Bloomberg Audio Studios, podcasts, radio news.
The 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 of these stocks on the move today. We can do that with Bloomberg, Bailly Lipscholtz, Billy. What are you looking at today?
Yeah, looking at at least one of the big mag seven names in Alphabet or Google as I like to call it, ticker Googl right now at more than six percent, trading at a record high. This came after beating expectations
in the first quarter. Of the big things that stood out, according to the Wall Street analyst, search was very strong, AI kind of delivering for their search unit, as well as Cloud being a standout for the quarter, a year over year growth on the cloud accelerating to sixty three percent, and then looking at their backlog nearly doubling sequentially to over four hundred and sixty billion dollars. So really firing on all cylinders and we're sifting through, as you mentioned, Paul,
a number of big tech earnings. Definitely Alphabet standing out so far this morning.
Yeah, the big winner of the four mag seven names that did report. Outside of the mag seven names, you also had Qualcom reporting.
Yeah, Qualcom reporting Take your q Com right now, up more than twelve percent. That's the biggest gain since April, but also really trading at the highest level in more than three and a half months. This came after partly the company beating expectations, but also disclosing that they're making headway in the lucrative data center market and also leaning
into China. The big thing to keep in mind with Qualcom is there's been a lot of pressure and back and forth on the smartphone sector and what that means with the iPhone as well as some of the Android devices. But the company leaning into data centers is certainly something that kind of perked the ears or caught people's I guess eyes and ears when they were talking about the
potential demand there. And obviously we're talking about a memory crunch with so many of these AI data centers being built out, so Qualcom kind of shifting away to produce fewer smartphones and leaning into that, leading that to a be a big gainer on the day, But again, all things considered, not really standing out against most of its peers.
Pershing Square went public yesterday, kind of a rough first day of trading, but bouncing back a little bit today, rough.
First day of trading. And we're looking right now at Pershing Square proper ticker PS. This is the management company, not the closed end fund, though they're both rallying, but Pershing Square ticker PS right now up seventeen percent, trading around twenty eight dollars, So that is the asset management company.
And the gains for both the closed end fund and the asset manager came after Ackman took to x saying that he bought five hundred thousand shares in the open market of the closed end fund and eight hundred thousand shares of the management fund yesterday in the open market. Our math means that he's spent close to forty million dollars on those purchases. But again, this is kind of an interesting deal. So if you're investing in ps you're betting on the actual company. That'll be compared to some
of the other asset managers. If you're betting on ps US, you're essentially getting exposure to his underlying fund if you will.
Is that unusual for him to jump been and support the shares like that in the first trading deck.
I don't think we normally would see that. I think most people would say that most insiders aren't forced to buy. And obviously it caused a lot of headlines yesterday the closed end fund trading down eighteen percent, But you have to keep in mind that because of the bonus share as they framed it, of the management company, the losses were closer to nine percent. But that's still not a really what you want to see in a public listing,
public debut. You normally want to see a bigger pop and not a nine percent net loss for people who bought and held on.
You do the math. You did the math, Do the math.
Someone's got to do it. Now this one is doing it. But yeah, so, I mean, the other interesting thing is pershing proper. Right around twenty five bucks is where they were valued at when they were valued at ten billion dollars in their private deal a few years ago. So twenty eight dollars right now is where it's trading. So
a bit of a premium to that last round. But again, when you're head of the company has to take to buying in the open market and promoting it and talking about doing as Space is on Twitter with the CIO. It's normally not what you would see when companies like this go public.
Okay, so he's got two. He's listed on the New York Stock Exchange of one in the UK.
Is that right? Yeah, he's there. So ps US is the US closed end fund that is going to mirror the European listage closed end fund. European closed end fund trades at about a thirty percent discount to net asset
value after yesterday's close. The US listed one was called it seventeen ish, and that was kind of his whole pitch was you're buying You're essentially buying things at a discountant, and their view this is something that should trade in the long run at a premium, but that doesn't happen normally.
The 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 Applecarplay and Android Auto with the Bloomberg Business app.