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 Louise Moon, who's doing
Speaker 3: an admirable job keeping on top of all the earnings
Speaker 3: that crossed the Bloomberg terminal this morning before we get
Speaker 3: results from SpaceX later today. Lots to talk about this morning, Louise,
Speaker 3: including results from Caterpillar, which I guess is more than
Speaker 3: just an equipment company nowadays.
Speaker 1: Good morning, it is, Yeah, good morning. So it's obviously
Speaker 1: benefiting from this wider AI story, and we're seeing that
Speaker 1: play out in its results this morning. They've had their
Speaker 1: second quarter results topped estimates and shares up in pre
Speaker 1: market trading up about eight percent this morning. Essentially, this
Speaker 1: is continued strong growth in their power generation business, so
Speaker 1: that's on the back of data center spending has become
Speaker 1: Caspilla's largest, fastest growing segment over the last few years,
Speaker 1: and investors therefore have made the company kind of part
Speaker 1: of their AI trade. Alongside a bunch of other peers
Speaker 1: as well. So, as I say, earnings beat did well
Speaker 1: this morning. In second quarter results, got to be mentioned
Speaker 1: that the stock prise has declined in recent weeks. That's
Speaker 1: on that wider sell off that we've been seeing in
Speaker 1: AI kind of adjacent stocks, but this earnings beat is
Speaker 1: boosting those shares and pre markets, so you'd expect that
Speaker 1: to continue as trading opens today.
Speaker 3: Well, not exactly AI adjacent, but we're also hearing from
Speaker 3: a couple of major drug makers this morning, including MERK.
Speaker 3: Looks like a pretty solid beat there as well.
Speaker 1: Yeah, so good news again for them. Second quarter results
Speaker 1: sales above estimates, they boosted their sales outlook for the
Speaker 1: full year. This is all on demand for their newer
Speaker 1: drugs and that's helping drive their revenues higher. So they've
Speaker 1: been well. It shows that they've been making progress on
Speaker 1: building sales from those new products. They've been betting on
Speaker 1: them to make up for impending losses from some of
Speaker 1: their older blockbusters products. They're facing a lower price competition
Speaker 1: and aging and so Merk has been betting on these
Speaker 1: new ones and these results show that that is starting
Speaker 1: to pay off. So shares already up more than twenty
Speaker 1: one percent through the year and up again in pre
Speaker 1: market trading as well.
Speaker 3: Now, while we continue to watch the stocks that are
Speaker 3: reported this morning, there is still a lot of attention
Speaker 3: on the big one that issued its results after the
Speaker 3: close yesterday. That would be Palentier. Still catching a major
Speaker 3: bid this morning.
Speaker 1: Yeah, shares jumped seventeen percent in pre market. As you say,
Speaker 1: this was their second quarter results after trading yesterday. They
Speaker 1: raised their full year revenue and income forecast. So if
Speaker 1: you look at some of those numbers, they see sales
Speaker 1: now as much as over eight billion US dollars. Estimates
Speaker 1: were about seven point seven billion, so a big, a
Speaker 1: big raise their in comparison to the estimates. They described
Speaker 1: their commercial demand for their data analytics toolers otherworldly, So
Speaker 1: they're saying, you know, there's a lot of demand coming
Speaker 1: through there. And what this is really doing, it's calming
Speaker 1: investor fears. There had been fears that Palenteer would suffer
Speaker 1: from kind of AI developers like Anthropics selling their own
Speaker 1: software and then also governments outside the US turning to
Speaker 1: their tech firms at home, so reducing their alliance on
Speaker 1: US tech. But this is calmed investor fares. As I say,
Speaker 1: shares jumped to seventeen percent in pre market, and if
Speaker 1: those gains continue into trading, it'd be the biggest interday
Speaker 1: gains in more than a year for Palenteer.
Speaker 3: Yeah, otherworldly is kind of the word of the morning,
Speaker 3: isn't it comes those Palenteer results. I guess we have
Speaker 3: to wait and see whether we get other worldly numbers
Speaker 3: from SpaceX when they report later this afternoon.
Speaker 1: Yeah, March anticipated obviously after they're kind of their their
Speaker 1: blockbuster ibo earlier this year. This is being watched for
Speaker 1: if it will give investors reason to buy the stock
Speaker 1: that has been on a bit of a roller coaster
Speaker 1: and sinking more recently. So they closed on Monday down
Speaker 1: fifteen percent from their IBO and they're down forty nine
Speaker 1: percent from their all time high in mid June. So
Speaker 1: this is seeing if you'll give investors chance to kind
Speaker 1: of reassess that if it raised more questions and what
Speaker 1: they're going to do with that stock.
Speaker 2: The Stockmovers Report from Bloomberg Radio. Check back with us
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