WEBVTT - Closing Bell: Medtronic Gains, Merck Rises on Trial, Nvidia Faces Tech Weakness

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is the closing bell on this stock movers report,

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<v Speaker 2>the company's making moves at the close of US trading

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<v Speaker 2>with Carol Masser, Tim stenovek Romain, Bostik, and Scarlet.

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<v Speaker 3>Food large caps in the S and P five hundred

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<v Speaker 3>at the close, a little bit more negative and kind

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<v Speaker 3>of an even split here, guys, two hundred and fifty

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<v Speaker 3>names Katie to the upside, two hundred and fifty three

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<v Speaker 3>to the downside. Wow, almost even.

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<v Speaker 1>Almost even.

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<v Speaker 4>Pretty dang close. Same thing too. When you take a

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<v Speaker 4>look at the circle here, you had six sectors finished

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<v Speaker 4>in the green, five in the red. But take a

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<v Speaker 4>look at what is red on that tie information technology.

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<v Speaker 4>That was your biggest points loser on the day. That's

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<v Speaker 4>why we had such a negative day in the markets.

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<v Speaker 4>In terms of what did well Healthcare, energy, communication, services,

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<v Speaker 4>consumer staples as well, but again tech, consumer, discretionary and

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<v Speaker 4>industrials the biggest weights.

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<v Speaker 3>Carol all right mentioned healthcare and kind of I'm looking

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<v Speaker 3>at the medical space here as really a top performer

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<v Speaker 3>in today's session. In fact, the number one gainer in

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<v Speaker 3>the S and P five hundred Medtronic ticker MDT. That's

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<v Speaker 3>stock finishing with a gain of four point six percent.

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<v Speaker 3>We did see it up the most in five years,

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<v Speaker 3>its highest intra day in about three and a half years.

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<v Speaker 3>The news the medical device maker lifted the bottom end

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<v Speaker 3>of its range for justed profit forecasts for the year.

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<v Speaker 3>Company also boosted its organic revenue outlook, falling better than

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<v Speaker 3>expected results in the second quarter. As I said, I

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<v Speaker 3>just want to clarify, up the most in five years

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<v Speaker 3>and its highest inter day in about three and a

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<v Speaker 3>half years. So anyway, some outperformance. Not a name that

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<v Speaker 3>we talk about on a regular basis. Merk also an

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<v Speaker 3>outperformer here, this one up about three point nine percent

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<v Speaker 3>in today's session. The drug maker set a mid stage

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<v Speaker 3>trial of its drug for a rear form of high

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<v Speaker 3>blood pressure met its main goal, So analyte this as

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<v Speaker 3>a win, a trial win, as a potential for an

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<v Speaker 3>expanded market for its drug. Win. Revere stock though still

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<v Speaker 3>down about two percent year to date. And then I

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<v Speaker 3>just want to mention strategy because this one up about

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<v Speaker 3>five point eight percent. I'm not exactly sure why. You know,

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<v Speaker 3>Bitcoin has fallen so much, about thirty percent from its

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<v Speaker 3>twenty twenty five peak. So we did have a story

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<v Speaker 3>in the Bloomberg a rare euro denominate preferred stock offered

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<v Speaker 3>by Michael Saylor's Bitcoin Treasury Companies falling below its offer price.

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<v Speaker 3>I don't know. I'm not quite sure why bitcoin.

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<v Speaker 5>Bounced off its lows recent lows today, so maybe that

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<v Speaker 5>had something to do with it. I don't know.

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<v Speaker 1>Yeah, and you're also talking about a stock this down,

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<v Speaker 1>you know, thirty seven percent in the past six weeks,

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<v Speaker 1>so that could have something to do with it too.

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<v Speaker 3>Thank you, guys, thank.

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<v Speaker 2>You for these Thanks.

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<v Speaker 5>It's a group effort.

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<v Speaker 3>We can help. I will give you a pinky ring.

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<v Speaker 5>Now, all right, let's talk about what's going on on

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<v Speaker 5>the downside. Stocks in the red today and Vidia shares

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<v Speaker 5>falling two point eight percent down for another day. The company,

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<v Speaker 5>of course, reporting after the bell tomorrow, just after four o'clock.

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<v Speaker 5>We'll have special coverage in those results live as soon

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<v Speaker 5>as we get them. Shares falling is which is three

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<v Speaker 5>point seven percent earlier in the session there now down

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<v Speaker 5>twelve point four percent from those all time highs back

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<v Speaker 5>in October. We should know too, Microsoft, along with Nvidia,

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<v Speaker 5>committing to invest up to a combined fifteen billion dollars

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<v Speaker 5>in anthropic. That's a move of that ties Anthropic, which

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<v Speaker 5>makes Claude closer to two of the biggest backers for

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<v Speaker 5>its rival open Ai, which of course makes Chat gpt

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<v Speaker 5>in tech. Also today, Amazon shares fell four point four percent.

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<v Speaker 5>Microsoft closed other day two point eight percent to the downside.

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<v Speaker 5>These companies saw their ratings cut to neutral from buy

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<v Speaker 5>on Tuesday, as rothschild in co Redburns. Alexander Heisel downgraded

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<v Speaker 5>the stocks for the first time since initiating coverage back

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<v Speaker 5>in June twenty twenty two. He writes that the industry's

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<v Speaker 5>quote trust us Jenai is just like the early cloud

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<v Speaker 5>one point zero narrative looks increasingly misplaced. He stated that

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<v Speaker 5>underline economics are quote far weaker than assumed. And finally,

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<v Speaker 5>Home Depot shares falling six percent today, the company cut

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<v Speaker 5>its full year earnings guidance. It warned that some unsteady

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<v Speaker 5>consumers are hitting the pause button on big ticket home purchases.

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<v Speaker 5>We're going to get more numbers tomorrow. We'll get Target,

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<v Speaker 5>We'll get we'll get Williams Sonoma, We'll get TJX. We've

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<v Speaker 5>got Walmart later this week, so we'll get a better

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<v Speaker 5>idea of what the consumer is doing seeing if this

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<v Speaker 5>is more of a one offer, if this is something bigger, well, and.

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<v Speaker 1>Just honorable mention, I was keeping an eye on Share

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<v Speaker 1>as a Klarna. They finished down more than nine percent

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<v Speaker 1>on the day, worst day since they went public just

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<v Speaker 1>a few months ago. And the idea that they're setting

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<v Speaker 1>aside a lot more money tim for potential credit losses

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<v Speaker 1>that seem to rattle a lot of folks. And when

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<v Speaker 1>you start to talk about consumer spending, because not always

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<v Speaker 1>just about whether people want to spend, but also the

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<v Speaker 1>idea that if you have a more holistic environment where

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<v Speaker 1>things are deteriorating, does that then become a factor with

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<v Speaker 1>regards to you know, people continuing to spend.

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<v Speaker 3>Yeah, I feel like these buy now pay later, you know,

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<v Speaker 3>you think that just because these companies are busy, it's

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<v Speaker 3>a good sign, but it you know, in terms of

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<v Speaker 3>for them, but what it says about the economy and

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<v Speaker 3>maybe consumers feeling a little.

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<v Speaker 5>Bit yeah, like what are what are people paying later for?

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<v Speaker 5>That's the big question?

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<v Speaker 3>Yeah?

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<v Speaker 4>Are they paying later?

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<v Speaker 3>Yeah?

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<v Speaker 1>Right?

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<v Speaker 3>Yeah?

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<v Speaker 1>And these are some of the things that of course

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<v Speaker 1>the BED is going to have the debate at it's

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<v Speaker 1>meeting in about three weeks, and you take a look

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<v Speaker 1>at where yields win, and I think it really shows

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<v Speaker 1>you kind of the breakdown I think in bets and

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<v Speaker 1>exactly which direction the FED would go. We should point

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<v Speaker 1>out that the implied probability on the Bloomberg terminal of

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<v Speaker 1>a rate cut in December is still under fifty percent.

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<v Speaker 1>But when you consider some of deterioration we've seen in

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<v Speaker 1>labor market data, maybe some of the deterioration that we're

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<v Speaker 1>seeing in some of the consumer company earnings, maybe that

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<v Speaker 1>changes what exactly the FED has to do when they

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<v Speaker 1>meet in three weeks.

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<v Speaker 2>This stock Moover's report from Bloomberg Radio. Check back with

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