Elevance Health Declines; Verint Systems Possible Acquisition; Apple Upgrade
On this episode of Stock Movers:- Elevance Health (ELV) is the biggest downside mover this morning after Centene Corp. (CNC) pulled its 2025 guidance due to insurance market trends that differed from its assumptions, threatening $1.8 billion in revenue. Both shares are diving lower. Centene also reported a "step up" in Medicaid costs, which it expects will increase a key measure of medical expenses in the second quarter.- Verint Systems (VRNT) is higher in the premarket as buyout firm Thoma Bravo is in talks to acquire Verint Systems Inc., a maker of call center software, according to people familiar with the matter. Thoma Bravo is negotiating the terms of a potential deal with Verint, which is working with an adviser, said the people, who asked not to be identified discussing confidential information.- Apple (APPL) shares are higher as it gets an upgrade on Wall Street. Jefferies raised its recommendation on the tech giant to hold from underperform. Analyst Edison Lee says a good 3QFY25 could keep AAPL stock stable in the near-term- Constellation Brands (STZ) is lower this morning after it posted a small EPS miss in its latest earnings, which analysts attribute to weaker-than-expected sales for its beer. The report was a mixed bag as the company continues to weather the storm of weakening end markets and poor macro data, analysts add.See omnystudio.com/listener for privacy information.
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Greggs Slump, Bytes Sharp Drop, Renewable New Wind
On this episode of Stock Movers:- Greggs Plc shares plunged after it said its full-year profit may be lower than last year as high temperatures in June discouraged people from eating out. The shares slumped as much as 15% in early London trading, the biggest intraday drop since January.- Bytes Technology shares fall as much as 27%, the steepest intraday drop since a 2020 IPO, after the UK software provider issued a profit warning, citing a challenging macroeconomic environment that has led some customers to defer buying decisions. - European renewables stocks rally after a US excise tax seen as an existential threat to the solar and wind industry was stripped from the Senate GOP tax megabill that passed the chamber in a tie-breaking vote Tuesday. A Goldman Sachs index of renewables trades at a fresh 2021 high Among individual names, Vestas jumps over 8%, Orsted is up 5.5%, Nordex gains 1.9%, EDP Renovaveis rises 3.2% and SMA Solar is up 7.6%See omnystudio.com/listener for privacy information.
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Closing Bell: Tesla Drops, Warner Bros. Slumps, Constellation Brands Profit Misses
Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Matt Miller.- Tesla (TSLA) shares fell today as investors expect vehicle deliveries to decline for the second consecutive quarter. CEO Elon Musk has assumed oversight of Tesla's sales in Europe and the US following the departure of longtime deputy Omead Afshar, people familiar with the matter said. Afshar was responsible for Tesla’s sales and manufacturing operations in North America and Europe before leaving the EV maker late last month. Following his exit, Musk and Tom Zhu, a senior vice president, are divvying up reporting lines as Tesla looks to recover from another quarter of declining vehicle deliveries. Tesla likely delivered around 389,400 vehicles in the three months that ended in June, according to analysts’ estimates compiled by Bloomberg. That would be down roughly 12% from a year earlier, following a 13% drop in the first quarter.- Warner Bros. Discovery (WBD) shares were lower after Advance/Newhouse sold 100 million shares for about $1.1 billion via a block trade, according to a recent filing.- Constellation Brands (STZ) reported earnings and profit trailed expectations in the first quarter due to weaker consumer demand for alcoholic beverages and higher costs from aluminum tariffs .Earnings excluding some items were $3.22 a share in the period, missing the average analyst estimate by 10 cents. The company’s beer margins were hit by President Donald Trump’s 25% tariff on imported aluminum cans — a key packaging material for its Mexican-made beers such as Modelo and Corona.Constellation is navigating multiple headwinds including tariffs, muted beer sales, and more drinkers cutting back on alcohol and turning to alternatives such as cannabis. The company has also cited a pullback among Hispanic consumers — who make up more than half of Modelo drinkers — amid concerns about inflation, immigration and job security.See omnystudio.com/listener for privacy information.
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Tesla Falls, Sweetgreen Downgrade, Nike Rises
On this edition of Stock Movers:- Tesla (TSLA) shares are down, with Tesla CEO Elon Musk and President Donald Trump renewing their feud over the $3.3 trillion tax and spending bill. Earlier today, Tesla shares were rallying off the back of launching a limited driverless taxi service is about to be tested by what analysts expect will be another downbeat quarterly sales report. The electric-car maker likely delivered around 389,400 vehicles in the three months that ended in June, according to analysts’ estimates compiled by Bloomberg. That would be down roughly 12% from a year earlier, following a 13% drop in the first quarter.- Sweetgreen (SG) shares fell after TD Cowen downgraded it to hold from buy, saying the salad restaurant chain’s key urban footprint “appears to be under extreme pressure.” Analyst Andrew Charles says that according to his calculations, year four or older stores are showing same store sales down by double-digit percentages.- Nike (NKE) shares are up after Argus Research analyst John Staszak upgraded the athletic footwear and apparel company to buy from hold on view that a “recovery is underway.” Nike’s efforts to clear inventory in 2H of the year has resulted in most of the company’s products being “up-to-date,” and attracting customers, Staszak wrote. Other positives include the utilization of its e-commerce channel to improve pricing, and plans to reduce its imports from China to high single digits, compared with a mid-teens level previously.See omnystudio.com/listener for privacy information.
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Tesla Lower on Musk-Trump Latest; Robinhood Gains; Wolfspeed Bankruptcy
On this episode of Stock Movers:- Tesla (TSLA) is moving to the downside this morning after President Trump lashed out at Elon Musk, accusing the Tesla and SpaceX chief executive officer of benefiting excessively from government subsidies for electric vehicles. "Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” Trump said in a Truth Social post. - Robinhood (HOOD) is gaining in the premarket after the company announced it will make tokenized US securities for 150,000 customer in 30 countries, available 24 hours a day. In the wake of the announcement, Mizuho raised its price target to $99 from $80, lauding the firm’s “unmatched product velocity.” Mizuho analyst Dan Dolev (outperform) says Robinhood’s product development “makes it hard to keep up with innovation;” believes Robinhood should be re-rated as new products merit a bigger premium vs. peers.- Wolfspeed (WOLF) shares gained 95% in premarket trading after the chipmaker said on Monday night it would file for bankruptcy to enact a creditor-backed plan to slash $4.6 billion in debt. The company filed for reorganization under Chapter 11 and expects to emerge out of bankruptcy by the end of the third quarter.- Sweetgreen (SG) is lower as TD Cowen downgrades to hold from buy, saying the salad restaurant chain’s key urban footprint “appears to be under extreme pressure.” Analyst Andrew Charles says that according to his calculations, year four or older stores are showing same store sales down by double-digit percentages. More weight being placed on suburban markets for net restaurant growth, but moves into new, unproven geographies means lower visibility on sales development.See omnystudio.com/listener for privacy information.
Stock Movers features five-minute conversations on today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.
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