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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 Hagar, joined by Bloomberg's Dan Curtis. Where the move is lower, particularly in tech and the memory stocks are a big part of this story.
Good morning Dan, Good morning Nathan. That's right. So right now we have Micron ticker m you down nearly nine percent in pre market, sand disc SNDK down over nine percent in pre market, and this is with Semi's there's an ETF that tracks this Soxx down six percent, So a massive pullback in Semis, particularly when it comes to memory. And a lot of the focuses on the Korean session overnight where the costs be fell ten percent, weighed down
by memory giants Samsung and sk Heinex. Retail traders there have been very active. There's been a boom and single leveraged stock ETFs tracking just the memory, so there's kind of been a lot of volatively added on there. Add to that report overnight in Korean media that highex is shifting its focus to mass production of d ramp rather than specialized HBM high bandwidth memory that is used in AI.
With HBM prices about four times higher than kind of the broader counterpart, it's causing speculation of potential slowing demand from AI centers. So there's been that kind of circulating around overnight, hitting these stocks in the pre market. But tomorrow we get a key read when Micron reports earnings, and the stock has accounted for nearly a fifth of the S and P five hundreds gains so far this year,
the single biggest driver. So we're keeping our eyes on this as the memory sell off hits, and with those earnings up on deck tomorrow.
Yeah, we'll see if the narrative shifts once we get those results. In the meantime, Dan, we will have to update SpaceX because it seems as though the shares are officially back down to earth.
They are so right now, they're trading at one forty nine seventy five in the pre market. That's down three percent, and that is below where they opened on their trading debut. Right now, if they were to open at this level, it'd be just a few pennies higher than the Friday low when they made their debut, but still they're plumbing near the lows of their you know, publicly trading session,
which has been you know, not very long, but very dramatic. Nonetheless, Monday's plunge erased four hundred billion dollars in market cap, and that's the second big biggest single day wipeout for any company, only surpassed by Nvidio. So we're talking a very volatile stock here, and the company has lost over six hundred billion in market cap from its peak amids kind of this broader route in tech stocks as well. The company build itself as an AI play and that
area is under pressure. It's also coming to the debt market to raise twenty billion dollars shortly after that IPO raise of Note two. It did get a new rating this morning from Susquehanna that was neutral, price target of one seventy. It's pretty far below that today, but we'll keep our eyes on this, especially as it looks like it could open near all time lows of its publicly traded history.
Wow.
All right, well, let's turn over to the green side of the ledger. Dan the biggest gainer among large cap stocks in the pre market this morning is also in tech IBM.
It is It has a very easy ticker too, which is up. You just said you said both the company and the ticker makes my job easier. The company has joined open AI's cyber Partner program that has the shares up four percent, and the goal of this program is to use frontier AI capabilities so companies can counter cybersecurity threats. The product is designed to be deployed within enterprise environments to prioritize areas with the highest flaws and risks. It's
also of note Microsoft is up one percent. That company has a large stake in open Ai, so even though open Ai isn't publicly traded, some of its holders are also to note around IBM, JP Morgan upgraded the company from over to overweight from neutral.
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