WEBVTT - Palantir Jumps; Spotify Dip; SpaceX Reports

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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>Let's take a look at some stocks on the move today.

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<v Speaker 3>I'm Nathan Hager, joined by Bloomberg's Louise Moon, who's doing

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<v Speaker 3>an admirable job keeping on top of all the earnings

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<v Speaker 3>that crossed the Bloomberg terminal this morning before we get

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<v Speaker 3>results from SpaceX later today. Lots to talk about this morning, Louise,

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<v Speaker 3>including results from Caterpillar, which I guess is more than

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<v Speaker 3>just an equipment company nowadays.

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<v Speaker 1>Good morning, it is, Yeah, good morning. So it's obviously

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<v Speaker 1>benefiting from this wider AI story, and we're seeing that

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<v Speaker 1>play out in its results this morning. They've had their

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<v Speaker 1>second quarter results topped estimates and shares up in pre

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<v Speaker 1>market trading up about eight percent this morning. Essentially, this

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<v Speaker 1>is continued strong growth in their power generation business, so

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<v Speaker 1>that's on the back of data center spending has become

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<v Speaker 1>Caspilla's largest, fastest growing segment over the last few years,

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<v Speaker 1>and investors therefore have made the company kind of part

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<v Speaker 1>of their AI trade. Alongside a bunch of other peers

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<v Speaker 1>as well. So, as I say, earnings beat did well

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<v Speaker 1>this morning. In second quarter results, got to be mentioned

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<v Speaker 1>that the stock prise has declined in recent weeks. That's

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<v Speaker 1>on that wider sell off that we've been seeing in

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<v Speaker 1>AI kind of adjacent stocks, but this earnings beat is

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<v Speaker 1>boosting those shares and pre markets, so you'd expect that

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<v Speaker 1>to continue as trading opens today.

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<v Speaker 3>Well, not exactly AI adjacent, but we're also hearing from

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<v Speaker 3>a couple of major drug makers this morning, including MERK.

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<v Speaker 3>Looks like a pretty solid beat there as well.

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<v Speaker 1>Yeah, so good news again for them. Second quarter results

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<v Speaker 1>sales above estimates, they boosted their sales outlook for the

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<v Speaker 1>full year. This is all on demand for their newer

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<v Speaker 1>drugs and that's helping drive their revenues higher. So they've

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<v Speaker 1>been well. It shows that they've been making progress on

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<v Speaker 1>building sales from those new products. They've been betting on

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<v Speaker 1>them to make up for impending losses from some of

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<v Speaker 1>their older blockbusters products. They're facing a lower price competition

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<v Speaker 1>and aging and so Merk has been betting on these

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<v Speaker 1>new ones and these results show that that is starting

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<v Speaker 1>to pay off. So shares already up more than twenty

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<v Speaker 1>one percent through the year and up again in pre

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<v Speaker 1>market trading as well.

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<v Speaker 3>Now, while we continue to watch the stocks that are

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<v Speaker 3>reported this morning, there is still a lot of attention

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<v Speaker 3>on the big one that issued its results after the

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<v Speaker 3>close yesterday. That would be Palentier. Still catching a major

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<v Speaker 3>bid this morning.

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<v Speaker 1>Yeah, shares jumped seventeen percent in pre market. As you say,

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<v Speaker 1>this was their second quarter results after trading yesterday. They

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<v Speaker 1>raised their full year revenue and income forecast. So if

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<v Speaker 1>you look at some of those numbers, they see sales

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<v Speaker 1>now as much as over eight billion US dollars. Estimates

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<v Speaker 1>were about seven point seven billion, so a big, a

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<v Speaker 1>big raise their in comparison to the estimates. They described

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<v Speaker 1>their commercial demand for their data analytics toolers otherworldly, So

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<v Speaker 1>they're saying, you know, there's a lot of demand coming

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<v Speaker 1>through there. And what this is really doing, it's calming

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<v Speaker 1>investor fears. There had been fears that Palenteer would suffer

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<v Speaker 1>from kind of AI developers like Anthropics selling their own

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<v Speaker 1>software and then also governments outside the US turning to

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<v Speaker 1>their tech firms at home, so reducing their alliance on

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<v Speaker 1>US tech. But this is calmed investor fares. As I say,

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<v Speaker 1>shares jumped to seventeen percent in pre market, and if

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<v Speaker 1>those gains continue into trading, it'd be the biggest interday

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<v Speaker 1>gains in more than a year for Palenteer.

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<v Speaker 3>Yeah, otherworldly is kind of the word of the morning,

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<v Speaker 3>isn't it comes those Palenteer results. I guess we have

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<v Speaker 3>to wait and see whether we get other worldly numbers

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<v Speaker 3>from SpaceX when they report later this afternoon.

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<v Speaker 1>Yeah, March anticipated obviously after they're kind of their their

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<v Speaker 1>blockbuster ibo earlier this year. This is being watched for

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<v Speaker 1>if it will give investors reason to buy the stock

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<v Speaker 1>that has been on a bit of a roller coaster

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<v Speaker 1>and sinking more recently. So they closed on Monday down

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<v Speaker 1>fifteen percent from their IBO and they're down forty nine

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<v Speaker 1>percent from their all time high in mid June. So

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<v Speaker 1>this is seeing if you'll give investors chance to kind

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<v Speaker 1>of reassess that if it raised more questions and what

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<v Speaker 1>they're going to do with that stock.

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<v Speaker 2>The Stockmovers Report from Bloomberg Radio. Check back with us

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<v Speaker 2>throughout the day for the latest roundup of companies making

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<v Speaker 2>news on Wall Street and for the latest market moving headlines.

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