1 00:00:02,520 --> 00:00:10,440 Speaker 1: Bloomberg Audio Studios, podcasts, radio News, The Stock Movers podcast, 2 00:00:10,800 --> 00:00:14,040 Speaker 1: your roundup of companies making moves in the stock market, 3 00:00:14,240 --> 00:00:18,280 Speaker 1: harnessing the power of Bloomberg Data. Let's take a look 4 00:00:18,280 --> 00:00:20,640 Speaker 1: at some stocks on the move today. I'm Tim Steneviek 5 00:00:20,640 --> 00:00:23,400 Speaker 1: with Emily Graffea. We're joined by Bloomberg News Aquaries reporter 6 00:00:23,480 --> 00:00:28,440 Speaker 1: Natalia Kenny Javic. Bank of America too. Yes, we had. 7 00:00:28,360 --> 00:00:31,960 Speaker 2: A big scoop today from our colleagues Strider Natarajan as 8 00:00:32,000 --> 00:00:35,519 Speaker 2: well as my team member and Daniel Hughes. So they 9 00:00:35,560 --> 00:00:40,320 Speaker 2: reported that Kuwait Investment Authority sold the three point one 10 00:00:40,360 --> 00:00:43,120 Speaker 2: billion Steak. According to people familiar with the matter, the 11 00:00:43,159 --> 00:00:46,839 Speaker 2: stock was done by three percent tickers BAC as we know. 12 00:00:47,880 --> 00:00:50,800 Speaker 2: We know that this wealth fund has been investing in 13 00:00:50,960 --> 00:00:53,920 Speaker 2: Bank of America starting from two thousand and eight. But 14 00:00:54,080 --> 00:00:56,440 Speaker 2: now it kind of follows this pattern because we know 15 00:00:56,520 --> 00:00:59,920 Speaker 2: that another big investor, Warrent Buffett, also reduced his position 16 00:01:00,200 --> 00:01:03,880 Speaker 2: in Bank of America. We also see downgrades. We saw 17 00:01:03,920 --> 00:01:07,920 Speaker 2: that HSBC is turning a little bit more cautious on 18 00:01:08,080 --> 00:01:11,400 Speaker 2: some of the biggest US banks, including Bank of America. 19 00:01:11,920 --> 00:01:16,319 Speaker 2: What is interesting is that we know that up until recently, 20 00:01:16,520 --> 00:01:19,640 Speaker 2: US financials is one of the top performance sector on 21 00:01:19,680 --> 00:01:22,880 Speaker 2: a six months basis. Last week, I just wrote a 22 00:01:22,920 --> 00:01:27,280 Speaker 2: story about hitch Funds buying financial US Financials at one 23 00:01:27,280 --> 00:01:30,880 Speaker 2: of the fastest pace in the last decade. That was 24 00:01:30,920 --> 00:01:36,520 Speaker 2: the second biggest volume of shares purchased. We saw that 25 00:01:36,760 --> 00:01:41,160 Speaker 2: institutional investors are becoming more optimistic because of some fundamental 26 00:01:41,200 --> 00:01:44,560 Speaker 2: reasons and stuff like that. However, we see moves like 27 00:01:44,600 --> 00:01:47,240 Speaker 2: that and we will see how it plays out. 28 00:01:47,319 --> 00:01:51,000 Speaker 3: Yeah, not every institutional investor wants to still be in 29 00:01:51,040 --> 00:01:53,760 Speaker 3: the stock. That's interesting that the wealth funds back and 30 00:01:53,840 --> 00:01:56,880 Speaker 3: goes back all the way to the financial crisis. They 31 00:01:56,880 --> 00:02:00,280 Speaker 3: were really holding onto that position for quite some time. Yep, 32 00:02:00,400 --> 00:02:01,279 Speaker 3: what else are you watching? 33 00:02:01,760 --> 00:02:06,160 Speaker 2: COREWF. The stock is down by a little bit more 34 00:02:06,160 --> 00:02:10,880 Speaker 2: than five percent. The tickers see RWV. It was downgraded 35 00:02:10,919 --> 00:02:14,919 Speaker 2: to neutral at Stiffel as well as Mizuho. So they 36 00:02:15,000 --> 00:02:19,440 Speaker 2: see a ninety day downside catalyst because they see some 37 00:02:20,080 --> 00:02:24,839 Speaker 2: downside momentum because we know that lockop period is expiring 38 00:02:25,200 --> 00:02:29,040 Speaker 2: in August, and some analysts are saying that the options 39 00:02:29,080 --> 00:02:33,040 Speaker 2: market is now pricing in the stock price at around 40 00:02:33,120 --> 00:02:36,240 Speaker 2: one hundred twenty dollars now it's training at one fifty, 41 00:02:36,320 --> 00:02:40,160 Speaker 2: so it could be potentially really big downside for the stock. 42 00:02:40,200 --> 00:02:43,480 Speaker 2: But overall, we know that COREWIV is up by almost 43 00:02:43,560 --> 00:02:48,000 Speaker 2: two hundred and eighty percent instance IPOL in March, guys. 44 00:02:48,080 --> 00:02:50,440 Speaker 2: So of course we know that one of the biggest 45 00:02:50,560 --> 00:02:54,600 Speaker 2: latest developments is that COREWIF is buying this core scientific 46 00:02:54,639 --> 00:02:58,120 Speaker 2: it will give it more access to power, and this 47 00:02:58,200 --> 00:03:01,679 Speaker 2: is one of the reasons why some at least nearer term, 48 00:03:01,880 --> 00:03:04,280 Speaker 2: are turning a little bit more cautious in the stock. 49 00:03:05,800 --> 00:03:13,040 Speaker 2: Finally declin decliner, big decliner, Sun run Yes, Sundra ticker 50 00:03:13,240 --> 00:03:17,520 Speaker 2: is are you and a lot of volatility in solar stocks. 51 00:03:17,600 --> 00:03:20,560 Speaker 2: We know that the latest move comes as US President 52 00:03:20,639 --> 00:03:24,679 Speaker 2: Donald Trump called for new rules that would restrict access 53 00:03:24,720 --> 00:03:28,680 Speaker 2: to tax incentives. Basically, he's saying that the US Treasury 54 00:03:28,680 --> 00:03:30,920 Speaker 2: Department should be a little bit more strict when it 55 00:03:30,960 --> 00:03:35,640 Speaker 2: defines what the start the beginning of the construction means. 56 00:03:35,680 --> 00:03:38,680 Speaker 2: When I chatted with couple analysts, they said that basically 57 00:03:38,840 --> 00:03:41,560 Speaker 2: Trump wants to make it a little bit more complicated 58 00:03:41,640 --> 00:03:45,560 Speaker 2: for those solar companies just do prove that this is 59 00:03:45,600 --> 00:03:48,280 Speaker 2: the beginning of the construction period and Of course, it 60 00:03:48,320 --> 00:03:51,560 Speaker 2: depends whether they get or not those tax incentives, so 61 00:03:51,920 --> 00:03:54,800 Speaker 2: this is one of the catalysts we saw a couple downgrades. 62 00:03:54,920 --> 00:03:57,680 Speaker 2: Analysts are turning a little bit more cautious, so a 63 00:03:57,680 --> 00:03:59,920 Speaker 2: lot of folatility in the solar sector. 64 00:04:01,400 --> 00:04:05,760 Speaker 1: The Stockmovers podcast from Bloomberg Radio. 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