WEBVTT - Intel Plummets, Amazon Drops, Reddit Plunges

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

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<v Speaker 1>I'm Tim Stenevek. Along with Jess Metten, we're joined by

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<v Speaker 1>Bloomberg TV Markets correspondent, Nora Melinda. Nora, some stocks making

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<v Speaker 1>big moves to the downside that are weighing on these

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<v Speaker 1>indexes on this Friday. What do you have for us?

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<v Speaker 3>Intel. I'm looking at shares of Intel, ticker INTC. The

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<v Speaker 3>stock is down more than 30%. And this is all

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<v Speaker 3>really due to that slowing PC demand, but also supply

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<v Speaker 3>chain concerns when it relates to its data business. And

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<v Speaker 3>we've been seeing this pressuring the broader market with its

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<v Speaker 3>outlook disappointing. And it's not really... all about just the

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<v Speaker 3>AI valuations, but we saw really weak fundamentals. So it's

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<v Speaker 3>really pushing it lower. And it's one of the more

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<v Speaker 3>extreme examples that we're seeing today, but certainly leading the

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<v Speaker 3>market decisively lower. I'm also keeping an eye on names

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<v Speaker 3>like Amazon. That is also a stock that I have

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<v Speaker 3>in focus. The ticker on that, we all know AMZN.

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<v Speaker 3>But this is also a story where we're really thinking

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<v Speaker 3>about the CapEx spend here. And, um, that's of course,

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<v Speaker 3>pushing that stock lower, looking at shares of Amazon currently

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<v Speaker 3>lower by about 2.4%. And, um, you know, of course,

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<v Speaker 3>kind of just speaking to that broader sell-off that we're

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<v Speaker 3>seeing in the market today.

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<v Speaker 1>And this was, this is, um, I think it's fair

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<v Speaker 1>to say like one of the most interesting stories to

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<v Speaker 1>me is what's going on with Reddit today and the

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<v Speaker 1>changes that Reddit is making to its platform. What's it

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<v Speaker 1>doing to its stock?

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<v Speaker 3>I mean, the stock right now, another name that's in

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<v Speaker 3>the red, down 30% right now as we speak. That's

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<v Speaker 3>ticker RDDT. Also heading for its worst day on record,

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<v Speaker 3>which I do want to point out, Intel also heading

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<v Speaker 3>for that size and scope as well. But as you

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<v Speaker 3>pointed out, this is because of the fact that since

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<v Speaker 3>its IPO, it plans to limit access to its online forums.

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<v Speaker 3>And the company is starting to test different approaches in

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<v Speaker 3>the markets outside of the United States throughout the fourth

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<v Speaker 3>quarter to get users to register for accounts and deepen engagement.

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<v Speaker 2>Yeah.

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<v Speaker 1>I mean, on the limiting access, all it has is

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<v Speaker 1>you do is just create a username.

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<v Speaker 2>Right.

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<v Speaker 1>Right. It's not like you have to pay for anything.

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<v Speaker 2>Yeah. So I don't know.

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<v Speaker 1>I mean.

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<v Speaker 2>Like, how does that work?

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<v Speaker 1>But the idea is that, like, I don't know why

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<v Speaker 1>it's such a big deal. The idea is that they

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<v Speaker 1>can then better target advertising. So I don't know why everybody,

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<v Speaker 1>I don't know why. I don't know why it's down 30%.

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<v Speaker 3>Why it's scare.

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<v Speaker 2>Yeah.

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<v Speaker 3>It's just part of a deeper. Down 61% year to date.

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<v Speaker 1>Wow. Okay.

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