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 1: Let's take a look at some stocks on the move today.
Speaker 1: I'm Nathan Hagar, joined by Bloomberg's Dan Curtis. Where the
Speaker 1: move is lower, particularly in tech and the memory stocks
Speaker 1: are a big part of this story.
Speaker 3: Good morning Dan, Good morning Nathan. That's right. So right
Speaker 3: now we have Micron ticker m you down nearly nine
Speaker 3: percent in pre market, sand disc SNDK down over nine
Speaker 3: percent in pre market, and this is with Semi's there's
Speaker 3: an ETF that tracks this Soxx down six percent, So
Speaker 3: a massive pullback in Semis, particularly when it comes to memory.
Speaker 3: And a lot of the focuses on the Korean session
Speaker 3: overnight where the costs be fell ten percent, weighed down
Speaker 3: by memory giants Samsung and sk Heinex. Retail traders there
Speaker 3: have been very active. There's been a boom and single
Speaker 3: leveraged stock ETFs tracking just the memory, so there's kind
Speaker 3: of been a lot of volatively added on there. Add
Speaker 3: to that report overnight in Korean media that highex is
Speaker 3: shifting its focus to mass production of d ramp rather
Speaker 3: than specialized HBM high bandwidth memory that is used in AI.
Speaker 3: With HBM prices about four times higher than kind of
Speaker 3: the broader counterpart, it's causing speculation of potential slowing demand
Speaker 3: from AI centers. So there's been that kind of circulating
Speaker 3: around overnight, hitting these stocks in the pre market. But
Speaker 3: tomorrow we get a key read when Micron reports earnings,
Speaker 3: and the stock has accounted for nearly a fifth of
Speaker 3: the S and P five hundreds gains so far this year,
Speaker 3: the single biggest driver. So we're keeping our eyes on
Speaker 3: this as the memory sell off hits, and with those
Speaker 3: earnings up on deck tomorrow.
Speaker 1: Yeah, we'll see if the narrative shifts once we get
Speaker 1: those results. In the meantime, Dan, we will have to
Speaker 1: update SpaceX because it seems as though the shares are
Speaker 1: officially back down to earth.
Speaker 3: They are so right now, they're trading at one forty
Speaker 3: nine seventy five in the pre market. That's down three percent,
Speaker 3: and that is below where they opened on their trading debut.
Speaker 3: Right now, if they were to open at this level,
Speaker 3: it'd be just a few pennies higher than the Friday
Speaker 3: low when they made their debut, but still they're plumbing
Speaker 3: near the lows of their you know, publicly trading session,
Speaker 3: which has been you know, not very long, but very dramatic. Nonetheless,
Speaker 3: Monday's plunge erased four hundred billion dollars in market cap,
Speaker 3: and that's the second big biggest single day wipeout for
Speaker 3: any company, only surpassed by Nvidio. So we're talking a
Speaker 3: very volatile stock here, and the company has lost over
Speaker 3: six hundred billion in market cap from its peak amids
Speaker 3: kind of this broader route in tech stocks as well.
Speaker 3: The company build itself as an AI play and that
Speaker 3: area is under pressure. It's also coming to the debt
Speaker 3: market to raise twenty billion dollars shortly after that IPO
Speaker 3: raise of Note two. It did get a new rating
Speaker 3: this morning from Susquehanna that was neutral, price target of
Speaker 3: one seventy. It's pretty far below that today, but we'll
Speaker 3: keep our eyes on this, especially as it looks like
Speaker 3: it could open near all time lows of its publicly
Speaker 3: traded history.
Speaker 2: Wow.
Speaker 1: All right, well, let's turn over to the green side
Speaker 1: of the ledger. Dan the biggest gainer among large cap
Speaker 1: stocks in the pre market this morning is also in
Speaker 1: tech IBM.
Speaker 3: It is It has a very easy ticker too, which
Speaker 3: is up. You just said you said both the company
Speaker 3: and the ticker makes my job easier. The company has
Speaker 3: joined open AI's cyber Partner program that has the shares
Speaker 3: up four percent, and the goal of this program is
Speaker 3: to use frontier AI capabilities so companies can counter cybersecurity threats.
Speaker 3: The product is designed to be deployed within enterprise environments
Speaker 3: to prioritize areas with the highest flaws and risks. It's
Speaker 3: also of note Microsoft is up one percent. That company
Speaker 3: has a large stake in open Ai, so even though
Speaker 3: open Ai isn't publicly traded, some of its holders are
Speaker 3: also to note around IBM, JP Morgan upgraded the company
Speaker 3: from over to overweight from neutral.
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