SpaceX Overtakes Amazon in Third Trading Day, Take-Two Soars, La-Z-Boy Rises After Earnings - podcast episode cover

SpaceX Overtakes Amazon in Third Trading Day, Take-Two Soars, La-Z-Boy Rises After Earnings

Jun 16, 20264 min
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Episode description

On this episode of Stock Movers:

- SpaceX (SPCX) jumped for a third straight day on Tuesday, overtaking Amazon.com Inc. in value to become the fifth-largest stock in the world. Shares closed 4.8% higher, pushing its market capitalization to $2.65 trillion, roughly $8 billion higher than Amazon’s. At the stock’s intraday high, the market value of Elon Musk’s rocket and AI company topped Microsoft Corp. to briefly become the world’s fourth-largest stock. SpaceX announced Tuesday that it has formally agreed to take over Cursor in a deal that values the AI coding startup at $60 billion. Cursor investors will have the right to receive SpaceX stock based on the implied equity value of Cursor, according to a company filing.

- Take-Two Interactive (TTWO) shares gained as much as 5.2% after Piper Sandler estimated the video-game maker would have 46 million unit sales of Grand Theft Auto VI when the game launches. 

- La-Z-Boy (LZB) shares traded higher after the market close after it delivered earnings the beat estimates.

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Transcript

Speaker 1

Bloomberg Audio Studios, Podcasts, Radio News.

Speaker 2

The Stock Movers report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.

Speaker 1

I'm Tim Stanebeck along with Carol Master. Let's take a look at some stocks on the move today. We're joined by Bloomberg News Stocks reporter Carmen Ryanicky, Carmen. We've talked a lot about SpaceX, got to talk about it. We're going to do it so.

Speaker 3

More one, of course, of course we are, and you know, honestly, there's a lot of talk to talk about with SpaceX today. So this is tick our SPCX shares closed up about what four point eight percent? Wild ride though, yeah, the stock did gain enough. It closed at a market valuation higher than Amazon, so now becoming the fifth largest stock in the world. Huge, huge gains, more than what two point eight sorry closed it about a two point seven trillion valuation.

Speaker 2

I know, listened.

Speaker 1

It makes us all pausites stop, right, It's like, wait, what.

Speaker 3

Really big numbers? But at the intra day high, so it was up seventeen percent at one point before it paired much of those games.

Speaker 2

But at that.

Speaker 3

Intra day high, it briefly eclipsed Microsoft in market value as well, so that almost became the fourth largest stock. Some you know, a level will definitely be watched. It's still big, it's very large.

Speaker 1

Elon Musk is worth as at the end of day yesterday, the Bloomberg Billionaires IndX is not updated for Tuesday, eddies worth one point two seven three trillion dollars. The change in yesterday was just up one hundred and sixty four billion dollars. So that's like, you know, good enough to be like an entire Jim Walton in one day. Yeah, year to day up six hundred and fifty three point

eight billion dollars. But like you said, today's SpaceX move was a wild ride because it was up as much as what seventeen percent earlier in the session, and then there was a moment toward the end of the day where I was thinking this could actually end in the red because it was it was going down. But you know what, it has never been down at this point, not yet.

Speaker 3

Day three, perfect record.

Speaker 2

Yeah, every day.

Speaker 3

Yeah, and we'll see what happens tomorrow and some news right in terms of yeah, cursor, Yeah, I think it's interesting.

Speaker 2

All right from space X to Take two interactive.

Speaker 3

We go, yeah, let's do a little bit of a pivot. So this is Take two ticker t t o W shares in the regular session today closed up six point four percent best cents or about sorry, the best in about a month since May twenty first. So I was looking at this because this was actually the top performer in the S and P five hundred today kind of stood out to me. It's a very you know, a

stock where the company makes video games. So what drove the games today is that Piper Sandler estimated the video game maker would have forty six million unit sales of Grand Theft Auto five when the game launch.

Speaker 1

Just stuff, Timbo.

Speaker 3

I was just going to say, I'm like, oh, I don't want to get it wrong.

Speaker 1

I was just going to say, every time I walk by Carol's desk, she's playing Grand Death Auto, and it's like, I'm like, Carol, can you focus on the show?

Speaker 3

I don't.

Speaker 1

It's really it's really not something you should be doing at work. What's next?

Speaker 3

Okay, A really high tech company, A high tech company, honestly a company you think we could all use some of their products right now?

Speaker 1

Therese are probably some chips in there to make it right because.

Speaker 3

They move around.

Speaker 1

What are you talking about.

Speaker 2

Lazy point?

Speaker 3

Okay, well you're talking about AI chairs. I'm talking about taking a nap. So lazyby tr LZB, this stock is trading. It's up about fourteen percent after hours. It reported earnings, so they forecast sales for the first quarter I think of a little bit higher than analysts expected. But they also reported that they posted a better than I expected profit I believe, and something that's driving that is actually efforts to grow its retail stores.

Speaker 2

The Stock Movers 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.

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