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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 Hager, joined by Bloomberg's Valerie Titel in a morning where I've got my list of the most actively traded stocks in the pre market up this morning, Valerie, every single one of them is in the green.
Where do you want to starch?
Good morning, Hey, Look, it is a positive day for the equity market and leading those gains for the Mac seven is Nvidia, up nearly two and a half percent in overnight trade.
This is just on the back of the fact that the.
FED cut rates yesterday because they can not necessarily because they have to, and I think that's led to a reassessment that it's risk gone after this FED cut.
It's funny that Navidia is surging.
So much because there actually was some negative news that came out of China overnight. Huawei said that they have unveiled a new AI chip technology with greater computing power in a bid to challenge Navidia's dominance in the AI chip space, but that has not deterred the tech rally.
We're seeing it in US futures.
We're also seeing it in Europe where were stocks like asml, asm, Infini and st.
Micro all up near four percent.
So it's a positive day for the AI trade on both sides of the Atlantic.
Yeah, no question.
And we've also got some deal news in the pharma space on the other side of the pond.
Now, this has to do with the obesity drug Race.
Roche, the Swiss pharma company, has agreed to buy eighty nine bio for over an eighty percent premium. We're seeing shares of eighty nine bio up over eighty three percent in the pre market.
Now.
This is Roche's third acquisition to try to position itself better in the obesity the obesity drug Race eighty nine bio develops therapies from metabolic diseases and has a key drug in late stage development that Roche is keen for. Roach agreed to pay fourteen dollars and fifty cents per share and have also agreed for a six dollars per share later.
If certain milestones are mets.
This is another landmark deal for Roch, who's trying to compete and catch up with Novo Nordisk and Eli Lilly in the OBSD drug space.
Now in this sea of green, there is some red to talk about. Tell us what's going on with Redcat.
This one is a kind of a cool story though, So yes, Redcat is down near seven percent.
This is a drone stock.
Got a lot of attention on the Departments of Defense's new drone focus of late they announced a proposed public offering of shares. Now the scant details on size and terms that was not announced yet, but it intends to use the proceeds for working capital for CAPEX spending related to unmanned surface vessels, which is essentially drone warships. The pictures are pretty cool that I've googled online of what
a drone warship looks like. So maybe a positive news for the stock in some way that they are looking for other markets outside of just air air based drone technology to help out with the Department of Defense.
Plate and another downside mover this morning, while we wait for big earnings from FedEx, we got earnings as well from Cracker Barrel. After the logo matter, how's Cracker Barrel doing this morning?
Yeah, it's not doing very well. It's down near ten percent. They gave a sales guidance which missed expectations, and also the previous quarters sales numbers weren't too strong. They're really predicting stagnating growth, similar to what they saw at the end of last year for this restaurant chain. But they're also dealing with the backlash after attempting to streamline their logo.
They removed Uncle Herschel.
Which I actually didn't know that he had a name, but they removed Uncle Herschel from their logo. It attracted widespread backlash, even from the US President, So they're still dealing with that, even though they have swapped their logo back to what it used to be and they've halted remodeling of their restaurants, but their stock is still down ten percent today.
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, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.