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.
I'm Jim Stadevak along with Carol Masser. Let's take a look at some stocks on the move today with us as Bloomberg News cross ass at reporter Deniza Sakova. Denitsa, I think you're looking at some of these companies that reported.
Meta Platforms stealed down eleven percent today. But the more interesting story to me is what's happening in the corporate bond market. So the thicker, of course is Meta. The stock tumboat as much as fourteen percent in earlier trading. Of course, it comes after Mark Zuckerbert warned the company we need to spend even more aggressively on AI, which is not the first time he does this, so perhaps that is not surprising. But what we're seeing in the
bond market is really impressive. Meta Platforms said they're playing to so thirty billion investment grade bonds, and the demand where you're seeing there from investors, it's absolutely unpresented. One hundred and twenty five billion of orders for Meta bonds, surpassing the biggest deal before that, which was for CBS in two thousand and eighteen, So really big demand. There very different reactions in the stock. We're definitely not seeing that inst world demand at the moment. Revenue for the
company rose this year. We saw out the revenue doing well, so fundamentals clearly are doing well. But we saw a lot of downgrades today. One of them was Oppenheimer. It downgraded to perform from outperform, saying investors will struggle to rationalize the p and then Benchmark downgraded to hold from buy, saying the company will be range bound. After the big
drop today, the company is up only fourteen percent. And we remember, like just a few weeks back, we were talking about kind of real rentless rally and we can see one day of turmoil, how much of the heats it takes off.
Just one day though, So see today or one quarter? I guess, I mean, I guess we have to wait and see, right, Yeah, Like what it all means as I think about the conversation we had with Mark Mahaney.
Yeah he missed that conversation. Check it out on our podcast Speed. He's been covering these companies for years. And you know there are some idiosyncrasies with metas spending that you brought up. Yeah, that don't make investors look at it the same way as other companies that are making those investments that can then sell that capacity.
But he basically talked about how they're monetizing it in terms of advert ads. Right, he's stick right, he definitely has apperformed. He's got on that company. Hey, let's get to one that's having a tough time in today's session. Shares of Chipotle she Bot.
Is having a really bad day, to be prettcise on inter day basis, it's the worst day since twenty and twelve. The ticker is CMG. Shares plummeted after the chain could its outlook for a third time this year. And we're worried about young diners. They pulled back from eating out, and obviously there has been a lot of concern about consumer spending and this is adding up. It's not only Chipotle.
We're seeing similar sign from Shake Shack. In the third quarter for Chipotle, comparable store sales rose slightly but fell short of what Wall Street was expecting. Chipotli shares fell as much as twenty two percent in earlier trading. We actually saw some dip in cava and sweet green, So definitely the industry is reacting to this. The company saw
a world poollback in visit frequency. About about forty percent of the company customers come from household that make less than one hundred thousand doors, and we're seeing a pool back there, and that's very worse and for the economy and for young people no longer eating Chipotle.
Yes, I will tell you I this is totally anecdotal. And I never got to the lunch because of our schedule here. But yesterday we had fed day, so I had some.
Time allowed to get lunch.
Now we're lucky bring it usually, So I treated myself to one of these fast casual places. Yes, I went a little later than the lunch rush. There was only one other person in there. Oh, I was like, this is not now good. Usually there are long lines at these places.
So that a company story is it something more broadly in the.
I feel though there is definitely a little bit more of a trend. That's quite a few companies are doing well. We're seeing uh, we're seeing Chipotle and Shakeshap some of those that been hit. Also, people are eating healthier. Maybe that's part of it. Everyone's talking about.
That Chipotle was kind of healthy.
Maybe compared to Cava and Sweet Green, they're maybe a little bit healthier, not that they're doing well. They're also similaris yeah, I think it's a little bit healthier.
Skip the tortilla, right, don't get the chips.
No chips.
That's the point.
You sell it as a base, you know, it depends you can make it your own.
Twenty second time Comcast.
Comcast pretty bad day. It actually was up initially after a drnings result, but it lost one hundred thousand subscribers. This is the tenth quarter when they see a lost in subscribers. It was actually less than one of what ann expected. The revenue also beat estimates. But that said, it has just been a business that've been strolling for a very long time. Down thirty percent here today, and it's just pretty much a story of losing competition to streaming and internet providers.
Take her as CMCSA for those interested.
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.