker 1: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 93 00:04:49,560 --> 00:04:53,080 Speaker 1: Bloomberg dot com, and on Applecarplay and Android Auto with 94 00:04:53,120 --> 00:04:54,599 Speaker 1: the Bloomberg Business app.