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 Stenoveek with Carol Masser. We are joined by Bloomberg Television Markets correspondent Nora Melnda for some stocks on the move? What do you got, Noura?
So we can't stop talking about Nike. That's what I've got in mind to start things off. Ticker ink e a brutal day for the company, down about sixteen percent if you look at the size and scope, the lowest level since October of twenty fourteen. So no great investors not really liking what came out of earning, so they said that they expect revenue to decline this quarter and
through the rest of this year. But what we do know is we've been getting reporting that the CEO, Elliott Hill, was telling staff that he wants to shift from fixing the business to actually driving growth. So we do understand that he did breast some frustrations there. But I mean, I've also just been looking at the performance of the company, and we know that this has really been a company
that's been really struggling to chart a turnaround story. The stock is not about thirty percent so far in twenty twenty six. But interestingly, Wall Street I was looking about fifty seven percent of the analysts still say to buy the stock. But you know, I think in terms of Wall Street in their perception today, at least they weren't too pleased.
Wasn't it when the numbers crossed?
They we didn't get the outlook right away right all this country, we were all just kind of waiting for a yeah, and then we get it. Weakness and greater China re fallowing Converse sales or among management's biggest challenges. China is a story we've been talking about for a while with Nike.
See China.
I did know I thought the Converse were timeless.
No, I don't know. I don't really wear Converse. The daughter chick Taylor's right, Yeah, I guess so, I don't know. You know what's amazing?
They're padding, aren't they what?
I'm curious?
Okay?
Authentic? Well, we reported yesterday Lillie Meyer and Eliza Ronaldshannon that a potential suitor for Converse could be an Authentic Brands group. They've expressed interest in buying Converse if it's put up for sale. According to people familiar with the masters, can I just.
Tell you often when I am on a subway or even this morning, I was walking through the platform, the subway platform, and I wanted to take a video as I walked along, because everybody has sneakers on. Yeah, everybody, and they're all different kinds of brands. It is such a crowded competitive field. And I know nice all birds right right, exactly, all Birds. I remember when they came out bottom bottom bottom, but I haven't bought them for years a minute.
Right now, they're winding down after selling assets for thirty nine million dollars.
The thing is Nike is iconic, and I'm not quite sure. Is it a bigger nut and harder to move?
I don't know, I don't know.
I just want to add one more thing. The interest is long standing. Nike so far hasn't engaged in discussions with the owner of Reeboking Champion, nor has Authentic made any official overture. According to the people who asked not to be identified because they weren't authorized to speak publicly about.
The situation, I'm going to go back to the CFO saying they're going to be imagining costs carefully, so that's going to put pressure on everybody as they as they try to make things turn around.
Sorry, we like this story too, it's interesting. Thank you, multiple chapters to unfold.
Well, this is a going to name that ended in the green today and we can't share some of intel I INTC closing hired by about eight percent today. This is after the company agreed to pay about fourteen billion dollars to pay back half of a plant in Ireland that it had previously sold to Apollo Global so Da Davidson, the analyst over there, did say that they think that
this move bodes well for the company's turnaround story. The deal will apparently be funded with cash on hand and roughly about six and a half billion dollars in new debt. So clearly Wall Street was happy with this, and you know, stock ending higher on the day. Sixty nine percent of analysts on Wall Street do say though, to hold the stock. We know that this company is up about thirty percent so far in twenty twenty six.
Got to believe they're not going to do this unless they're upbeate about the outlook. Make that spend let's go on over to a couple of drugstocks.
Yeah, I mean, whenever you're looking for news, I feel that you know your biotechs, your drug companies, healthcare, they're always moving. I'm looking at shares of e Take your l Y as well as Novo Nordis ADRs take your Vo. So we did see Eliley closing higher by about three percent. We do know that the FDA did approve the drug maker's obesity pill Fundio under the agency's National Priority Voucher Pilot program. We know what's kind of been a back
and forth with these two companies. They're obviously always duking it out, I mean, but both of them really struggled this year. So it's really about which company is able to bring new things online that their investors can really sink their teeth into. And especially when we think about the fact that the OBCD space has been a really you know, buoyant, what popular industry as of late, this is where they really want to lean into. But both
stocks are down so far this year. Ellllly shares down by about eleven percent and Novo Nordius ADR is down by twenty eight percent in twenty twenty.
Six, big all right, good stuff.
Check out our Stockmovers podcast, five minute episodes of the big winners and losers in the stock market. Find it on Apple, Spotify or anywhere.
Getsch podcast the Stockmover'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, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.