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: Hey, let's get to some stocks that are on the
Speaker 3: move today. The major indices moved a little bit to
Speaker 3: the downside. The S and P five hundred fell by
Speaker 3: two tenths of one percent, the Down down by eight
Speaker 3: tenths of one percent, the Nasdaq down by one tenth
Speaker 3: of one percent. I'm Tim Stanebeck along with Christina Raffini.
Speaker 3: We're joined by Bloomberg Television Markets correspondent Nora Melnda for
Speaker 3: stocks on the move. What's on your mind?
Speaker 4: Well, of course, we've been looking at bank earning season,
Speaker 4: so I've got my eyes on JP Morgan Chase, that's
Speaker 4: ticker JPM.
Speaker 5: You all were just talking.
Speaker 4: About Jamie Diamond while we are looking at the results
Speaker 4: that we got in terms of earnings for the fourth quarter.
Speaker 4: We saw that investment banking fees fell in the fourth quarter,
Speaker 4: short of analyst expectations. We also saw that deals that
Speaker 4: were meant to be completed last quarter were pushed into
Speaker 4: this year, so you definitely saw that sentiment really ricochet
Speaker 4: across Wall Street, we saw a decline of about four
Speaker 4: point two percent on the day for this stock in particular,
Speaker 4: and financials more broadly declining. Of course, we know President
Speaker 4: Donald Trump has been coming out saying that he wants
Speaker 4: to put a ten percent cap on interest rates for
Speaker 4: credit cards. We know Jamie Diamond is pushed back on that,
Speaker 4: and of course we're still seeing developments in terms of
Speaker 4: what this could mean moving forward, but seems of still
Speaker 4: some people on the street are concerned.
Speaker 1: So before we move on, I do want to put
Speaker 1: those the exact quote from Diamond that we believe the
Speaker 1: President was responding to just then he said, I want
Speaker 1: to say I don't agree with everything the FED has done.
Speaker 1: I do have enormous respect for J. Powell the man,
Speaker 1: and then went on to say anything that chips away
Speaker 1: at the Fed's independence is not a good idea, and
Speaker 1: in my view, we'll have their verse consequences. So please
Speaker 1: carry on.
Speaker 3: All right. So that's certainly one of the stocks that
Speaker 3: is on the move today. What else do you have
Speaker 3: on your mind?
Speaker 5: Let's look at meta platforms.
Speaker 4: I've been keeping my eye on the tech space, but
Speaker 4: meta platforms in particular, we did see shares ending lower
Speaker 4: by about one point seven percent on the day. We
Speaker 4: do know that they actually cut about a thousand jobs
Speaker 4: in terms of the Reality Labs division. We know that
Speaker 4: Meta was really focused on really bringing the metaverse and
Speaker 4: saying that we would spend a lot of time there,
Speaker 4: but that hasn't really panned out.
Speaker 5: We did we'd expected, I mean, I know I did it.
Speaker 4: I don't know if you guys were over there, but
Speaker 4: it didn't work out the way they get anticipated or
Speaker 4: what investors were hoping for. So you are seeing them
Speaker 4: really pairing all of their developments into that right now.
Speaker 3: Okay, meta platforms. Interesting news coming out of Meta Platforms.
Speaker 3: In the last couple of days as well, the company
Speaker 3: begins jobs cuts as it shifts away from the metaverse
Speaker 3: to AI devices. I was thinking about this yesterday, Nora,
Speaker 3: and I'm just like, the metaverse never took it, and
Speaker 3: the fact that you know, a few years ago we
Speaker 3: were talking about metas full pivot to the metaverse. They're
Speaker 3: so lucky that at the same time they were investing
Speaker 3: in AI and doing so much in AI, because that
Speaker 3: has certainly been the trend that has.
Speaker 4: Taken Absolutely, if you just think about the ticker and
Speaker 4: the rename toward Meta. I mean, there clearly was a
Speaker 4: massive push for this and it didn't really materialized.
Speaker 5: And we're not shopping there.
Speaker 4: Not too many people are eating there or doing all
Speaker 4: the transactions that they had anticipated. So we'll have to
Speaker 4: see what they're able to do. I believe they're going
Speaker 4: to be redistributing some of the funds they were using
Speaker 4: for the Reality Labs division toward other things.
Speaker 3: Okay, so Meta platforms, Japing Morgan, what else?
Speaker 4: Delta take a look at the airline industry. People are
Speaker 4: always traveling, but we did see shares falling lower Delta
Speaker 4: shares takeer DL down by more than two percent at
Speaker 4: the closing bell. It seems as though geopolitics were weighing
Speaker 4: on travel at that's what the company is saying. They
Speaker 4: provided a profit forecast that fell short of Wall Street estimates,
Speaker 4: and so they're really just talking about the fact that
Speaker 4: consumers are uncertain, not really wanting to travel in this environment.
Speaker 5: So that's what they're really pegging the decline to.
Speaker 1: It wasn't necessarily bad, just wasn't as good as markets wanted.
Speaker 2: Absolutely, the stock movers report from Bloomberg Radio check back
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