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Stock Movers report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
I'm Carol Master along with Tim Stenic. Let's get to some stocks on the move. To do that, Norm Melinda is with us. She is Bloomberg TV Markets correspondent, joining us here in studio, and we're going to start with a name, a couple of names that have been on fire this year, but a different tone.
Today, certainly seeing a different tone looking at sand Disk and Micron. Now, these are just some of the chip stocks that we've been having in focus as we've been seeing this broader sell off in tech. Today, sand Disc and Micron both down double digits on the day, sitting as the worst performing stocks in the S and P five hundred. This of course coming from the cell off that we saw in chip stocks in South Korea that
really is spilling over into the United States. So you're seeing a really large impact on these two names here as a lot of investors rush for the exits right now.
All right, So take our SNDK Micro and of course mu which reports earnings on Wednesday, So we're seeing Micron went down about fourteen percent in sand disk. We're seeing that name.
Hello, is that one down just about the same fourteen percent?
Wait? But how much are they?
Yes?
Yes, it is revisive five percent this year.
So basically you went nowhere, right.
Seven hundred and twenty five percent this year. Micron up this year by two hundred and sixty five percent. So just on a tearor yeah, I mean you're.
Still doing really well.
Yes, what's today in the grand scheme of things?
Right? I know, I know, but it's interesting, right, A tone, a shift in that, and that certainly gets our attention. All right, talk to us about your next name FedEx.
So fede is also a name that is being tied to earnings, So we are going to get earnings out of Fedeggs after the closing bell today. The stock, though slipping ahead of the earnings report, Investors really focused on the company's outlook following a recent spin off of a it's freight business. So you're seeing investors pricing in some things as we kind of charge ahead toward the earnings report that we're going to see after the closing bell this afternoon.
Also, just a good we like watching this company and ups two potatos. Just a good measure of how companies are thinking about the economy, what e commerce is doing, although so much e commerce has move and moved under its own shippers. Yeah, it's still Fatex a great measure of that.
Absolutely when we think about just like the implications for the US economy more broadly, everyone thinks as FedEx and a lot of those other similar companies as barometers for that.
FedEx up almost forty percent year to date. You look at Transports down Jones Transports, that index is up about twenty five percent year to date.
Wow.
Lee Clascow watching this closely. I love check out his research.
All the work he does.
All right, from FedEx, where do we go next?
We're going to best Buy? So I can't remember the last time I've been there, though.
Well, you used to be able to buy memory at best Buy. I don't know if you used to, And so there's a connection today.
Yeah, ticker bb on That stock is down about two percent right now as we speak, up about eleven percent year to date. Keeping an eye here because we did see a management change happening. So the CFO stepping down and departing the retailer at the end of July after being at the company for twenty years, including seven of
those years as CFO. So I was looking through some of the Wall Street analyst notes that we like to parse through, and web Bush actually talked about the fact that they still see best Buy as a misunderstood special situation that's going through a strategic transformation, and they think that the stock is actually trading at a significant discount
to its intrinsic level. But as you can see on the day, Wall Street's still selling off on the name web Bush, leaving that at outperform rating and assuming coverage of the company.
So the CFO news, but remember Corey Berry is stepping aside too. She's got CEO of best Buy that's happening at the end of the third quarter of the year. She's been there forever.
This stock Mover's report from Bloomberg ra 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.