WEBVTT - Chipmakers, FedEx, Best Buy Fall

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News, The.

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<v Speaker 2>Stock Movers report, 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 3>I'm Carol Master along with Tim Stenic. Let's get to

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<v Speaker 3>some stocks on the move. To do that, Norm Melinda

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<v Speaker 3>is with us. She is Bloomberg TV Markets correspondent, joining

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<v Speaker 3>us here in studio, and we're going to start with

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<v Speaker 3>a name, a couple of names that have been on

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<v Speaker 3>fire this year, but a different tone.

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<v Speaker 4>Today, certainly seeing a different tone looking at sand Disk

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<v Speaker 4>and Micron. Now, these are just some of the chip

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<v Speaker 4>stocks that we've been having in focus as we've been

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<v Speaker 4>seeing this broader sell off in tech. Today, sand Disc

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<v Speaker 4>and Micron both down double digits on the day, sitting

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<v Speaker 4>as the worst performing stocks in the S and P

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<v Speaker 4>five hundred. This of course coming from the cell off

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<v Speaker 4>that we saw in chip stocks in South Korea that

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<v Speaker 4>really is spilling over into the United States. So you're

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<v Speaker 4>seeing a really large impact on these two names here

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<v Speaker 4>as a lot of investors rush for the exits right now.

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<v Speaker 3>All right, So take our SNDK Micro and of course

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<v Speaker 3>mu which reports earnings on Wednesday, So we're seeing Micron

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<v Speaker 3>went down about fourteen percent in sand disk. We're seeing

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<v Speaker 3>that name.

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<v Speaker 4>Hello, is that one down just about the same fourteen percent?

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<v Speaker 1>Wait? But how much are they?

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<v Speaker 2>Yes?

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<v Speaker 1>Yes, it is revisive five percent this year.

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<v Speaker 4>So basically you went nowhere, right.

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<v Speaker 1>Seven hundred and twenty five percent this year. Micron up

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<v Speaker 1>this year by two hundred and sixty five percent. So

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<v Speaker 1>just on a tearor yeah, I mean you're.

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<v Speaker 3>Still doing really well.

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<v Speaker 4>Yes, what's today in the grand scheme of things?

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<v Speaker 3>Right? I know, I know, but it's interesting, right, A tone,

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<v Speaker 3>a shift in that, and that certainly gets our attention.

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<v Speaker 3>All right, talk to us about your next name FedEx.

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<v Speaker 4>So fede is also a name that is being tied

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<v Speaker 4>to earnings, So we are going to get earnings out

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<v Speaker 4>of Fedeggs after the closing bell today. The stock, though

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<v Speaker 4>slipping ahead of the earnings report, Investors really focused on

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<v Speaker 4>the company's outlook following a recent spin off of a

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<v Speaker 4>it's freight business. So you're seeing investors pricing in some

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<v Speaker 4>things as we kind of charge ahead toward the earnings

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<v Speaker 4>report that we're going to see after the closing bell

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<v Speaker 4>this afternoon.

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<v Speaker 1>Also, just a good we like watching this company and

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<v Speaker 1>ups two potatos. Just a good measure of how companies

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<v Speaker 1>are thinking about the economy, what e commerce is doing,

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<v Speaker 1>although so much e commerce has move and moved under

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<v Speaker 1>its own shippers. Yeah, it's still Fatex a great measure

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<v Speaker 1>of that.

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<v Speaker 4>Absolutely when we think about just like the implications for

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<v Speaker 4>the US economy more broadly, everyone thinks as FedEx and

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<v Speaker 4>a lot of those other similar companies as barometers for that.

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<v Speaker 3>FedEx up almost forty percent year to date. You look

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<v Speaker 3>at Transports down Jones Transports, that index is up about

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<v Speaker 3>twenty five percent year to date.

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<v Speaker 2>Wow.

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<v Speaker 1>Lee Clascow watching this closely. I love check out his research.

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<v Speaker 4>All the work he does.

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<v Speaker 3>All right, from FedEx, where do we go next?

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<v Speaker 4>We're going to best Buy? So I can't remember the

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<v Speaker 4>last time I've been there, though.

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<v Speaker 1>Well, you used to be able to buy memory at

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<v Speaker 1>best Buy. I don't know if you used to, And

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<v Speaker 1>so there's a connection today.

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<v Speaker 4>Yeah, ticker bb on That stock is down about two

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<v Speaker 4>percent right now as we speak, up about eleven percent

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<v Speaker 4>year to date. Keeping an eye here because we did

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<v Speaker 4>see a management change happening. So the CFO stepping down

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<v Speaker 4>and departing the retailer at the end of July after

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<v Speaker 4>being at the company for twenty years, including seven of

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<v Speaker 4>those years as CFO. So I was looking through some

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<v Speaker 4>of the Wall Street analyst notes that we like to

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<v Speaker 4>parse through, and web Bush actually talked about the fact

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<v Speaker 4>that they still see best Buy as a misunderstood special

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<v Speaker 4>situation that's going through a strategic transformation, and they think

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<v Speaker 4>that the stock is actually trading at a significant discount

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<v Speaker 4>to its intrinsic level. But as you can see on

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<v Speaker 4>the day, Wall Street's still selling off on the name

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<v Speaker 4>web Bush, leaving that at outperform rating and assuming coverage

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<v Speaker 4>of the company.

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<v Speaker 1>So the CFO news, but remember Corey Berry is stepping

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<v Speaker 1>aside too. She's got CEO of best Buy that's happening

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<v Speaker 1>at the end of the third quarter of the year.

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<v Speaker 1>She's been there forever.

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<v Speaker 2>This stock Mover's report from Bloomberg ra Check back with

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<v Speaker 2>us throughout the day for the latest roundup of companies

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