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Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
I'm Jim Stadeveek along with Carol Masser. Let's take a look at some stocks on the move today with us as Bloomberg News cross Asset reporter Emily Graffeo. She joins us here in the studio. Everything in the green, So what you have today?
I don't have everything in the green, but we can start with a stock that is up, tim Oracle ticker o RCL. It's up about seven percent. It's still down fifteen percent on the month. But we did recently get news that TikTok is said it's being bought by a group of buyers led by the software company Oracle, and the TikTok CEO told employees that Byte Dance, their parent company, signed binding agreements to create a joint venture majority owned
by American investors, including Oracle. This is a according to an Eternal memo reviewed by Bloomberg. The kind of question mark here is whether Chinese regulators will approve the transaction in order for the deal to proceed. But when you look at what analysts are saying this will drive revenue for Oracle's cloud infrastructure business.
And then are they getting the algorithm? So okay, So the new arrangement will license the algorithms used from ByteDance and have additional oversight, with Oracle overseeing the process. It remains, though unclear how effectively it constrain subtler forms of influence, though. Dave Lee of Bloomberg Opinion, who's covered tech for years, alan the column just in the last forty five minutes. It's a must read on the terminal. But good news for Oracles.
Yeah, there's another Oracle headline, the TikTok news, probably moving the stock up more. But we also got coming today Michigan regulators unanimously approved a request from utility DTE Energy to power a massive data center development planned by Oracle and Open AI. I think we drive that stock us.
I agree with you.
I think that's important because the stock was up out of the gate right in a big way. I mean, it's up a lot more, but I agree with you that I think that certainly provides.
Some momentum in terms of the AI play.
Okay, that's momentum to the upside, a little momentum to the downside unfortunately for Nike today.
That's right, Yeah, this is a four straight day that the sportswear retailer is dropping. It's lost over ten billion in market cap just today. Biggest drops since April. Tiger nk E. We all know this company. Well, it's down about eleven percent right now. The third quarter guidance disappointed investors. So they had earnings on Thursday. They said that sales will decline this quarter a mid weakness in China and then also weakness in the Converse brand, so people not
wanting to buy up Converse. Sneakers are very personal.
Yeah, I don't know, Yeah, yeah, I mean people have multiple pairs of sneakers, so I mean there's a do you have a lot of sneakers?
No?
No, do you have a lot of sneakers? I'm a sneaker guy, not really. I will say my daughter has a multiple and in high school that's all they wore with like different kinds of sneakers, like constantly.
Right, Yeah, I don't know.
Well that point earlier today, did she Yeah, on surveillance and she said it used to be the kids all had Converse and now she said, they all have hokahs. Seriously, hokahs are cool.
Can I tell you hookahs Adidas. You don't see a lot of Converse out on the street, but I feel like they're a classic. I don't know, maybe they'll come back.
We only have a minute left. I want you to get to biomeri in Pharmaceutical.
Yes, this stock is up in a big way. It's up seventeen percent, biggest jump since November sixteen. Biomar In Pharmaceutical b m r N. They agreed to buy Amicus Therapeutics, which is a biotech company that will help the company expand its treatments for rare diseases, so they specialize in rare disease. And that stock Amicis is also up in a pretty big way, some double digit gain there. But yeah, deal news in the farm industry.
The Stock Movers Report from bloom 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.