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This is the closing bell on the stock. Movers report the company's making moves at the close of US trading with Carol Masser, Tim Stenoveeck Romaine Bostik, and Katie Greyfell.
Today should be a day where the decliners go first. But I'm a gentleman, Carol Masser will.
Have I'm the optimist. I'm just going to go for it.
Let's hear about it. What is this like ten can soup?
Exactly?
It is really funny to go for the gainers and what gain Although everybody knows to potle Mexican girl, look not a bad trade. It was up as much as seven percent of the tie today, finishing at the gain of more than four percent. JP Morgan upgrading to overweight from neutral, siting a rare valuation opportunity for the stock.
The analyst John.
Ivanco saying that the stock's multiple now has fully rerated to reflect a more moderate, yet still well above average growth profile. Price target set to thirty five dollars a share, employing a twenty four percent increase from the Thursday close. You can see the stock closing just below thirty dollars a share. All right, let's get to the number one. Let me just double check. Yep, it's the number one
gainer in the S and P five hundred Cooper companies. Yeah, we don't talk about this one a lot, right, not top of the S and P after the contact lens maker.
It's also medical device maker.
Posted second quarter sales and adjusted profit that top estimates. Company also gave updates about its ongoing strategic review that analyst found encouraging. It's about a thirteen billion dollar market cap company. If you're not familiar, it is still down about eighteen percent year to date.
But yeah, do you have something you want to add, Well, we're familiar with it. Yeah.
Oh that's your leader. Okay, that's your leader in the SP five you're encouraged by.
And I think it's kind of no. No, I think it's fascinating.
If you go to the Nasdaq, Gainers, Manda Leese, Coca Cola Enterprise like these are not high tech companies. Like I thought it was kind of interesting.
Sp fed X Freight, It's Clorox, can be Kimberly Clark. So we see where investors' minds are at. Yeah, they did not go to cash, but they're going into something more defensive sectors, right.
Which is telling, right, they're willing to look at some other different names and like you said, not putting cash under their mattresses.
Hey for something different, something small, Miles. Well, so I was just at a family wedding. They're like, what's what The dude always gives you a hard time. I'm like, you know, they said, Tim, did you think that?
Tim?
No?
No, no, And I'm just like truly a teddy bear.
You know, when you get you scratch below the surface.
Here's just something It's hard to get there though.
Actually you need kind of a pick to kind of get into it. But hey, well we'll move on a small cap company because remain I know you love them. It's a nine hundred and seven million dollar market cap company Merlin ticker.
I know I had to dig mr Ln.
It's a software company involved in the aerospace and defense tech areas, rallying big time today as we bring it up almost twenty percent here afternounces a successful completion of the critical design review for its C one thirty J autonomy program with the.
US Special Operation Command.
I thought that was interesting in terms of what's happening with defense in particular, Stop's still down by eighteen percent with about five percent of the float is short.
Take it away the klimber man.
All right, well, not everything is lower today, but some prominent names lower. Let's go to the socks down more than two ten point two percent today, We'll go ahead and round that up to ten point three worst day going back to March of twenty twenty during the COVID scare. Every name in the socks is lower.
Today.
You've got Marvel down more than sixteen percent, Micron down more than thirteen percent, Amd down more than ten percent, Intel down eleven point three percent, Broadcomm down eight percent, in Vidia down six point two Qualcomm down eleven percent. The list goes on. I could give you twenty five more names that are lower in the socks today. Tech stocks broadly lower following that latest job support added a speculation the fed's next interistry move will be a high.
Let's change years, though, and talk a little bit about retail. Earlier in the session, one of the worst performers going into today would have been Lululemon. Not the worst performer, but it was down throughout the day. Today closed at eight point six percent lower. This lowest levels in more than eight years. After the company cut its annual forecast
due to deteriorating performance in North America. The company now sees revenue in the range of eleven to eleven point one to five billion dollars for the fiscal year, down below the average Jannalist estimates compiled by Bloomberg. The company says it's been contending with increased competition, poor product launches, and negative commentary in the media and social media, which has led to lower store traffic and lower sales. And finally,
I can't believe we haven't talked about bitcoin yet. It fell below sixty thousand dollars for the first time going back to October twenty twenty four. This is the I Shares Bitcoin Trust ETF otherwise known as IBIT, down more than five point two percent. This leg lower fueled by a combination of investors pulling money from bitcoin tied ets such as this, renewed geopolitical tensions, growing concern about the durability of one of the market's most important sources of demand.
I think big questions about what happens with all these retail investors who may have been putting money into cryptocurrency when we have some big AI companies that are going public.
This Stock Movers 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.