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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 stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Isabelle Lee. Starting off with the stock getting top billing for all the wrong reasons. Broadcom is sinking pre market some earnings disappointment that might not sum it up, Isabelle, good morning.
Good morning.
It's sinking definitely if I'm looking at my screen correctly, it's down by nearly fifteen percent. And again it's always because of the outlook. They gave an underwhelming outlook given the chip industries AI related demand is probably waning, so this is a signal that efforts to gain around the burgeoning industry is really going more slowly than anticipated. So they expected revenue for aasmicconductor to be sixteen billion in
the fiscal third quarter. Analysts predicted seventeen keen point two billion on average. The forecast also fell short of estimates. They had fifty seven point six billion, which again is below what analysts projected. So I mean it's really an interesting story. And don't forget that Broadcom is also trying to pivot to AI and it's against really outsized investor expectations. It makes you think that do they even stand a chance? But I guess you know you have to try.
Yeah, really Well, right behind it is crowd Strike following their results. That's a pretty big drop as.
Well, big drop as well, down nearly eleven percent in pre market trade. This is a security software company. They reported first quarter results and they gave an outlook. So the results beat expectations. The fullier forecast raised on key metrics, but the report wasn't strong enough to extend the recent strength,
which is why you see this huge pummeling downwards. But interestingly, we have Susquehanna raising their price target from four hundred and seventy five to eight hundred, so that's almost double. Scotia Bank also raised their price target from four hundred and seventy five to eight hundred five, so that to me was a little interesting. Why we're seeing that, but I guess they just believe that the stock has more to run from here on out.
Okay, Well, moving from the tech names to some other companies that reported earnings The downward trend continues for Pedco, living up to its ticker symbol.
This morning, I love the ticker well, I know they really won big on that one. So stock is down also a negative twelve percent. I've been giving you double digit losses this morning, but we're still optimistic. So this is a path health and wellness company. The second quarter adjusted EBITDA forecast came in below estimates, so you see shares obviously following the company's second quarter forecasts fellow below estimates, outwing a better than expected first quarter. So this is
a San Diego based company. I don't know why that fact is relevant, but I just ran out there, okay, and adjusted EBIT quarter reach ninety seven zero point three million dollars, which is at least slightly above analy's estimates of ninety million dollars.
You've got a trend going here is about double digit losses. That includes five below after their earnings.
I know I brought I wanted to bring down stock, so I'm kidding. Actually are the biggest movers.
Yeah.
Five below ticker is hold on, I have it here.
Five another under ticker if Ive down by nearly eleven percent.
This is a discount retailer.
If that isn't obvious, I guess everything there is below five dollars.
They're reporting first quarter results that.
Meat expectations, and they boosted a full year guidance, but still it's the guidance. They signaled caution over consumers in the months ahead. We hear this all the time. The K shape economy, the top K. There was an interesting note yesterday that it's splintering, so that's also one thing we should unpack.
But the lower K. We know that the lower K has been struggling, so you see that with five below.
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