WEBVTT - JPMorgan Plunges, Meta Falls, Airlines Lower

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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 3>Hey, let's get to some stocks that are on the

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<v Speaker 3>move today. The major indices moved a little bit to

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<v Speaker 3>the downside. The S and P five hundred fell by

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<v Speaker 3>two tenths of one percent, the Down down by eight

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<v Speaker 3>tenths of one percent, the Nasdaq down by one tenth

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<v Speaker 3>of one percent. I'm Tim Stanebeck along with Christina Raffini.

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<v Speaker 3>We're joined by Bloomberg Television Markets correspondent Nora Melnda for

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<v Speaker 3>stocks on the move. What's on your mind?

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<v Speaker 4>Well, of course, we've been looking at bank earning season,

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<v Speaker 4>so I've got my eyes on JP Morgan Chase, that's

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<v Speaker 4>ticker JPM.

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<v Speaker 5>You all were just talking.

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<v Speaker 4>About Jamie Diamond while we are looking at the results

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<v Speaker 4>that we got in terms of earnings for the fourth quarter.

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<v Speaker 4>We saw that investment banking fees fell in the fourth quarter,

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<v Speaker 4>short of analyst expectations. We also saw that deals that

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<v Speaker 4>were meant to be completed last quarter were pushed into

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<v Speaker 4>this year, so you definitely saw that sentiment really ricochet

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<v Speaker 4>across Wall Street, we saw a decline of about four

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<v Speaker 4>point two percent on the day for this stock in particular,

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<v Speaker 4>and financials more broadly declining. Of course, we know President

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<v Speaker 4>Donald Trump has been coming out saying that he wants

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<v Speaker 4>to put a ten percent cap on interest rates for

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<v Speaker 4>credit cards. We know Jamie Diamond is pushed back on that,

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<v Speaker 4>and of course we're still seeing developments in terms of

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<v Speaker 4>what this could mean moving forward, but seems of still

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<v Speaker 4>some people on the street are concerned.

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<v Speaker 1>So before we move on, I do want to put

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<v Speaker 1>those the exact quote from Diamond that we believe the

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<v Speaker 1>President was responding to just then he said, I want

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<v Speaker 1>to say I don't agree with everything the FED has done.

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<v Speaker 1>I do have enormous respect for J. Powell the man,

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<v Speaker 1>and then went on to say anything that chips away

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<v Speaker 1>at the Fed's independence is not a good idea, and

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<v Speaker 1>in my view, we'll have their verse consequences. So please

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<v Speaker 1>carry on.

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<v Speaker 3>All right. So that's certainly one of the stocks that

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<v Speaker 3>is on the move today. What else do you have

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<v Speaker 3>on your mind?

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<v Speaker 5>Let's look at meta platforms.

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<v Speaker 4>I've been keeping my eye on the tech space, but

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<v Speaker 4>meta platforms in particular, we did see shares ending lower

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<v Speaker 4>by about one point seven percent on the day. We

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<v Speaker 4>do know that they actually cut about a thousand jobs

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<v Speaker 4>in terms of the Reality Labs division. We know that

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<v Speaker 4>Meta was really focused on really bringing the metaverse and

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<v Speaker 4>saying that we would spend a lot of time there,

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<v Speaker 4>but that hasn't really panned out.

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<v Speaker 5>We did we'd expected, I mean, I know I did it.

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<v Speaker 4>I don't know if you guys were over there, but

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<v Speaker 4>it didn't work out the way they get anticipated or

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<v Speaker 4>what investors were hoping for. So you are seeing them

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<v Speaker 4>really pairing all of their developments into that right now.

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<v Speaker 3>Okay, meta platforms. Interesting news coming out of Meta Platforms.

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<v Speaker 3>In the last couple of days as well, the company

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<v Speaker 3>begins jobs cuts as it shifts away from the metaverse

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<v Speaker 3>to AI devices. I was thinking about this yesterday, Nora,

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<v Speaker 3>and I'm just like, the metaverse never took it, and

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<v Speaker 3>the fact that you know, a few years ago we

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<v Speaker 3>were talking about metas full pivot to the metaverse. They're

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<v Speaker 3>so lucky that at the same time they were investing

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<v Speaker 3>in AI and doing so much in AI, because that

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<v Speaker 3>has certainly been the trend that has.

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<v Speaker 4>Taken Absolutely, if you just think about the ticker and

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<v Speaker 4>the rename toward Meta. I mean, there clearly was a

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<v Speaker 4>massive push for this and it didn't really materialized.

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<v Speaker 5>And we're not shopping there.

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<v Speaker 4>Not too many people are eating there or doing all

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<v Speaker 4>the transactions that they had anticipated. So we'll have to

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<v Speaker 4>see what they're able to do. I believe they're going

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<v Speaker 4>to be redistributing some of the funds they were using

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<v Speaker 4>for the Reality Labs division toward other things.

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<v Speaker 3>Okay, so Meta platforms, Japing Morgan, what else?

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<v Speaker 4>Delta take a look at the airline industry. People are

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<v Speaker 4>always traveling, but we did see shares falling lower Delta

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<v Speaker 4>shares takeer DL down by more than two percent at

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<v Speaker 4>the closing bell. It seems as though geopolitics were weighing

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<v Speaker 4>on travel at that's what the company is saying. They

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<v Speaker 4>provided a profit forecast that fell short of Wall Street estimates,

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<v Speaker 4>and so they're really just talking about the fact that

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<v Speaker 4>consumers are uncertain, not really wanting to travel in this environment.

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<v Speaker 5>So that's what they're really pegging the decline to.

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<v Speaker 1>It wasn't necessarily bad, just wasn't as good as markets wanted.

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<v Speaker 2>Absolutely, the stock movers report from Bloomberg Radio check back

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<v Speaker 2>with us throughout the day for the latest roundup of

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<v Speaker 2>companies making news on Wall Street, and for the latest

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<v Speaker 2>market move bean headlines. Listen to Bloomberg Radio Live, catch

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