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I'm Destetific along with Carol Masser, and we are joined by Bloomberg and use equities reporter Avalon Pronell for a look at some stocks on the move this week. Yes, what do you got for us in the shortened trading week?
As you mentioned, a shortened trading week, but we can definitely start off with Nike. That's ticker KE. Not a great week, to say the lease. It fell about fourteen percent into the close, closing down at its lowest level since twenty fourteen. That's after the sportswear company forecasts a revenue drop of as much as four percent for the
fourth quarter. Bank of America writing get a note that they thought that there was going to be improved performance and that the results would mean a return to growth in the first quarter. Instead, management has initiated guidance for sales to remain negative. Now, we can all remember that Nike is in the early stages of a turnaround a new CEO, and this is actually the first forecast under that new CEO Elliott Hill. But definitely still going to be an interesting time for Nike.
I mean it's an interesting time.
Yeah, it's that's the problem, and that's the had this great piece. If you missed it, check it out on the Bloomberg terminal, Lily Meyer writing the story. It's at Boomberg dot com as well. But it's about this this uh message that Elliot Hill gave to employees this week saying he's he's ready to start winning again and trying to rally the troops. It's it's a challenge to do
that when you work at a publicly traded company. The stock has been beaten up so much and so much compensation has to do yeah, with a stock.
Press, and the CFO talked about cutting calls, so that puts pressure on them what they are trying to kind of turn around. I mean, let's not be silly. It's a well known brand, iconic brand, still sells a ton of stuff, but it's been stuck.
Well, my seven year old like loves and yeah, just based on the stars. He sees where it when you know, he watches sports, what the kids talk about at school. Yeah, he knows what Nike is.
Yeah, so I know. So that's why I'm saying, you know, you gotta believe. But we have seen great brands come under pressure. Think about Apple and the runs that it has had over its happy fifty year history.
Good Birthday Apple, Yes, sEH, I did that?
Yeah, all right, where should we go?
Yeah, let's head over to Echo Star.
Get me out of here.
The come on cause that is ticker SATs. It closed up fifteen percent this week. We can finally see some green. That's after several updates on Elon Musk spakes X's IPO plans. They filed confidentially for an IPO earlier this week and are said to be targeting a two trillion dollar IPO evaluation. According to our reporting this week, that would make the company bigger than all but five companies in the S and P five hundred.
It's in. The reporting around this is absolutely amazing. Kyle Port, Eric Johnson, Bailey Liptwolta with the most recent story that you just mentioned, could target evaluation of over two trillion dollars. It's the world's most valuable startup. We're also got to report this Thursday from Reuter's that said SpaceX has had discussions with Sadi Arabia's public Investment fund about that fund potentially taking an anchor stake of around five billion dollars in the IPO.
As they can.
They got the.
Money, They got the money. Yeah, Yeah, a lot of excitement around that one. That's a big deal. I don't even remember talking about this stock throughout the week. Do you the next one that she's going to go.
To hold on? I have to look at my notes.
Lumentum Holdings tacker l E. It's kind of a little known name, but it rose twenty six percent this week, closing today at a record high, and it joins a small group of optical component makers that have become the
market's latest darlings. My coworker Ryan had a great story out about it this week about how Lumentum plays a crucial role in data centers, especially as rising usage requires increasing amounts of bandwidth, and the stock is one of the top performers in s A P five hundred this year, already up one hundred and twenty four percent.
Wow Siena Corp. At least, according to our supply chain analysis on the Bloomberg twenty two percent of that company's revenues. Alphabet is also a big customer about twenty one percent. Looks like it's the second biggest customer. Apple's a customer, Amazon's a customer, Cisco's a customer. That's a pretty nice customer.
List.
Could have been one of our gainers today, Carol.
Thanks very much for that.
Could have been.
You know, it's a good thing.
We have a long weekend here. I'm just gonna say, just kidding. Those are great names, really really great. Thank you so much. Avalon. Have a great weekend. That is, of course, Avalon Pernella Bloomberg News and check it our Stock Movers podcast, five minute episodes big winners or losers in the stock market. You can find it Apple, Spotify, or anywhere you get your podcasts.
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