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Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.
Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Dan Curtis or The report brought to you by the number. One hundred and eighty five billion, the number we are hearing this morning from Google parent Alphabet.
Good morning Dan, Good morning Nathan. That's right, it's the number I've probably heard the most all day. One hundred and eighty five billion dollars in capex. That's how much Alphabet is planning to spend this year. Absolutely monstrous number, topping piers, fifty percent higher than esthmus, just really taking blowing the street away. So Alphabet shares are down about three percent in the pre market. Analysts are mixed on that number. It's a lot of money. It'd be a
lot of money for me. But it also does signal confidence in the AI trade, right, So if you're going to do something, do it big. That's what Alphabet is looking to do. The four Q numbers did come out top bottom lines both beat search revenues were up seventeen percent. That shows it's vending off chat GPT competition. Cloud revenue grew nearly fifty percent, so it's still getting growth from that AI from the money where it's looking to invest.
The Gemini app has seven hundred and fifty million monthly users, so it looks like it's on the right foot for the AI trade. Just the amount of money that's spending on it has some people questioning whether it's quite worth it. So stock down three percent in the pre market.
The memory chip trade may be taking it on the chin big time this morning. Get judging by the results from Qualcomm DAN that's right.
So Qualcomm came out after the bell last night that share. Those shares are down twelve percent. Top and bottom line estimates for current quarter. Both top and bottom line forecast for current core both below estimates. That's even with fiscal first quarter earnings beating. Qualcomm is a smartphone processor maker,
and it says, well, there's high demand. While there's demand for high end phones, some customers will be making fewer handsets because memory chip shortages and costs, especially at the low end. Qualcomm's looking to diversify towards chips for cars, PCs, data centers outside of this space because the handsets sector is proving very, very very cost a lot of caution over that. So those shares down twelve percent in the pre market.
We got earnings this morning from Sday Lotterer and I'm going to say it, Dan, They're not pretty.
They are not I guess, I guess all my makeup spending for radio isn't feeding through. It did raise full your sales and earnings guidance, but the market was expecting it. Shares are now down almost eleven percent in pre market. Company narrowed organic net sales growth, now seeing one to three percent for the year, but Wall Street was already at two point nine percent, so it was at the
top end of what Sday latter provided. Again, EPs range was up fifteen cents, but Wallstreet had already moved on that. Fiscal second quarter earnings and sales did top did top estimates. Flat organic growth in America though CEO is looking for a turnaround, but right now shares not seeing a turnaround in the pre market.
And just quickly, Dan, we got some news from Spotify this morning that some listeners might find a little interesting.
That's right, so Spotify is going to be off airing premium subscribers a chance by paper books. I have this, I'm scratching my heads. Markets are taking a two percent move up on that news. Spotify, according to the Wall Street Journal, is partnering with bookshop dot org to provide paperback books. And I mean, I'm a Spotify premium user. I'm not sure if I'm going to buy that because I'll bump into things if I'm trying to commute and be on the book and read a book at the same time.
This stock Movers 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 Apple CarPlay and Android Auto with the Bloomberg Business app.