Speaker 1: Bloomberg Audio Studios, Podcasts, radio News, The.
Speaker 2: Stock Movers report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: I'm Carol Master along with Tim Stenic. Let's get to
Speaker 3: some stocks on the move. To do that, Norm Melinda
Speaker 3: is with us. She is Bloomberg TV Markets correspondent, joining
Speaker 3: us here in studio, and we're going to start with
Speaker 3: a name, a couple of names that have been on
Speaker 3: fire this year, but a different tone.
Speaker 4: Today, certainly seeing a different tone looking at sand Disk
Speaker 4: and Micron. Now, these are just some of the chip
Speaker 4: stocks that we've been having in focus as we've been
Speaker 4: seeing this broader sell off in tech. Today, sand Disc
Speaker 4: and Micron both down double digits on the day, sitting
Speaker 4: as the worst performing stocks in the S and P
Speaker 4: five hundred. This of course coming from the cell off
Speaker 4: that we saw in chip stocks in South Korea that
Speaker 4: really is spilling over into the United States. So you're
Speaker 4: seeing a really large impact on these two names here
Speaker 4: as a lot of investors rush for the exits right now.
Speaker 3: All right, So take our SNDK Micro and of course
Speaker 3: mu which reports earnings on Wednesday, So we're seeing Micron
Speaker 3: went down about fourteen percent in sand disk. We're seeing
Speaker 3: that name.
Speaker 4: Hello, is that one down just about the same fourteen percent?
Speaker 1: Wait? But how much are they?
Speaker 2: Yes?
Speaker 1: Yes, it is revisive five percent this year.
Speaker 4: So basically you went nowhere, right.
Speaker 1: Seven hundred and twenty five percent this year. Micron up
Speaker 1: this year by two hundred and sixty five percent. So
Speaker 1: just on a tearor yeah, I mean you're.
Speaker 3: Still doing really well.
Speaker 4: Yes, what's today in the grand scheme of things?
Speaker 3: Right? I know, I know, but it's interesting, right, A tone,
Speaker 3: a shift in that, and that certainly gets our attention.
Speaker 3: All right, talk to us about your next name FedEx.
Speaker 4: So fede is also a name that is being tied
Speaker 4: to earnings, So we are going to get earnings out
Speaker 4: of Fedeggs after the closing bell today. The stock, though
Speaker 4: slipping ahead of the earnings report, Investors really focused on
Speaker 4: the company's outlook following a recent spin off of a
Speaker 4: it's freight business. So you're seeing investors pricing in some
Speaker 4: things as we kind of charge ahead toward the earnings
Speaker 4: report that we're going to see after the closing bell
Speaker 4: this afternoon.
Speaker 1: Also, just a good we like watching this company and
Speaker 1: ups two potatos. Just a good measure of how companies
Speaker 1: are thinking about the economy, what e commerce is doing,
Speaker 1: although so much e commerce has move and moved under
Speaker 1: its own shippers. Yeah, it's still Fatex a great measure
Speaker 1: of that.
Speaker 4: Absolutely when we think about just like the implications for
Speaker 4: the US economy more broadly, everyone thinks as FedEx and
Speaker 4: a lot of those other similar companies as barometers for that.
Speaker 3: FedEx up almost forty percent year to date. You look
Speaker 3: at Transports down Jones Transports, that index is up about
Speaker 3: twenty five percent year to date.
Speaker 2: Wow.
Speaker 1: Lee Clascow watching this closely. I love check out his research.
Speaker 4: All the work he does.
Speaker 3: All right, from FedEx, where do we go next?
Speaker 4: We're going to best Buy? So I can't remember the
Speaker 4: last time I've been there, though.
Speaker 1: Well, you used to be able to buy memory at
Speaker 1: best Buy. I don't know if you used to, And
Speaker 1: so there's a connection today.
Speaker 4: Yeah, ticker bb on That stock is down about two
Speaker 4: percent right now as we speak, up about eleven percent
Speaker 4: year to date. Keeping an eye here because we did
Speaker 4: see a management change happening. So the CFO stepping down
Speaker 4: and departing the retailer at the end of July after
Speaker 4: being at the company for twenty years, including seven of
Speaker 4: those years as CFO. So I was looking through some
Speaker 4: of the Wall Street analyst notes that we like to
Speaker 4: parse through, and web Bush actually talked about the fact
Speaker 4: that they still see best Buy as a misunderstood special
Speaker 4: situation that's going through a strategic transformation, and they think
Speaker 4: that the stock is actually trading at a significant discount
Speaker 4: to its intrinsic level. But as you can see on
Speaker 4: the day, Wall Street's still selling off on the name
Speaker 4: web Bush, leaving that at outperform rating and assuming coverage
Speaker 4: of the company.
Speaker 1: So the CFO news, but remember Corey Berry is stepping
Speaker 1: aside too. She's got CEO of best Buy that's happening
Speaker 1: at the end of the third quarter of the year.
Speaker 1: She's been there forever.
Speaker 2: This stock Mover's report from Bloomberg ra Check back with
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