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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 Stanwick.
Let's get to you some stocks on the move.
For that, we're joined by Bloomberg News Equities reporter Jordan Fitzgerald here in studio.
Where shall we begin. That's up to you, guys. No, it's up to you. I guess. I guess. Let's do the most salacious thing.
First, pot stocks had quite the day. Trump did ease restrictions on cannabis, as was expected, and instead of boosting the group, it actually had the opposite effect. The MSOs Cannabis ETF fell about twenty seven percent today.
I know that's the they initially rally exactly.
So they had the worst day since last November today, But last Friday had their best day ever. The ETF was up fifty five percent. So I think it was a case of people adding a little high on their own spile a little too early.
Hey, look at that.
I was just waiting for it.
I was just waiting for what exist. But even in today, what was it?
Because it was it was priced in or was it because people think that legislation doesn't go far.
Expecting this legislation for a while.
I want the banking stuff too, exactly same making act.
But we kind of got exactly what we were told we were going to get, not more, and who doesn't want more?
I mean like Canopy takeer CGC was up Friday fifty four percent on the day and then today earlier because I was going to use it as gainers.
I thought you were going to say you were going to use it as a product.
No, no, but it was up twenty four percent in today's session and then it ended down about twelve percent.
So you're right.
It was quite a ride, right, And these happens when you get live. It's kind of quite a ride.
Can I say that, I don't know. At the end of the day, all.
Right, I'm going to move on because there's four that I want to get to. I want to I want to get to a couple in the after hours and Nike shares the results were good. We spoke to Punham guil Over at Bloomberg Intelligence, but we're seeing some selling in the after hours.
Yes, So initially everyone saw these results thought they looked good, but belied some some more concerning troubles. There's still softness in that giant China market, and that really is an important one. Some of its legacy brands also aren't fair and well. Converse, for example, didn't post the strongest quarter. And it's been over a year now since Nike's had this new CEO who's promised to turn the company around.
I know, time moves scratch. I canot believe it's been a year.
It's wild.
I believe it was last October.
Yeah, it's kind of I think about it at the same time as like when Brian Nichol was announced at Starbucks.
It's a big company that it's a big company, and it's a company that used to be quite cool, and I think people expected a lot from this turnaround, and maybe the market is asking has it been enough?
Even if it looks good.
Punham Goyle agreed with that. The things that they are doing and Elliott Hill, the president CEO, is doing is on target. It just takes a little bit of time.
Okay. What about FedEx ticker FDx.
FedEx opposite story.
FedEx shares last I checked were up two and a half percent about in the post market, and FedEx narrowed it's full your EPs guidance to the upside and also posted a quarterly beat on profit. And that really comes from the fact that demand is improving. Yes, but FedEx has also managed you pretty definitely cut costs and write out these headwinds.
Yes.
Back up two and a half percent still in the aftermarket, So yeah, holding on to Ganz. We didn't talk about Micron.
I saved it for last because it was the one that set the tone for the day's trade exactly.
We can talk about the movers of the day without talking about Micron.
Micron shares up ten percent, best day since April, since that Liberation Day craziness. And I think these results were really an important test for the market because Oracle disappointed, Broadcom disappointed, and so we needed one of these AI names to show us that this rally was justified for
the broader market. And so that's why we had this today, because because traders could take a breath and say, Okay, we haven't been pumping up aytos for no reason, like there is still something to go on here.
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.