Bloomberg Audio Studios, podcasts, radio news.
The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.
Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg's Dan Curtis, watching not just stocks on Wall Street, but stocks in Seoul after that historic sell off for the COSPY in South Korea.
Good morning Dan, Good morning Nathan. That's right. So the COSTP fell over twelve percent for to worst day on record, and I'm watching a lot of those Korean names because that pain is continuing into the US pre market. So companies like LG Display, which is take our LPL is down ten percent, Korea Electric Power k EP down seven and a half percent, alongside POSTCOPKX. Those are also down seven and a half percent. So Korea got hit really hard.
Eight hundred of the eighty thirty of the eight hundred and thirty six stocks in that index fell, But because it's been up so much, even after the twelve percent drop, the index is up twenty percent year to date. Compare that to the S and B five hundred, which is about flat on the year, and the two largest companies in that index Samsung sk Heinix, those memory chip companies are about forty percent of the index. That's been a big draw to the costb so that's really come back down today.
Are we seeing a read through dan for some of those companies competitors in the US?
No, So, sand Disk is up three percent, Micron is up three percent as well. In the US pre market, Memory has been somewhat somewhat protected from the selloff, even Samsung s k Heinix, the two members that I just mentioned in Korea, those rebounded after the creating close in late trading. So Memory hasn't died with the Korea rollover. It's just been some price at price taking out of Korea this morning after the massive climb.
Okay keeping things overseas. Then I see Adidas or Audios or Power we're saying it now is on your list as well? What's happening with the apparel retailer. I'll go with Audi d Austince. I've been living in London for a few years, so that's going enough. I mean, that's just how I say it now. I guess yeah, So that stock is at a three year low. In German trading.
The shares are down six percent. The company is projecting operating profit two point three billion euros that's about two point seven billion dollars for the year, well below estimates.
It has a history of setting low bar for earnings, so some analysts are saying that might be overly pessimistic and that they may actually come out a little bit stronger. But that's really weighing on shares this morning. The company, trying to convey some security, has extended the contract with the CEO. He's the architect, the architect of the company's revamp. He's been at the helm for four years, so they're
giving them more time to work on the turnaround. As the general sportswear industry is under law skepticism around growth.
And you got your eye on GitLab as well. What's going on with that company.
Yeah, so get Lab shares ticker GTLB down six percent in pre market. The software company developing company forecast for the current fiscal year. Earnings were below estimates. The company sees about eighty cents per share. The estimate was one oh six, so those shares are falling six percent. That's as we've seen a lot of weakness in the software space.
Get Lab said bookings growth, that's potential revenue has not scaled with actual realized revenue, and so that's part of the reason that those forecasts are weaker than expected.
Now, let's close things out dan with rass stores, because those stock, that stock's still moving after their earnings.
That's right. So raw stare stores those that came out last night, but those shares are up in the pre market right now seven percent. Earnings per share came at two dollars versus a dollar eighty roughly. Estimate sales also stronger. Those shares are getting a nice bounce and create.
This stock mover's 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, bloom dot com, and on Applecarplay and Android Auto with the Bloomberg Business app. Mm hmm