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This is the closing bell on this stock movers report. The company's making moves at the close of US trading with Krol Masser, Tim Stenebeck, Romain Bostik and Katie Greifel.
I want to talk about a chip maker on our radar today. That's Micron Technology. This is the biggest gainer in the S and P five hundred, up nineteen point three percent today. The market cap now over eight trillion dollars one point oh one trillion dollars. This this as a result of what happened over a UBS. They boosted the price target for Micron it to more than sixteen hundred dollars a share. It's at about nine hundred dollars
a share right now. This implies a market cap of more than one point eight trillion, larger than the current market cap of companies like Meta, Tesla and Berkshire. Are still a ways to go. But Romayne, you were going to say something. It's up close to twenty percent in a single day.
Yeah, And I'm I'm just more fascinated by the trillion dollar mark.
I mean, you go back a few years ago, we.
Had zero trillion dollar companies, and by my account, we've now got fourteen in there if you conclude Micron, and of course you know you have the Granddaddy and Video and then of course you have at least one IPO coming down the pike that we know is also going to be in the trillion dollars would be SpaceX, and potentially a couple others with regards to the two big AI companies also potentially going to come to market.
Yeah.
Remember for so many years Romaine, it was like, what's the biggest market cap company in the world, And it was always this question about like, okay, is it going to be a Ramco, x on Mobil or Apple?
Yeah?
Yeah, times have really changed, right, Hey, sure have Hey, speaking of SpaceX, there's a lot of excitement in the space industry right now. I want to draw everybody's attention over to the Procure Space ETF it's ticker UFO. That's a pretty good one. Is up five point seven percent today. We did see shares in rocket and satellite companies rally set to extend those recent gains. It's really been advancing this whole sector since SpaceX filed or what stands to
be the largest ever IPO among notable movers today. Well, if you just go to the procure Space IPO or space ETF, thirty six names were higher, twelve were lower. Momentous was up more than one hundred and nine percent, Redwire was up twenty six percent, cit Is Space up twenty one percent, Firefly Aerospace also up eighteen point eight percent.
I'm sorry, Momentous was up one hundred percent.
That's correct. Yeah, that's correct. A single A single name, right, it's in the space industry.
I mean, I know it's like a microcap, but is it something happened.
This space, just space space happened. Okay, did you guys watch the game, the Big Game.
The Big Game, the New York Knicks. I chucked the score, the Big Game.
I did hear my neighbors cheering.
A lot last night? There was a lot of cursing. No, they were happy.
Everyone was very happy. Three point five percent up.
Well, I mean, have you met in New York or they curse even when they're happy, that's true.
Madison Square Garden shares off their best levels of the session, but still closed at a record this after the New York completed a four to zero series sweep over the Cavaliers to advance the NBA Finals first time. Yeah, Alex, going back to nineteen ninety nine, big win for yeah there? What were you going to say?
A big win for Dolan there?
Oh?
Yeah, yeah, big win also for Timothy Shallow, just.
Timothy Shallow waist rowld.
Ol is what Kleie Jenner?
They're doing? Well?
If the Knicks do win the finals? Is this city just going to become completely insufferable?
I hope?
So?
Like, is it going to do what happens in like Philly and Boston when they're is a champ to.
Increase the street polls, It'll be amazing.
Yeah, I mean sorry, I don't know do we have that? Like I think the entire NYPD you needs to be on patrol that night.
All right, we'll see what happens all over time for everybody, Alex? What are you? I have to say?
Guys, it is not the easiest feat finding decliners in this market when most of the US benchmarks are at record highs, but I managed to muster if you up for you? The first one that I'm looking at is AutoZone. It had its worst day since twenty twenty two, down nine percent. Actually beat on earnings, but it's total revenue fell short of forecasts and a reported sluggish growth in its international markets. It has stores in Mexico and Brazil,
and also some margin pressures. In fact, DA Davidson analyst Michael Baker said that the company delivered its best quarter in some time, but the expectations were just too high.
All right, Well, we are getting some earnings right now, This from a cloud company, z Scaler, just crossing the Bloomberg terminal. Revenue in the most recent quarter does appear to be a slight beat eight hundred and fifty million.
The street was looking.
For eight thirty five, just a dps at a dollar eight that beats the street estimates average of street estimates of a dollar one, and reoccurring revenue basically in line with estimates.
Here's your forecast.
The company says that for the fiscal fourth quarter, the quarter that we're in right now, revenue will be in a range of eight seventy five to eight seventy eight. The high end of that range is below the average of street estimates of eight seventy nine. The company also says that for the full year, which basically closes out, also guiding just slightly below what the street was looking for at about three point seventy four a billion dollars.
So that is probably why you're seeing the nee jerk reaction to the downside and the shares.
Yeah, totally about underway in the after hours. Shares now down more than ten percent. And this is a company where shares had already declined about eighteen percent heading into today's close, so the bar had been reset a little bit lower here, but Alex, you can see that disappointment still coming through.
Yeah, and disappointment also in Ferrari. Now I'm sticking here with car companies, which by the way, is not my forte at all, but I'll.
Try my best because you're a real New York We'll.
Have Hannah Elliott on the show later to break it down for us. But this was a fun story. Ferrari rather whose ticker is Race, which I love, it had a big down day down I believe it was eight percent. This is after a debut its electric vehicle. If you're Ferrari Luce, investors didn't like it, Analysts didn't like it at all, and neither did social media influencers. In fact, one analyst said that the car looks like quote a
mix between a Honda and a Tesla three. Apparently that was meant to be an insult.
Man that I actually like this.
Really you pre ordered it?
Well, I live in Manhattan, so no, I'm not going to drive a Ferrari on Manhattan.
Well, there are plenty of places to buy Ferraris in Manhattan. I think on the West side there's a Ferrari dealer not too far from you, and just little South rough Man.
I will keep that in mid I'll talk that over with my wife Toyeah.
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.