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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
It's like, look at what's happening in the marketplace today, Stocks on the move. We do that with Matthew Griffin. Matthew, what are you looking at with it? Well, the first one I've had on my screen this morning is Home Depot. It is an important read on the US consumer right now and investors not taking it as a positive one. That stock ticker HD now down about nine tenths of a percent, and if you look at comparable sales, that's a key growth metric for them. Growth there was just
six tenths of a percent. Analyst wanted nine tenths of a percent. And it's problems that have dogged Home Depot for a while. Interest rates are high, housing prices are high. That means consumers they don't want to undertake big remodelings that they'd have to finance. They don't want to buy new homes that they would then you know, do home improvement work on. They're still painting, they're still gardening, but
that's not nearly as lucrative. And although the company isn't seeing a big hit from the Iran war yet, it is easy to imagine that's going to show up at one point in results. And so you've got a pretty muted investor sentiment here. Shares down about fourteen percent now year to date.
Yeah, so here's a counter narrative to the US economies doing fine. Consumers are spending as they were, you know, the high gas prices, the high borrowing costs, it's certainly starting to affect how people spend, and we're seeing that show up in some of these consumer companies. Let's talk about Micron, which has been such a superstar earlier this year.
Yes, well, Scarlett Micron now extending declines into a fourth session, Shares down about two and a half percent. Now, that's ticker MU. And there doesn't seem to be a key catalyst here. Investors are just retreating from risk, and they're retreating from these semiconductor stocks that are up so ferociously this year. Of course, these memory names have been some of the leaders in the advance and the Dan o'reagan,
he's the managing director of equity trading at Mizuho. He said earlier it's basically just an unwinding of momentum going on here. Of course, Micron's still up one hundred and thirty two percent year to date, so that that rally has not collapsed, but there are maybe some cracks showing all right, okay, service now, well service now. That's ticker
INOW may just be the opposite trade here. They are up about four and a half percent and in a fourth session of gains, and these semiconductor software trades have really been opposites this year. Traders very optimistic until recently about demand for semiconductors due to AI. At the same time worried that AI will eat software companies lunch, and so you see maybe some money rotating out of simis and where does it go.
It goes into these.
You know names where there are fears of AI disruption. So the AI trade maybe taking a bit of a step back today, it's actually looking earlier. The correlation between software and semiconductor stocks in the S and P five hundred, though, still stands at the lowest since nineteen ninety four right now, so they really have there are still opposites to an extent.
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.