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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data waits to take a look.
At some of those stocks on the move today, Alexis Christophers, what are you looking at today?
Looking at Blue Owl and I've actually been looking at it all week. It's sort of a poster child for the private credit markets. So it's down four percent here in the pre market, but even before that, Blue Owl was down about eight percent for the week. It's got a ticker symbol OWL. Okay, So Blue Owl has failed to secure financing for a four billion dollar data center project that it's co developing in Pennsylvania with core Weave. But that's just, you know, just part of the story here.
It also sold one point four billion dollars of loan assets in three of its private debt funds and is now barring investors in Blue Owl Capital two from redeeming their investments in quarterly intervals. So this is, you know, sort of a flag if you would, for private credit.
I mean, we also saw Apollo Management and Blackstone their stocks got hit this week, and so pimco's Muhammad Alarians saying this could be a canary in the coal mine, sort of reminiscent of what we saw with the subprime mortgage melt down back in two thousand and seven, sort of the risks that confront retail investors in the private credit market. Overvaluation is the quality of lending, and so it looks like Blue Owl is getting caught up in all of that.
You know, I just did a fancy log chart of Owl, and to be kind, it's an elegant chart. South it's got.
Some real problems.
Out of an exponential movie. It was to be exact for Wall Street eleven point five eight now at eleven point one two, which.
Is just substantial, fairly new.
I mean, it's about a decade old Blue Owl. But it has not been an easy ride.
For sure.
You've been called you've been a genius.
Well it's tough.
You know, there's credit issues everywhere, So I don't care where it's sits an Apple structure.
Let's put private credit in four oh one ks?
Are you kidding me? Next?
Scary stuff? All right, here's a company. It might not be familiar with it. It's called Grail. It's a healthcare company with a market cap of about four billion. It is absolutely getting crushed. The stock has been halved here in the pre market. It is down about fifty percent right now. The company said it's multi cancer blood test failed to meet its primary endpoint of reducing late stage cancer's grail g r ail like the Holy grail h Yes, ticker symbol there g r a L. So it has
been tough going for this company. And they were also out with earnings today that actually came in a little bit better than lowered estimates. But what's really tripping them up is you know what's happening with this multi cancer blood test? So one more yeah? Oh al so wait, by the way, you do.
Deer from yesterday?
They want me to do deer? You really do?
You got what else?
So have?
I got?
Open Door Technologies. These are companies but don't talk about all the time. The ticker there pe N shares are up sixteen percent. This is an online marketplace for residential real estate. Reported revenue for the fourth quarter that beat estimates. And I think you're starting to see also Bloomberg Intelligence knows that open Doors platform turnaround is helping to boost growth there. But you're starting to see that turnaround in
the housing market. I don't know if we can call it a buyer's market just yet, but inventory is loosening up a little bit. We saw mortgage rates now falling, and so companies like open Door Technologies, this online marketplace for real estate, especially residential, you know, cashing in on.
That spring selling season two.
Learn it.
Yeah, absolutely, from thirty to one. Oops, check that thirty to two, and then it exploded up to ten and it's come half way back. It's like it's almost MEMI. Yeah, it's all out of the place.
You got time for one more often. Back of My Technology is down eleven percent. Software company weaker than expected earnings for both the first quarter and the fully.
Here was the IPO pitch for Akamai in nineteen ninety nine. I was sitting in a room, Morgan Stanley, you want to own the Internet.
You don't know how. Here's your stock.
This is the this is the guts, this is the plumbing of the Internet. That was it, and people are like, fine, I'm in.
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