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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
I'm Carol Messer along with Tim Stenevik. Let's get to some stocks on the move this past week. For that, we're joined by Bloomberg News crossasset reporter Emily Garfeo joining us here in studio.
Where should we begin?
This has been an interesting week.
This has been a really interesting week, And I guess we'll start with Amazon because obviously tech was in focus this week, a lot of volatility. Amazon specifically was down for the last four straight trading sessions. It finished the week down twelve percent, and then today the company announced plans to spend two hundred billion dollars this year on
data centers, chips, and other equipment. And like we've seen with other companies Microsoft and Alphabet in recent days, these companies that are now saying we're going to spend a lot on AI. Before investors were cheering that, and now we're seeing equity investors not liking that news, bringing up the fact that when are we going to see a return on this spending. But really interesting to watch because the markets did end you know, hire today, but Amazon
did not recover. It closed down Friday, was down almost six percent just on Friday alone, but then again closing twelve percent down on the week.
Andy Jasse, the CEO of Amazon, he's very optimistic, right, he says that most of that spending will be for AI workloads. He's remember he's the guy behind AWS their cloud. Yeah, the cloud. I mean, that's that's why he got this job and running the whole company. But like you said, investors want to know when when they're going to start seeing the payot. One hundred and forty one billion dollars is what analysts thought, Yeah, it would be right, sixty billion.
But I feel like so.
Much the commentary that we've heard, even Mark Mahiney, like, these people are spending because they have to spend big, right the demand is there, and so if they don't, you know, you risk potentially falling behind. Right in this AI kind of arms race, I don't even know if you could.
Call it that.
But let's get to Tapestry. So we go from something you know, lot of tech AI two leather good.
Yeah, something rooted in reality, something we can touch and feel a leather bag. So Tapestry is the parent of Coach. This is Tacker. TPR was up nineteen percent on the week, one of the best performers in the S and P five hundred, and they adjusted their earnings per share guidance for the full year. Net sales were up fourteen percent year every year. In their recent earnings, the company also said they acquired three point seven million new customers globally in the second quarter.
Wow.
We had a great piece at Bloomberg News about how gen Z this was a couple months ago, but like gen Z is really into coach bags. They've had quite a Y two K revival, so people want to buy these do.
We often hear of apparel companies or fashion companies talking about number of customers they've acquired, Like, I don't know, you know what that sounds. It sounds very tech like.
I mean, you know it was in the additional comments from the seat from the company. It wasn't like it's a metric.
To hear from a company like this, because it's very like, does it mean they're they're filling out? You know, when you go to a website to do some online shopping, you're like Okay, get fifteen percent off, put in your your email. And then you put in your email, They're like, oh, actually you need to put in your phone number two.
And then I'm like, I do think companies are increasingly tracking. Is this a return customer? Is this a new customer? Is this a new demographic that we're reaching. I do think. I mean, listen, they're collecting so much data on us. It's like crazy, we should get free stuff all this information that they're getting. All right, So that was an interesting one. Let's go to Coinbase.
Okay, finally, Coinbase ticker coin it was down fifteen percent on the week. We did see a little bit of a recovery at least on Friday, but I mean, this is a cryptocurrency exchange, so it's very tied to what crypto markets are doing. It was falling for like three straight weeks almost. It was up thirteen percent on Friday,
but still down fifteen percent on the week. Coinbase has earnings next week, so a lot of focus there on just how much of the crypto what we call a crypto winter, the crypto downturn, is going to impact Coinbase. The analysts are expecting that they'll have their first revenue drop since twenty twenty three. It's been rough for crypto again. There was a little bit of a rally on Friday, but right now bitcoin is down about forty five percent from its peak, nearly erasing all of the losses since
Trump was elected. He was really supposed to support this industry, and it seemed like he was really good for prices at first, but in recent weeks we've seen that rapidly, rapidly change.
What a wild trade this week. I want to throw one in if I can. Hymns and Hers Health, which is actually down fifteen percent for the week overall, but what we're seeing right now in the aftermarket is a dip lower down about nine percent. Some headlines crossed after the close today. FDA taking action to combat copycat weight loss drugs, so citing Hymns and Hers and other compounding pharmacies.
And the FDA to combat misleading direct to consumer advertising, so again taking some action versus non FDA approved GLP one drugs. Yeah.
Novo Nordisk warned this week that Hymns and Hers compounded someemglitude pill, some glue tide pill excuse me, could post patients safety risk. Hyms and Hurst confirmed it would enable providers to prescribe the needle free weight loss option to its specialty telehealth platform on Thursday. You know, I was surprised to hear the news earlier this week that YMS and hers would be doing this because.
We know that bought this question up as soon as you heard it.
Because there's not a shortage anymore. So you can't compound medicines that are patented anymore. Qurey FDA regulations because there's not If there's not a shortage, all right, you can do it. If there's a shortage, it's a loophole.
So it was already down on the week, but taking another leg down aftermarket. Thank you so much.
Thank you.
I've been a busy week. Have a good weekend this week.
The Stockmovers 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.