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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg.
Data to look at some of the stocks on the move today. We're joined by Bloomberg's Equities reporter Bailey Lipschoaltz Billy, what are you looking at today?
I want to start with the best performer in the S and P five hundred. That is, none are other than Garmin, Tick or gr MN, mostly well known for their smart watches, competitors to Apple Apple Watches. I'm an Apple Watch user, though they do have some products for sports and fitness.
Car one of time it was the GPS, Yes, it was the GPS firm.
Then they re kind of invigorated themselves. They actually kind of do have a broader suite of platform products, ranging from workout products to things that operate with marines, so like if you are on a boat, you use that to help kind of steer find out where you are.
GPS except et cetera. Soccer right now up sixteen percent, so best performing the SP five hundred, biggest jump on an intra day basis since October twenty twenty four, beating estimates on the top and bottom line, introducing a guidance well above Wall Street. As I had mentioned, they have a number of suites, so fitness net sales beat expectations, as did their outdoor unit, same with aviation and marine. They also have auto sales products as well, which beat expectations.
So really kind of every business unit performing relative to what Wall Street was looking for.
All right, second company on your radar, This is for you, Scarlett, because you are wearing the yes, the jacket I wear these most days.
Tho too.
Okay, okay, it is there. It is exactly New York Rangers. Madison Square Garden Sports, not to be confused with the Network in Entertainment MSGS is the ticker right now up about sixteen percent, trading at the record high since twenty fifteen. This does come after news that the company's board approved of potentially spinning off the Knicks as well as the Rangers.
When you look at the Sportico value X estimations, those two companies would be or two teams and franchises would combine to be north of thirteen billion dollars, which compares to their enterprise value of about nine point two billion would you buy the shares? Would you be a proud owner?
I don't know that they're making it available to retail investorors, yes, or Joe superfan, you know.
Once they're probably traded though. If they're separate, well.
There's argument to be made by ms now.
Yeah, you can try both.
Bym now.
So you want a direct stick, you know in the Rangers. Actually, i'd wait for this restructuring period to end the rebuild period.
I would argue, I'm glad you quoted the enterprise value of let's call it roughly ten billion dollars, and maybe Sportico thanks to the assets, are worth thirteen. That's a public market discount. I don't know if that's so great to take it to split them on I don't know, but the bankers are looking for feesa.
The thing to me that's interesting is the Knicks are second or third in the East and the Rangers at the bottom of the table on hockey. So it's like, are you benefiting from people getting indoors playoff tickets gate?
I don't know.
I mean, it's just it's I guess they're worth more. But the question is, you know, do you want to have them separate and do all that, and do you think you'll get that much value.
Creationd Well, maybe there are other institutional investors who do want to buy the teams, but they want to buy one specific team, and this would be a cleaner way to allow that to happen.
If you look at the shareholders, and I've covered the stock for years and it's nobody cares. They just want to we know what the value of the teams are. We'll put it a public market discount just to get access to it. And that's it. So if you think the discount's too great because the Lakers just traded it some monster number, okay, but over time at all, I think it's just another deal for Jimmy Dolan. He likes to do stuff, all right, what's the next he.
Likes to do stuff.
Hey as a banker, great client.
Hey you're happy to have that kind of clip.
With the company raising capital?
Push you together again, Promidal one are Times?
Look at you? Well, we're pivoting away from New York. New York Times was the initial pick. But then the stock right now is pretty much flat, so we skip that through. The sock was up on buffet steak. We are facing now on wing stop ticker wing one of the better tickers in my view of sixteen percent better than feared comp sales, laying out expectations for their restaurant chain numbers to actually go up more than some analysts
on Wall Street had been expecting. There's been a lot of debate around how Wingstop and some of these other peers could benefit or lose out based on the state of the US economy and US consumer laying those issues, but again really only moving back to where it was earlier this year, which compares with the likes of McDonald's and some others that have been on quite a bit of a tear.
Catas for Wingstop, the Super bowls over, well.
We were the surveillance team earlier, we were o for the studio. No one had been to a wing Stop really, Yes, so you've been to wing Stop.
I've ordered wingstock, but I've never been inside. Okay, I don't know if that counts.
I don't like chicken wings, so oh yes, that would be a problem.
Yeah like wings, Yeah, tenders.
I like chickens with bones.
This is very to me.
So I don't want to eat chickens with bones. Maybe it's messy, but so you'd be.
Like a Tenders fan or like a Nuggets. Well they have they have they bonus.
What they have them and then they have the classic with the bone in exactly is how I roll.
You get the flats the best value.
Yeah, I totally missed a whole segment of the Surveillance Show because I was in deep into the menu of the Yes, I got.
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.