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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
I'm Carol Masser along with Tim Stanevik. Let's get to some stocks on the move in the house. Bloomberg News Equities reporter Alexandra Semonova.
Good to have you here. There are some great.
Good to be here, some big movers today.
Yeah.
I realized that if we're not talking about geopolitical headlines, then we're talking about an AI deal. And given the calm that we're experiencing right now in the headline front, I'm going to tell you guys about core Weave, which is up about three percent today. This is after it struck a twenty one billion dollar deal with Meta Platforms. They already have an existing relationship and this is deepening
that relationship. Core We've now holds thirty five billion dollars in contracts with metap, making the tech firm one of its largest customers. And the goal here is, of course, Meta kind of trying to build out its AI models. Core Weave will provide a cloud capacity to Meta from multiple data centers powered in part also by Nvidia's systems of chips and Meta also up about two point five percent.
So these are those neo clouds, right, it's kind of like outsourcing, right, your.
Data Centervi Nevius is another one of those.
But it's like kind of you know, right, for computing power. And so I find other folks with.
Big data, the opposite of the hyperscalers.
Correct, right, who are doing which is meta?
And this is a nice Livingston, New Jersey company too. Don't forget New Jersey.
We do it so well.
Also testament of how intertwined all these companies are.
That's the thing that makes me very fascinate, right, It just you just wonder, you know, real or creating demand. And I guess time will tell on this.
And that's a question about core Weave in its business model. Because sixty seven percent of its revenue, according to the supply chain function on the Bloomberg terminal, comes from Microsoft. Then it's eight percent from meta platforms, five percent from out bet, and than one point six from IBM. So four customers, basically.
Yeah, I mean good customers. Right, If you're going to have four, those are good ones. But if anything changes dramatically in their business situations. That's going to have a big impact on COREED. Let's go to Caravana.
Yeah, I love talking about this company because of its turnaround story. It basically came back from the dead. It surged ten thousand percent. You guys remember from being a four dollars stock to four hundred dollars last year. But under pressure now it is sliding. Today looks like it's down about two point nine percent, less of a decline than earlier in the day, was down as much as six point six percent. This is after JP Morgan cut
its price target on the car retailer. Basically, they slashed their estimates for the company's twenty twenty six EBIT top They cited weaker than expected industry demand, ongoing higher fuel expenses, and kind of general pressure and kind of customers moving away from this business model. They are, of course, that
company that has those car vending machine. I guess their expectation is that with higher oil prices and consumers being a little bit cash strapped, they're not going to be buying those cars.
Yeah, that kind of makes sense. I don't know. Yeah, but this one is I agree with you. I think it's just a fascinating story, and it's I almost feel like it's a great business school case study, just kind of the highs and lows. And definitely this company, let's go to Chevron, makes sense to be talking about one of the major oil companies here.
Yeah, so you would think that an increase in oil prices would be a boon for some of these companies, but it actually was a lot more complicated than that, given these shipping blockades and the strait of horror moves. Exxon and Chevron lost about six percent of their global production in the first quarter. Shells gas output was five percent lower, largely because of what is going on in the Middle East. So it's been a really difficult quarter
for them. Analysts are lowering their forecasts actually after these reports for Exon and Chevron's first quarter results after the company is disclosed about seven billion dollars in mark to market or a bit of losses combined. And Jeffrey's analyst said, very simply, the Middle East makes it a messy quarter. Pretty much the takeaway here.
Yeah, you know, Chevron, for example, down today but up twenty five percent so far this year. You have to wonder what's been baked in over the last few weeks, those investors have been like, wait a second, we have these higher energy prices, we have an issue when it comes to supply, a supply shock. You know, we're going to buy the stock at this point, I don't know.
Yeah, So obviously the bar was also high getting the run.
Up that oil stock's not bad, but neat oil.
Yeah, we do.
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.