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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 Stanovick. Let's get to some stocks on the move. Bloomberg News crossouse at reporter Isabell Lee. She's in the house. Where shall we begin?
We can begin with Micron, ticker is MU because it reported earnings and the stock is actually rising by thirteen and a half percent. It paired back some of those gains, but still those are double digit gains. And micro is the largestys maker of computer memory chips, and they gave an upbeat forecast for the current quarter, again the sign that surging demand and supply shortages are really allowing the company to charge more for their products.
Six percent, six percent. I think it's up thirteen bucks, but up sick?
You are right? Yes, sorry, I just get car No, no, no, no, you're just.
I was like, whoa, what did they say?
Makes six percent? Okay, thank you for that on air adjustment correction. So you know it's horrible.
We want to make sure our team effort that's true.
So this is said that.
Fortunately, I'm never wrong, you were convinced.
Fortunately, I am always wrong.
Okay. The company said it's positioned to be about essential AI enabler. So again, the stock row six percent in late trading, but it's already up one hundred and sixty eight percent this year.
I know, I know, I am blown away. We had a great conversation with a member of our BI team and he talked, specifically Jake Silverman, about how the supply demand metrics are off, and so because there's so much demand not enough supply, they're able to charge a lot more for some of the chips that people want, and so that's why you see revenues up, you see their their margins. Yeah, it's pretty impressive.
Okay, okay, you want to go to Medline.
I want to go to Medline because search I read.
Your mind will not correct you anymore.
No, please do if need be, But hopefully so. It's the first step trading for Medline. They're a medical supplier. Share surch for to one percent and their trading debut, and this comes after the company raised more than six billion dollars in what is the year's biggest IPO, which is impressive or maybe for some people. Maybe not quite because it's not like we saw a ton, but still
it's a superlative. So Medline counts Blackstone and Carlisle among their backers, and they sold north of two hundred and sixteen million shares in an upside offering that price really at the top end of their range. So the trading gives the company a market value of around fifty one billion dollars. And Medline manufacturers and distributes medical supplies like gloves, gowns, exam tables, all things that are important.
Don't you love this swaddle blanket?
Really?
Oh yeah, the one.
That you see in you bring your baby's home in.
You bring your baby's home in, and the I supproted. I just found get as many of those as you can from the hospital, be forty dollars, Like I was going to, yeah, have a few.
Yeah, it's like that, like the sweetest thing, and it's just you know, I try, but you know, I just thought it's like a sweet memory. You know what I love about this In a world where all we talk about is AI and like high tech, and that's true, it's just like kind of a you know, they make.
A classic, like they don't never go wings right, and it's just interesting to see this come out of the gates so strong.
I mean, I think many would argue that it's a growing business because uh, medical costs continue to just grow and give it an aging population. That's perhaps part of the bookcase.
You need this stuff right, And as we found out, remain Bostic apparently like swipes the pj's at the hospital, the hospital down or the hospital what they wear. I need.
I'm not going to wear those even comfy.
But okay, actually I have to say I remember a family member being the hospital and we're like, can we have some of those?
They were really nice and.
They were like they worked with a designer to like create these really.
Cool and being told to move on. Yeah, we probably don't have time three more, but I want pick.
Your favorite General Mills rows three and a half percent.
I know.
So after the earning speat expectations, a highlight was the positive volume growth in North America retail segments. So this is kind of like a nuance story because the CEO said North American consumers are buying food when they go on sale. So again, it just really emphasizes that households are feeling pinched and no companies them included weren't offering bigger discounts or more frequent discounts. It's just that whenever
they go on sale, people buy more and more. And in an effort to boot sales, they've lowered their prices across two thirds of their North American retail business. And when they did slash prices, that's when they saw an increase in volume. One thing that didn't do well is cereal, which I love anyway, The company said, more and more people are looking to just consume protein, protein protein. And
remember there's cheerios with hire protein. They expect that to be around one hundred billion dollars one hundred million with an M dollars cheers every morning.
Wait, no, cheer throughout the day?
Well look great, Oh thank you. Oh you know my favorite person is a bellig No. But you know what it's also supposed to be good for. I think is a cholesterol or something. There's certain things you cheerios, I think, so yeah, yeah, it's like one of those foods that they recommend. So I just figure out I'll just munch a little bit, you know in the morning.
Wow, I know, Tim, and I shall do it tomorrow morning.
The 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.