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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's ta go look at some of the stocks on the move today with us as Bloomberg News Equities reporter, a deputy team leader for US Equities, Carmen Rhinikey, she is in the house. We're going to start with a big chip name.
Yeah, Intel. I mean there's been a lot of Intel news lately and today is no exception. This is ticker I INTC shares spiked and they're up about five and a half percent today after a report that the company is in early stage talks to add AMD as a customer at its factories. So, as I said, this is the latest new string of deals that have boosted Intel
shares the last few months. They have gained support from the White House, which is taking a I think roughly ten percent stake in Nvidia and soft Bank, and we also Bloomberg News how to report last week that it's also in talk for backing from Apple. So all of these things have been really liked by investors. We've seen the stock release spike.
Yeah, and it's really just taken off this year of seventy six percent here to date. As Tim and I always say when we go to the HDS function on the Bloomberg and we realize, oh, yeah, that's right, the US government is the third biggest investor in the company.
Yep, not the only one that the US government is an investor. Of course, we'll talk about some of those a little later, including Lithium America's. But I wonder everybody's attention to Peloton out with some new gears, new prices today.
Yeah, so Peloton ticker pton Pton shares our down six point six percent today. This is the worst day since August August nineteenth. So they're raising prices on both hardware and membership fees and doing a big sort of product overhaul. So I think the stock's probably reacting most to the increased prices. But there are also going to be new versions of the bike, bike plus, tread tread Plus and a new row plus as as well as you know,
some new sort of features on the hardware. This is interesting because so they have a newer CEO, Peter Stern, who came from Apple and Ford, and he's really been working to turn around the company. It's had quite like a few years of sort of declining sales. The stock hasn't been doing super well. In August, it had to cut about six percent of its staff and reduced or projected full year revenue would drop two percent for fiscal
twenty twenty six. So you know, this is sort of the first step in like a potential turnaround for the company. So interesting to see that investors so far are not are not happy with with what they've come out with.
All right, Reddit, we go our dd.
This what's going on with Reddit?
It was a little bit of a head scratcher. This morning shows are down twelve percent. This is the worst intra day drop since April fourth, which is kind of big if you think about what was happening in April. So huge drop for Reddit. So so what it seems like is happening is that there is third party data that's been going around on social media showing a drop in citations from open ai. So Reddit, you know, it's been used by sort of these large language models like to help train them.
So als been.
Part of I thought the IPO right and the value of the company that all of the data and the very specific data that it could provide to AI companies and others.
Exactly, and so I think that's why the stock is reacting negatively to this. There's also been a few analysts that have written about it. So Bloomberg Intelligence's man Deep Singh shows that this decline is you know, it really signals redd its exposure to search engine traffic. There might this might have been because a little bit of a switch in Google algorithm and how a lot of it's you know, traffic and daily active user growth really hinges
on use from these sorts of chatbots. Brad Erickson and RBC also it attributed sort of this stock weakness to this, and he this is something that he's been watching for the last few weeks, showing that the citation share on GPT has gone down significantly.
The Stockmovers 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.