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The 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, starting with a stock that is moving way to the south following some headlines out of China. Give us the update on Qualcomm this morning. Good morning, val.
Hey, Good morning Nathan. Happy Friday. Qualcom shares are down over two and a half percent so far in pre market trade. This comes as China has started an anti trust investigation into the company. Now, this is a latest in a string of tip for tat moves between She and Trump is a jockey for leverage before their key meeting later this month to discuss trade. But it is affecting Qualcom shares this morning, and that is because Qualcomm
they get a majority of their revenue from China. Around sixty five percent of their revenue from the last fiscal year came from China.
It also makes up a.
Majority of their sales as well, so it does pose some issues for Qualcom if perhaps the Chinese government Chinese regulator do cast a I on them in a negative way, but it does follow a similar move from China that they made against Nvidia a month or so ago that was largely shrugged off by shares of Nvidia. But Qualcom shares are in the red down two point six percent.
Yeah, certainly bears watching as we get closer to that key meeting at the end of the month. The broader market this morning, Valerie might show a little bit of fatigue around the AI trade that we are certainly seeing it still in the most The biggest gainer on the tape this morning Applied Digital.
Applied Digital up twenty two percent in the pre market trade. Okay, this comes after earnings where their revenue did beat estimates, but they also had some positive details about expanding a lease agreement with core Weave for additional compute, so they're in advanced discussions to do that with the hyper Scaler to build and focus on a data center campus in
North Dakota. Applied Digital is a company that creates equipment for manufacturing semiconductors and has also been involved in the data center buildout.
So these shares arising higher.
On the back of these earnings announcement, up twenty two percent in pre market trade.
Another stock moving after earnings distressed for Levi Strauss.
Levis shares down nearly seven percent now. For Levi, this comes despite raising its full year outlook, despite saying that sales are going to look good into the holiday season. Essentially, the market is really hanging on at some sentiment around tariffs. They warned that tariffs are starting to bite now. While in the previous quarter they were still able to raise prices, consumers were still buying, so margins did seem okay in
the previous quarters. It does seem like there might be some skepticism over whether their margins will stay stable heading into the holiday season given that teriff warning. They did pencil in and upgrade when it came to their tariff what they're essentially penciling in for tariffs for the rest of the world ex China, that was buffed up to twenty percent. So some concern around there around the tariff warning.
For Levi, and just quickly another company that's been speculated about being a potential US government target is still catching a bit.
Yeah, this all goes back to the rare earth situation that the jockeying for power between US and China on rare earth critical medals is up eleven percent in pre market trade. It's risen eighty percent so far this week, and that is on speculation that perhaps it could be the next company that the US government takes an equity stake in. Remember, the US government is doing this in order to try to get leverage over China, which is very, very dominant in the critical metals mining space.
This stock mover's report from Bloomberg Radio. Check back with us throughout 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.