WEBVTT - Amazon Drops, Spotify Tumbles, UPS Falls in Pullback from Amazon

0:00:02.520 --> 0:00:10.440
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The Stock Movers podcast,

0:00:10.800 --> 0:00:14.040
<v Speaker 1>your roundup of companies making moves in the stock market,

0:00:14.240 --> 0:00:18.000
<v Speaker 1>harnessing the power of Bloomberg data. Let's take a look

0:00:18.000 --> 0:00:19.840
<v Speaker 1>at some stocks on the move today, and we're joined

0:00:19.840 --> 0:00:22.040
<v Speaker 1>by Bloombergs so COVID they need to what are you

0:00:22.040 --> 0:00:22.400
<v Speaker 1>looking at?

0:00:22.720 --> 0:00:25.120
<v Speaker 2>Let's start with Amazon. Obviously there has been a big

0:00:25.160 --> 0:00:28.280
<v Speaker 2>turnaround story, but we just saw UBS cutting the target

0:00:28.320 --> 0:00:32.040
<v Speaker 2>of Amazon to two hundred and fifty three doors from

0:00:32.080 --> 0:00:35.440
<v Speaker 2>two hundred and seventy two doors. It maintains the by rating.

0:00:35.520 --> 0:00:39.080
<v Speaker 2>What has been happening today brought the stock down as

0:00:39.120 --> 0:00:42.360
<v Speaker 2>much as two percent, but it's still underwater. Of course,

0:00:42.800 --> 0:00:46.239
<v Speaker 2>Amazon says it was never under consideration to display the

0:00:46.240 --> 0:00:50.400
<v Speaker 2>cost of tars on products. What we saw earlier today

0:00:50.640 --> 0:00:55.080
<v Speaker 2>as reporting that this was indeed the case, and the

0:00:55.080 --> 0:00:59.280
<v Speaker 2>White House Press Secretary said that this is a hostile act.

0:00:59.360 --> 0:01:01.120
<v Speaker 2>And obviously there there is a lot of voted with

0:01:01.200 --> 0:01:06.280
<v Speaker 2>the stock, and we've sow retailers like Shane, we saw Tamil,

0:01:06.520 --> 0:01:08.959
<v Speaker 2>We saw a lot of discussions of how are they

0:01:08.959 --> 0:01:12.880
<v Speaker 2>going to display those prices and that is really an

0:01:12.920 --> 0:01:15.920
<v Speaker 2>important thing for consumers. We saw that. The questions at

0:01:15.920 --> 0:01:18.600
<v Speaker 2>the press conference was like, does that mean that consumers

0:01:18.800 --> 0:01:22.040
<v Speaker 2>will indeed pay more? So a lot of pressure there.

0:01:22.120 --> 0:01:24.199
<v Speaker 2>The stock is still down for today, but of course

0:01:24.240 --> 0:01:26.000
<v Speaker 2>a lot of the earlier losses are reversed.

0:01:26.480 --> 0:01:30.000
<v Speaker 3>Actually, and you mentioned Raymond James downgrading the stock, Heaarny, Right,

0:01:30.000 --> 0:01:33.080
<v Speaker 3>so yeah, downgrading. Yeah, so just like a double way there.

0:01:33.600 --> 0:01:35.440
<v Speaker 3>So Spotify, what's going on here?

0:01:35.640 --> 0:01:39.119
<v Speaker 2>Yeah? With Spotify share stumboat as much as eight percent

0:01:39.160 --> 0:01:42.600
<v Speaker 2>in earlier trading. Some of that losses every verse. The

0:01:42.640 --> 0:01:46.520
<v Speaker 2>streaming company reported operating profit that miss estimate. That's said,

0:01:46.520 --> 0:01:50.320
<v Speaker 2>the report wasn't bad. We saw a big gaining subscriber

0:01:50.400 --> 0:01:53.520
<v Speaker 2>which was way more than Alice expected, and the company

0:01:53.520 --> 0:01:58.280
<v Speaker 2>predicted the subscribers reached two hundred and sixty eight millions,

0:01:58.320 --> 0:02:01.920
<v Speaker 2>which is the twelve per head of percent. It's amazing. Yeah,

0:02:02.200 --> 0:02:04.480
<v Speaker 2>it's really good. We know the company has been pushing

0:02:04.480 --> 0:02:09.359
<v Speaker 2>into audiobooks, podcasts, even video content to compete with YouTube,

0:02:09.520 --> 0:02:12.080
<v Speaker 2>but of course that has committed price. We know that

0:02:13.360 --> 0:02:17.720
<v Speaker 2>they raised their subscriber p to twelve dollars a month,

0:02:17.840 --> 0:02:20.040
<v Speaker 2>but that has been helping the stock is a twenty

0:02:20.040 --> 0:02:23.240
<v Speaker 2>five percent year today. Despite the pressure that we have

0:02:23.760 --> 0:02:26.360
<v Speaker 2>seen today still a very strong year after two years

0:02:26.360 --> 0:02:29.600
<v Speaker 2>of two hundred more than two one to one hundred games.

0:02:30.639 --> 0:02:34.760
<v Speaker 1>The Stock Movers podcast from Bloomberg Radio. Check back with

0:02:34.840 --> 0:02:37.600
<v Speaker 1>us throughout the day for the latest roundup of companies

0:02:37.639 --> 0:02:40.680
<v Speaker 1>making news on Wall Street and for the latest market

0:02:40.720 --> 0:02:45.120
<v Speaker 1>moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

0:02:45.160 --> 0:02:48.400
<v Speaker 1>Bloomberg dot com, and on Applecarplay and Android Auto with

0:02:48.440 --> 0:02:49.919
<v Speaker 1>the Bloomberg Business App.