1 00:00:02,520 --> 00:00:07,360 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,640 --> 00:00:13,040 Speaker 2: The Stock Movers podcast, your roundup of companies making moves 3 00:00:13,080 --> 00:00:17,320 Speaker 2: in the stock market harnessing the power of Bloomberg data. 4 00:00:17,640 --> 00:00:19,360 Speaker 3: Let's take a look at some stocks in the move today. 5 00:00:19,400 --> 00:00:22,600 Speaker 1: Joining us is Bloomberg News cross At reporter Emily GRIFFEO. 6 00:00:23,239 --> 00:00:27,080 Speaker 3: All right, let's start with BAA okay, reported earnings and 7 00:00:27,280 --> 00:00:29,360 Speaker 3: they did. Investors liked what they got. 8 00:00:29,480 --> 00:00:30,800 Speaker 4: Yeah, big surprise. 9 00:00:31,040 --> 00:00:35,159 Speaker 5: They got a record quarter because of their stock traders, 10 00:00:35,440 --> 00:00:37,280 Speaker 5: because there's been a ton of market volatility. 11 00:00:37,479 --> 00:00:39,240 Speaker 4: I honestly feel like I've been saying. 12 00:00:38,960 --> 00:00:41,280 Speaker 5: That over and over again because you have been Yes, 13 00:00:41,320 --> 00:00:43,839 Speaker 5: because of the big bank earning seasons in the last day, 14 00:00:43,840 --> 00:00:45,839 Speaker 5: you can say that, right, but it's been a very 15 00:00:45,840 --> 00:00:50,520 Speaker 5: common theme. Their net interest income also beat estimates. Bank 16 00:00:50,560 --> 00:00:54,120 Speaker 5: of America is unique because they have a big kind 17 00:00:54,120 --> 00:00:56,880 Speaker 5: of like read on the consumer because of their credit 18 00:00:57,200 --> 00:01:03,319 Speaker 5: card business. The CFO said, consumers have proven resilient, so 19 00:01:03,720 --> 00:01:05,280 Speaker 5: there's a read into the macro. 20 00:01:05,880 --> 00:01:07,320 Speaker 6: Wait for this one. 21 00:01:07,360 --> 00:01:09,000 Speaker 3: He counts down to it. He's like, I can't wait 22 00:01:09,040 --> 00:01:10,480 Speaker 3: to say. 23 00:01:10,360 --> 00:01:12,400 Speaker 6: Yeah, because they've got such a good view on the consumer. 24 00:01:12,760 --> 00:01:15,080 Speaker 6: Right did we get here? And it's like, wait, a second. 25 00:01:15,160 --> 00:01:18,160 Speaker 6: Didn't we just hear concerns last week from Goldman about 26 00:01:18,160 --> 00:01:21,120 Speaker 6: a recession then pulling the recessionary call after the pause 27 00:01:21,160 --> 00:01:24,360 Speaker 6: and tariffs and the concern about consumers the Friday consumer 28 00:01:24,440 --> 00:01:26,640 Speaker 6: sentiment data that we got where it was like, okay, 29 00:01:26,680 --> 00:01:30,880 Speaker 6: consumers are have high inflation expectations from the banks, we 30 00:01:30,920 --> 00:01:32,000 Speaker 6: got none of that concern. 31 00:01:32,280 --> 00:01:36,040 Speaker 5: I know, Brian moynihan, our business clients have been performing well, 32 00:01:36,400 --> 00:01:40,039 Speaker 5: and consumers have shown resilience, continuing to spend and maintaining 33 00:01:40,120 --> 00:01:43,680 Speaker 5: healthy credit quality. Now this, I mean, it doesn't take 34 00:01:43,720 --> 00:01:47,680 Speaker 5: into account like last week, all of them all, But 35 00:01:48,120 --> 00:01:51,480 Speaker 5: would that have hurt people? It is backward looking in 36 00:01:51,880 --> 00:01:54,200 Speaker 5: a way, but still yeah. 37 00:01:54,120 --> 00:01:56,920 Speaker 3: Like you would. It's not like he was overly cautious 38 00:01:56,960 --> 00:01:57,840 Speaker 3: in terms of where we are at. 39 00:01:57,880 --> 00:02:00,560 Speaker 6: Jat Dilerty did make the point on our program earlier. 40 00:02:00,880 --> 00:02:04,280 Speaker 6: She covers the bank, and she said a good portion 41 00:02:04,360 --> 00:02:07,160 Speaker 6: you could characterize basically the way I characterized her comments, 42 00:02:07,160 --> 00:02:11,680 Speaker 6: where it sounded like he was talking about the years 43 00:02:11,720 --> 00:02:14,239 Speaker 6: that they spent getting the bank into a very good 44 00:02:14,280 --> 00:02:17,000 Speaker 6: place should there be some sort of crisis, and how 45 00:02:17,000 --> 00:02:20,000 Speaker 6: they were more prepared now than they were let's say 46 00:02:20,000 --> 00:02:20,720 Speaker 6: two thousand and eight. 47 00:02:20,639 --> 00:02:22,440 Speaker 3: And perhaps some using their clients that they work with. 48 00:02:22,520 --> 00:02:26,600 Speaker 5: Right, So maybe, yeah, I would whatever Kat Doherty says, 49 00:02:26,680 --> 00:02:28,520 Speaker 5: one Bank of America, I would. 50 00:02:28,320 --> 00:02:32,600 Speaker 3: Listen, go to ape. This ackered enterprise was the gainer today. 51 00:02:32,680 --> 00:02:34,040 Speaker 4: Yeah, this was a big gainer. 52 00:02:34,360 --> 00:02:39,680 Speaker 5: And some Bloomberg reporting about deal news, Elliott Investment Management 53 00:02:40,360 --> 00:02:42,520 Speaker 5: is said to have built a large position worth more 54 00:02:42,600 --> 00:02:48,160 Speaker 5: than one point five billion dollars in the software company. 55 00:02:48,520 --> 00:02:51,560 Speaker 3: It's about a nineteen point seven billion dollar market cap companies. 56 00:02:51,600 --> 00:02:52,320 Speaker 3: That's prett Substanti. 57 00:02:52,400 --> 00:02:53,440 Speaker 4: That's pretty substantial. 58 00:02:53,560 --> 00:02:57,200 Speaker 5: Yeah, the investment makes Elliott one of the company's top 59 00:02:57,440 --> 00:03:01,440 Speaker 5: five shareholders. The stock was up as much as eight 60 00:03:01,440 --> 00:03:04,600 Speaker 5: point eight percent. It paired a little bit, but it's 61 00:03:04,600 --> 00:03:08,240 Speaker 5: still finished the day up five percent. It's down almost 62 00:03:08,320 --> 00:03:12,520 Speaker 5: thirty percent year to date. But it seems like Wall 63 00:03:12,520 --> 00:03:16,360 Speaker 5: Street likes Elliott taking this state. You look at whatevercore 64 00:03:16,480 --> 00:03:19,240 Speaker 5: Isi had to say. They said the stake is a 65 00:03:19,320 --> 00:03:22,400 Speaker 5: positive for the stock given ellie hits track record of 66 00:03:22,520 --> 00:03:28,240 Speaker 5: activist management. There's still some other pending news when it 67 00:03:28,240 --> 00:03:32,200 Speaker 5: comes to the DOJ and their lawsuit against HPE, but ever, 68 00:03:32,200 --> 00:03:34,040 Speaker 5: of course said we believe that Elliott will be able 69 00:03:34,120 --> 00:03:38,200 Speaker 5: to help drive additional shareholder focus regardless of the pending 70 00:03:38,240 --> 00:03:41,840 Speaker 5: acquisition's outcome. That's a lot of words, but yes, the 71 00:03:41,840 --> 00:03:43,880 Speaker 5: stock was hired on this new side. 72 00:03:43,920 --> 00:03:45,800 Speaker 3: Yeah, really like mega outperformer. 73 00:03:45,960 --> 00:03:46,920 Speaker 4: So we'll see. 74 00:03:46,920 --> 00:03:48,760 Speaker 1: And we know Elliott right when they're playing in the 75 00:03:48,760 --> 00:03:51,000 Speaker 1: tech space, they tend to do pretty well. Yeah, I 76 00:03:51,000 --> 00:03:53,160 Speaker 1: think in terms of some of the changes that they 77 00:03:53,160 --> 00:03:55,800 Speaker 1: pushed for. All right, get a name to the downside 78 00:03:55,800 --> 00:03:56,480 Speaker 1: for US. 79 00:03:56,360 --> 00:04:01,040 Speaker 5: Okay, Albertson's because I couldn't just come with all green stocks, 80 00:04:01,120 --> 00:04:04,320 Speaker 5: Green had to do a decliner. It was down seven 81 00:04:04,360 --> 00:04:08,080 Speaker 5: point six percent, biggest drop since October twenty twenty two. 82 00:04:08,680 --> 00:04:12,560 Speaker 4: This is one of the largest grocery chains in the US, 83 00:04:12,640 --> 00:04:14,120 Speaker 4: and it was. 84 00:04:14,080 --> 00:04:20,200 Speaker 5: Interesting because their annual outlook excluded the impact of tariffs, which, 85 00:04:20,240 --> 00:04:23,719 Speaker 5: in a way, I guess speaks to how businesses and 86 00:04:23,760 --> 00:04:28,200 Speaker 5: CEOs are having difficulty keeping track of just the changes 87 00:04:28,200 --> 00:04:30,560 Speaker 5: that are going on in tariff policy and the uncertainty. 88 00:04:31,000 --> 00:04:34,400 Speaker 5: But executives for the retailer didn't explain why they made 89 00:04:34,600 --> 00:04:37,919 Speaker 5: that decision, and they did say that they domestically source 90 00:04:38,120 --> 00:04:42,040 Speaker 5: more than ninety percent of the products that they sell, 91 00:04:42,200 --> 00:04:45,000 Speaker 5: which you would think would be a good A good 92 00:04:45,040 --> 00:04:49,200 Speaker 5: sign but yeah, overall, it seems like that that tariff 93 00:04:49,320 --> 00:04:54,200 Speaker 5: uncertainty and then also a fiscal year adjusted EPs that 94 00:04:54,320 --> 00:04:57,880 Speaker 5: missed estimates was what was weighing. 95 00:04:57,960 --> 00:05:00,679 Speaker 3: Did I see that it's not? The incoming CEO called 96 00:05:00,680 --> 00:05:02,040 Speaker 3: it an investment. 97 00:05:01,839 --> 00:05:06,280 Speaker 5: Investment year, Yes, CEO Susan Morris calling it an investment year. 98 00:05:07,760 --> 00:05:08,120 Speaker 4: Business. 99 00:05:08,480 --> 00:05:11,040 Speaker 1: Yeah, concerns like if you're investing, so maybe I mean 100 00:05:11,080 --> 00:05:12,239 Speaker 1: margins in the. 101 00:05:12,080 --> 00:05:14,000 Speaker 3: Grocery business are soul slim. 102 00:05:14,440 --> 00:05:17,479 Speaker 1: Yeah, right, so maybe if you're investing spending money, maybe 103 00:05:17,480 --> 00:05:20,080 Speaker 1: your margin's even more challenged. 104 00:05:20,240 --> 00:05:24,039 Speaker 5: One we're speaking of deals, Albertson's and Kroger have been 105 00:05:24,240 --> 00:05:27,120 Speaker 5: in a big back and forth and I haven't I 106 00:05:27,120 --> 00:05:28,359 Speaker 5: don't want to misspeak on it. 107 00:05:28,400 --> 00:05:30,440 Speaker 4: I haven't been following it that closely. 108 00:05:30,520 --> 00:05:34,279 Speaker 5: But it's a super interesting story at least just between 109 00:05:34,360 --> 00:05:38,320 Speaker 5: like two businesses that they wanted to merge and they're 110 00:05:38,320 --> 00:05:42,360 Speaker 5: no longer merging and there's lawsuits. That really interesting story. 111 00:05:42,360 --> 00:05:45,800 Speaker 5: I recommend people read about it. On the Bloomberg ice 112 00:05:45,839 --> 00:05:48,120 Speaker 5: cream is on sales. The ice cream I'm getting, that's 113 00:05:48,120 --> 00:05:50,760 Speaker 5: all them really. I feel like people are pretty brand 114 00:05:50,839 --> 00:05:52,719 Speaker 5: loyal with ice cream. 115 00:05:52,839 --> 00:05:56,200 Speaker 4: I know what I want, like us, I'm pretty loyal 116 00:05:56,279 --> 00:06:00,159 Speaker 4: cookie dough. It's better than the other cookie does. 117 00:05:59,640 --> 00:06:03,040 Speaker 5: Brand Yeah really yeah. 118 00:06:03,680 --> 00:06:08,040 Speaker 2: The Stockmovers podcast from Bloomberg Radio. Check back with us 119 00:06:08,040 --> 00:06:11,000 Speaker 2: throughout the day for the latest roundup of companies making 120 00:06:11,040 --> 00:06:14,640 Speaker 2: news on Wall Street and for the latest market moving headlines. 121 00:06:14,760 --> 00:06:18,720 Speaker 2: Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg 122 00:06:18,760 --> 00:06:21,560 Speaker 2: dot com, and on Applecarplay and Android Auto with the 123 00:06:21,600 --> 00:06:22,960 Speaker 2: Bloomberg Business app.