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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 Stan Curtis on a mostly positive Wednesday morning. Dan, you're starting us off with the biggest decliner in the pre market. What's behind the move for Cerebras? Good morning, Good.
Morning, Nathan. Cerebra shares are down thirteen percent, and this is a sign of just where the AI trade is. So the chip maker's annual forecast beat estimates, but not by enough to impress Wall Street. The company came in with guidance of around eight hundred and sixty million dollars for the period. The average projection was around eight hundred and thirty million. But Wall Street has become accustomed to large beat and raises, and so it's raising the bar
for what impresses shareholders. That's putting the shares on the back foot. Under ticker CBRS, this company is just reported its first earnings since it went public. The share the shares are around one hundred and ninety seven dollars in the pre market iPod at one eighty five. But right now we're looking at potentially the lowest price of public trading since that IPO man.
We're seeing a pretty big decline as well. For another major firm that reported earnings, fed X.
Yeah, so FedEx shares are down about seven and a half percent in the pre market tick our FDx as headwinds pushed the shares lower after a thirty seven percent gain year to date into the earnings. The courier beat low fiscal fourth quarter earnings estimates but signaled there's still turbulence in the market. The grounding of its MD eleven cargo jet fleet complicate operations for the quarter, and profit margin for the period fell to eight point four percent,
below estimates. The CEO sees higher wages and transportation rates, as well as other inflationary pressures, increasing costs by two point six billion dollars this year, so margin's very much in focus today. Fed X is working on ways to those margins, prioritizing healthcare and aerospace parcels, both of which tend to carry higher profits. But that's not enough to aid the shares.
This morning, all right, let's turn to the positive side of the ledger. The biggest gainer pre market this morning is Whendy's the new memes talk Dan.
It might think so, but it is actually a duo coming together. So Wendy's Taker Wen is up twenty percent in the pre market, and it appointed Steve Surrelius a CFO, replacing Ken Cook will remain in an advisory position through next month. Why this replacement is so important, though, is it comes on the heels of Bob Wright becoming Wendy CEO last month. The two of them both used to work for Pomp Belly, So the DEO is you reunited
after turning around that company. And Bloomberg Intelligence does see this as a single that more management changes are likely as the CEO is in about his first month in the new position and he is looking to change the direction of Wendy's and that is helping change the direction this morning.
I should note the interest of transparency Pop. He makes a decent sandwich. Close us out here, Dan, as we look ahead to probably the biggest earning story of the week from Micron.
Absolutely so we have Micron shares rebounding about three percent undertaker MU earnings after the bell, and expectations are high, with Wall Street forecasting nearly one thousand percent increase and adjusted earnings per share from last week. Margin expansion a huge tailwe here and guidance will be key. We need to see memory demands being supported, not just this year but next year. This will be keith the AI trade for the rest of the week.
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