WEBVTT - Tariffs Weigh on Apple; Nike's Production Bind; Wayfair Downgrade

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The.

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<v Speaker 2>Stock Movers podcast, your roundup of companies making moves in

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<v Speaker 2>the stock market, harnessing the power of Bloomberg data.

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<v Speaker 1>Let's take a look at some stocks on the move today.

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<v Speaker 1>We're joined by Lisa Montel.

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<v Speaker 3>All Right, I want to start with Apple, because the

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<v Speaker 3>shares fell more than nine percent yesterday. That erased about

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<v Speaker 3>three hundred and eleven billion dollars in market value. It

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<v Speaker 3>was the worst single day decline since March sixteen, twenty twenty,

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<v Speaker 3>during the pandemic. So that's a while. Shares have been

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<v Speaker 3>down as much as four percent this morning, but we

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<v Speaker 3>talked about it yesterday. Right, The supply chain relies heavily

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<v Speaker 3>on China. New Terriss reached thirty four percent in China

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<v Speaker 3>off for China. But it's not just China. Apple also

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<v Speaker 3>relies on other nations, for example, India, Vietnam, Malaysia, Thailand,

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<v Speaker 3>even yes, Paul Ireland. Yes, but it's not just Apple.

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<v Speaker 3>To Dell Technologies, they sank nineteen percent yesterday. Those shares

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<v Speaker 3>down as much as a four percent before the bell to.

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<v Speaker 4>So some big big names taking some big big hits here.

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<v Speaker 4>We had some Bloomberg Television came out just earlier this

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<v Speaker 4>morning with some charts and they're just kind of breaking

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<v Speaker 4>it down. There's no real sector that's escaping us. You

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<v Speaker 4>know what. You just look across the boils and package goods, consumers,

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<v Speaker 4>the technology, you know, the commodities, pretty much everything across support.

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<v Speaker 4>It's simply a risk off environment reflecting increased levels of

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<v Speaker 4>Insercha and Nike, I.

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<v Speaker 3>Mean footwear apparel, that's another one. I mean, what's wild

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<v Speaker 3>about this. The Nike story is that during President Trump's

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<v Speaker 3>first term, apparel and footwear makers they shifted manufacturing out

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<v Speaker 3>of China to avoid tariffs, and now they're being hit

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<v Speaker 3>anywhere because they's targeting the same nations that they moved to.

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<v Speaker 1>But to the point of, you can't grow bananas in America,

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<v Speaker 1>can we grow Michael Jordan's sneakers? Jordan's is just as

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<v Speaker 1>important a discussion.

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<v Speaker 4>Yeah, absolutely, they go to.

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<v Speaker 3>Viet They go to Vietnam for a lot of that. Stillantis, Yes,

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<v Speaker 3>of course they're dealing with all tarifs. They closed down

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<v Speaker 3>like nine percent yesterday this morning there up as much

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<v Speaker 3>as as they are six percent. Also dealing with a

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<v Speaker 3>few other things, though not just tariffs. It's this trickle

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<v Speaker 3>down effect because now you have about six thousand workers

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<v Speaker 3>in Counada's auto sector receive those temporary layoff notices. A

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<v Speaker 3>majority of them work at a Stillantis Planet in Ontario

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<v Speaker 3>makes Chrysler Dodge vehicles and they're going to post production

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<v Speaker 3>for two weeks starting on Monday. But they also received

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<v Speaker 3>on top of this, and know some other bed news,

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<v Speaker 3>Stillantis received a downgrade by Fitch due to the tariffs too,

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<v Speaker 3>So on top of that news.

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<v Speaker 1>They also set it down. Thank you, thank you so

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<v Speaker 1>much for bringing this up. Well, this is not a

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<v Speaker 1>small matter. I mean we're all looking at Apple with

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<v Speaker 1>a gazillion dollars of cash on the balance seat there's

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<v Speaker 1>four to eighty three whatever other stocks. And you wonder

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<v Speaker 1>in this new fragility, when Fitch, Moodies, S and p.

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<v Speaker 4>Step in start looking at the balance.

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<v Speaker 1>You know, that's the first I've heard that. At least Mateo.

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<v Speaker 2>Out front with them.

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<v Speaker 3>That's what they're doing with Wayfair a down grade there,

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<v Speaker 3>I mean Wayfair, I didn't even realize it. They were

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<v Speaker 3>down twenty five percent yesterday. That's the online furniture retailer.

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<v Speaker 3>Before the bell, the had been down as much as

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<v Speaker 3>ten percent, but they got a downgrade from City and

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<v Speaker 3>City saying Wayfair. Yes, they are positioned well long term,

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<v Speaker 3>but the tariffs have made the risk to revenue now greater.

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<v Speaker 3>And which interesting is that they said eBay is a

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<v Speaker 3>good alternative to look at instead of Wayfair.

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