Closing Bell: Tesla Rises, Gemini's Big Debut, Drugmakers Fall - podcast episode cover

Closing Bell: Tesla Rises, Gemini's Big Debut, Drugmakers Fall

Sep 12, 20257 min
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Episode description

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

  • Tesla (TSLA) shares rallied today on word that its chair insists no one other than Elon Musk is capable of leading the company’s transition into artificial intelligence and robotics — but it’s possible he won’t do it from the CEO’s seat. “He is a generational leader,” Robyn Denholm said Friday on Bloomberg TV. “There aren’t any other people out there like Elon who can actually lead the company over the next decade or so.” The longtime board member offered the emphatic endorsement of Musk as part of a wide-ranging interview spelling out Tesla’s succession-planning process and detailing a massive proposed compensation package for the chief executive officer. Denholm also acknowledged the possibility of Musk moving into another leadership post such as chief product officer, saying that is “contemplated” in the pay plan.
  • Gemini (GEMI) shares ended 14% above their IPO price, after the cryptocurrency exchange led by the billionaire Winklevoss twins raised $425 million in a packed week for US listings. Shares of the New York-based exchange and custodian closed at $32 each on Friday, above the $28 per share IPO price, after a volatile session that saw the stock halted twice. The company had previously told investors it expected to cap the base size of its IPO at $425 million and to potentially sell fewer shares than it first proposed, Bloomberg News reported earlier. The trading gives Gemini a market value of more than $3.5 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. It raised funds in 2021 at a $7.1 billion valuation.
  • Drugmakers like Moderna (MRNA) fell across the board after a report that Trump health officials plan to link Covid shots to the deaths of around two dozen children in a presentation to advisers to the Centers for Disease Control and Prevention next week. The Washington Post reported Friday that a group of health officials appear to have used the Vaccine Adverse Event Reporting System, or VAERS, to tie the deaths of 25 children to Covid vaccines. A high-profile advisory committee that Kennedy revamped to include vaccine critics is scheduled to discuss the shots from companies including Pfizer Inc., Moderna Inc. and BioNTech SE at its meeting next week. Moderna shares dropped 7.4% in New York Friday. Pfizer shares fell 4%, while BioNTech’s US-traded shares sank 7.3%.

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Transcript

Speaker 1

Bloomberg Audio Studios, podcasts, radio news.

Speaker 2

This is the closing bell on this stock mover's report the company's making moves at the close of US trading with Carol Masser, Tim Stenebeck, Romaine Bostick and Scarlet Food.

Speaker 3

I'm looking at what happened today and it felt like investors taking a bit of a breather. Three hundred and eighty five names in the S and P five hundred KTI lower in today's session, one hundred and sixteen to the F side.

Speaker 4

Well, let's talk to the circle about it and see what the colors show. You can see that there is kind of an even split when you look at it that way. But on the absolute sector level, you had four in the green, seven in the red. What did do well today, as you can see technology that was reflected in the NAZAQ one hundred as well, utilities also having a good day. But then you take a look at what didn't do too hot healthcare, materials, industrials leading us lower on this Friday.

Speaker 5

I'm sorry.

Speaker 1

When you look at the circle, it speaks to you, it does, okay, Yeah.

Speaker 4

It just sort of open up my heart and my ears and it.

Speaker 5

Tells me what happens, and you're the only one who can hear that.

Speaker 3

All right, all right, let's get to some of the individual gainers. Warner Brothers, Discovery folks adding on another seventeen percent in today's session after about a twenty nine.

Speaker 6

Percent gain yesterday. The stock I'm looking.

Speaker 3

At, I think it's up about fifty six percent for the week overall. Here and again this is just building on, you know, since we've got that report that Paramount sky Dance, the Hollywood studio taken over by independent filmmaker David Ellison, has said or is said to be preparing a bit for the company according to those in the notes. So this stock, I think you're number one gainer in both the S and P five hundred now's deck one hundred.

Speaker 1

I find this fascinating though, I mean the run up, I mean you mentioned the fifty it's like fifty six percent jump. But the idea is that you're basically saying that the combination or more important in the premium that they would pay investors inc. It's going to be about fifty six percent more than what it was earlier this week.

Speaker 6

It's pretty amazing. I don't know.

Speaker 3

I still think right you'd buy something and then sell off some parts. It is a gamble, right, especially in this environment where you see, how.

Speaker 5

Do you have CNN and space.

Speaker 7

CNN and CBS exists coexisting like I don't know if there are news challenge.

Speaker 1

I hate to break this to you, Tim, but what never mind, go on. I don't want to get myself in trouble.

Speaker 6

It's a good question.

Speaker 5

I've already gotten enough trouble this week.

Speaker 4

Yeah, you canceled our weekly launches.

Speaker 3

Anyway, go on, different networks, different audiences.

Speaker 6

Okay, all right, whatever I mean.

Speaker 7

I think they're regulatory, there are I think there are regulatory questions about that.

Speaker 5

Is there anymore? I don't know that are there is?

Speaker 6

There's so many for.

Speaker 3

David Ellison, Okay, okay, what are you saying you're gonna get?

Speaker 6

You should stop talking now, all right. I don't want you to get in trouble, all right.

Speaker 3

Tesla also not performer and a top gainer in some of the major equity averages today up about seven point four percent.

Speaker 6

Investors definitely watching.

Speaker 3

To see how quickly the company can expand its robot taxi service to other states. After it launched in Austin and June to a small group of users, and I got to point out if you haven't watched it, you should definitely check out the B Tech teams interview with the chair of the Tesla board, Robin Denholm.

Speaker 6

They talk succession, the massive pay package.

Speaker 3

Basically they're all in on elon continuing to run this company through what they say, kind of our disruptive time.

Speaker 6

So I think that's an interesting one.

Speaker 3

Micron Technology, I might have been a record closed today, so forgive me for not getting that in place, but it's up.

Speaker 5

Do not check this stuff before you come on now.

Speaker 3

I get a lot of I don't know about you, but I don't have minions like helping me do stuff.

Speaker 1

Well, let me tell you I have the best minions of the business, very much, which is why we get lunch for them every day here at Bloomberg Television. And yes, Micron record high best day since going public back.

Speaker 6

In nine time.

Speaker 3

I want to give you something to say, otherwise you would feel so left out.

Speaker 5

There you call on minions.

Speaker 3

Micro and Technology up about four and a half or cents record here analyst yesterday.

Speaker 6

I know, but they aren't the minions I'm talking about.

Speaker 3

Analyst Tatting, the chip maker's growth potential in the data center market. Keep in mind this one reports September twenty third, we've seen City boosting its price target.

Speaker 6

There's a lot going on. I think this stock was up about nineteen twenty percent for the year.

Speaker 3

Just mentioning Gemini because if I don't remains going to say something, it is up an ipo, another one in the crypto's base, up fourteen percent here at the clothes and Carteva because we just talked about up about one point eight percent on that Wall Street Journal report that maybe that it could separate into two separate companies.

Speaker 1

Kind is also honorable mention. I know Tim has to get through its decliners. But black Rock Coffee you miss it. I mean you mentioned you mentioned that, I mean open I had a what IPO at twenty closed today at twenty seven sixty seven, great day.

Speaker 6

Not the Larry Fink black Rock black Rock Coffee.

Speaker 7

Yes, it's like a Dutch Bros. Drive through coffee Portland, Oregon.

Speaker 5

Have they spoken with Larry think about this? They're okay with this. I don't know about that.

Speaker 4

There's a space in between black and Rock, so it differentiates them.

Speaker 5

Really, this is why I should have been a little let's see lawyer.

Speaker 6

There's always make out my gainer's list.

Speaker 7

The people, the people.

Speaker 5

Are you going to let Tim talk? Now? Thank you? Go ahead.

Speaker 7

People want to hear the declarators. I want to start with the second worst performing stock in the S and P five hundred today, mRNA Maderna on seven point four percent. Shares fell after a report from The Washington Post said that health officials and the Trump administration planned to link COVID shots to the deaths of around two dozen children, and a presentation to advisors to the CDC next week. Shares down seven point four percent. Our age ended up

falling four point six percent in today's trade. The company did cut its revenue forecasts fully for the full year, the effect of tariffs the delay of its seasonal catalog. Gary Friedman, who has been outspoken about tariffs over the last few months, told analysts that the industry needs to offer discounts to stay afloat due to the weak housing market. Yeah was that his full quote? No, that wasn't his full quote. Some God forbid they throw another tariff on furniture,

Friedman said on Thursday night. Someone has got to come talk to us. Talk to me, call me run the biggest luxury home brand.

Speaker 5

In the world. That was verbatim, that was verbata.

Speaker 6

Man I love that energy.

Speaker 7

Yeah. Shares fell once again four point six percent, and finally a check on open door after the week that was shares up eight yesterday, following a little bit today down fourteen percent, still the most actively traded stock in the index. The excitement around the company release, the trading around the company continues.

Speaker 1

All right, let's take a quick look at yields here. It was an interesting week for yields. They talk about the idea of the trend line sort of reversing just a little bit. Long term yield to lower for a second straight week to the lowest level since April. Then we should point out the short term yields rising for the first time in five Overall, what you're looking at there on your screen are the daily moves, and they all are higher. And that, of course is a setup Carol.

As we head into the FEDS two day policy meeting that starts on Tuesday.

Speaker 2

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.

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