American Eagles Rises, Apple Drops on Meta Poach, Netflix Slips
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Tim Stenovec and Carol Massar.On this episode of Stock Movers:- American Eagle Outfitters (AEO) posted third-quarter results that outpaced expectations and raised its outlook as the apparel chain pivots quickly from weakness earlier this year. Comparable sales are expected to rise in the low single digits for the full fiscal year, the company said in a statement, up from its previous view that they’d be flat. Revenue and earnings per share for the third quarter also surpassed the average of analyst estimates.- Meta Platforms (META) is hiring Alan Dye, Apple's (AAPL) "most prominent design executive" who has served as the head of Apple's user interface design team since 2015. Apple's stock dropped 0.6% on the news.- Netflix Inc (NFLX) shares slipped on Wednesday following reports that the company has submitted a mostly cash bid for Warner Bros. Discovery Inc's (NASDAQ:WBD) studios and streaming division.See omnystudio.com/listener for privacy information.
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Apple Slides, Microsoft Slips, Boeing Falls
On this episode of Stock Movers:- Apple (AAPL) share slid on word that Meta poached its most prominent design executive in a major coup that underscores a push by the social networking giant into the AI-equipped consumer devices. The company is hiring Alan Dye, who has served as the head of Apple’s user interface design team since 2015, according to people with knowledge of the matter. Apple is replacing Dye with longtime designer Stephen Lemay, according to the people, who asked not to be identified because the personnel changes haven’t been announced.- Microsoft (MSFT) shares slid after the Information reported that the software maker has lowered expectations for getting business customers to spend money on the cloud unit’s marketplace for artificial intelligence models and agents. Several divisions at Microsoft have lowered quotas for how much salespeople are supposed to increase sales of certain AI products after many of them missed their targets in the fiscal year that ended in June, the Information reported, citing two salespeople in the Azure cloud division. The unusual shift reflects how Microsoft is compensating for companies’ resistance to pay more for AI, according to the report.- Boeing (BA) shares fell after the FTC announced conditions for the planemaker’s acquisition of Spirit AeroSystems to go forward. See omnystudio.com/listener for privacy information.
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Microsoft Slides, CrowdStrike Dips, Macy's Falls After Profit Forecast
On this episode of Stock Movers:- Microsoft (MSFT) shares slide after the Information reported that the software maker has lowered expectations for getting business customers to spend money on new artificial intelligence products. Several divisions at Microsoft have lowered quotas for how much salespeople are supposed to increase sales of certain AI products after many of them missed their targets in the fiscal year that ended in June.- CrowdStrike (CRWD) shares dip after the software company reported its third-quarter results and provided an outlook. Analysts view annual recurring revenue (ARR) as a particular positive of the report, although they’re debating the outlook in the context of high expectations.- Macy’s (M) shares fall after the company declined after its profit forecast for the current quarter disappointed investors, despite posting better-than-expected results. The company expects its adjusted diluted earnings per share to range between $1.35 to $1.55 in the current quarter, with Chief Executive Officer Tony Spring striking a cautious note on consumer spending.See omnystudio.com/listener for privacy information.
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Marvell Technology Rallies, GitLab Falls, Microchip Gains on Earnings Forecast
On this episode of Stock Movers:- Marvell Technology (MRVL) shares rally after the company reassured investors that its custom chip-design unit is winning repeat orders, signaling continued growth as the company benefits from spending on AI computing.- Gitlab (GTLB) shares fall after the software company’s results and forecast were seen as underwhelming. Bloomberg Intelligence wrote that the report reinforces concerns about AI.- Microchip (MCHP) shares gain after the the semiconductor device company forecasted adjusted earnings per share for the third quarter that beat the average analyst estimate.See omnystudio.com/listener for privacy information.
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Macy's Guidance Underwhelms; American Eagle Rallies;
On this episode of Stock Movers:- Shares of Macy's (M) declined ahead of the opening bell after its profit forecast for the current quarter disappointed investors, overshadowing solid results in the lead-up to the holiday shopping season. The company said it expects its adjusted diluted earnings per share to range between $1.35 to $1.55 in the current quarter. The midrange of that forecast is below the average estimate of analysts. Macy’s Chief Executive Officer Tony Spring struck a cautious note on consumer spending in the coming weeks, saying in an interview that guidance was “prudent” and that the company is facing strong results from a year ago.- Shares of American Eagle Outfitters (AEO) rallied ahead of the US market open after the company posted third-quarter results that outpaced expectations and raised its outlook as the apparel chain pivots quickly from weakness earlier this year. Comparable sales are expected to rise in the low single digits for the full fiscal year, the company said in a statement, up from its previous view that they’d be flat. Revenue and earnings per share for the third quarter also surpassed the average of analyst estimates.- Shares of Marvell Technology (MRVL) rallied in the early session after the chipmaker said during its conference call that it expects data center revenue to grow by more than 25% next fiscal year. The company also announced plans to acquire startup Celestial AI for about $3.25 billion. On a post-earnings conference call with analysts, Marvell said it’s now more bullish about revenue growth next year and predicted that custom chip sales will increase 20%. Large customers have renewed orders, and Marvell said there won’t be a repeat of previous “air pockets,” when sales in that unit have declined.See omnystudio.com/listener for privacy information.
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