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Let's take a look at some stocks on the move today with us is Bloomberg News Cross Asset reporter Emily Graffeo. Let's start with a big tech company exactly.
Okay, Google Alphabets subsidiary. I was going to say the parent company, but parent alphabet is IPS. We all call it. The ticker is Google. G is alphabet, the parent is alphabet. So you know we'll hit a record in today. Hi guys, Yes, and stall On Warren Buffetts, mom and dad.
You figure it out, And I'm going to.
Go ahead do stock.
Berkshire Hathaway disclosing a steak in the company. This is a big deal for a company.
You don't like this slid under the radar a little bit, I know, because this is the weekend or something like. It felt like it came to light.
Yeah, and this is the first time that there's a stake in this company from Buffett.
Yeah.
So I mean even though you're, you know, a megacap tech company, there's still some excitement here. When the oracle of Omaha is buying your stock. So he acquired seventeen point nine million shares of Google par parent Alphabet during the third quarter and then trimmed Bank of American Apple holdings. So now Berkshire's Alphabet steak is about zero point three one percent of the outstanding shares. A couple of people on Wall Street said, this is this is good for Google.
It's bringing investors confidence that this is a company that's spending a lot. And then you have this investor who's very cash conscious and loves you know, law's a good bargain, and like he's approving of what Google is doing and their capex.
So Alphabet is up fifty percent this year.
Paul Sweeney had a really interesting take on Bloomberg Intelligence. He said, a lot of this is about what he sees as a changing of the guard at Berkshire Hathaway, because it was such a big deal when Warren Buffett bought into Apple, you know, so many years ago, because it was like, oh, well, he's finally buying into tech and moving away from some of the quote unquote value investing that he's famous for.
And with this news on Alphabet, right, he's been pairing back even more his exposure to Apple exactly. Yeah, but you're right, like, this was not an area he used to play, but it does. It does remind of the people that are taking the baton, if you will.
Yeah, Cfi said, we think Berkshire likely finds more comfort investing in Google over other tech plays given the high free cash flow potential of its core business coupled with an attractive valuation.
Okay, so in terms of the way things are moving, that's one end of the S and P five hundred. The other end of the S and P five hundred. What's going on with Dell?
Yeah, so a hardware name here, Dell Technologies took her de l L. It's the worst performer in the S and P five hundred today with a Morgan Stanley downgrade. So the bank cut Dell from an overweight to an underweight, which is quite We call that a two step down grade. You know, it wasn't just overweight to hold, it was
all the way down to underweight. They cut a couple other hardware names, basically saying that a memory super cycle increasingly poses a risk to earnings of hardware original equipment and design manufacturers. So they also cut ratings on HP and Pegatron to underweight as well. Again, it's you know, this year the trade RELLI in tech has been dominated by AI software hardware not so much here, especially with you know what Morgan Stanley's saying today.
Yeah, that's an interesting an interesting call. Yeah, definitely under pressure step Hub.
Okay, so stub Hub shares tunneling as much as let me get the intra day move right now, but the stock is down right now about fifteen percent, falling to a record intra day low. Yeah, and this is after their first quarterly report after going public in September. This is a ticketing platform. They didn't provide a forecast for the current quarter, and Wall Street is not happy with this.
If you look at what evercore Isi said. They said, despite the fact that we're over halfway through the quarter, their surprise, the company didn't provide a guidance, and the lack of that outlook arguably drove half of the stock sell off. Right now again, that stock down fifteen percent.
Tim the Stock Mover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines, Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.