Stock Movers

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Eric Balchunas, Katie Griefeld, Carol Massar and Tim Stenovec

• Activist investor Elliott Investment Management has built a stake of about $4 billion in PepsiCo (PEP) with plans to call for changes at the struggling beverage maker. The position makes it one of PepsiCo’s largest investors, the activist said Tuesday in a letter to the company board of directors. PepsiCo said will review Elliott’s perspectives in the context of its growth strategy, which it said is positioned to accelerate growth and deliver long-term value for shareholders. The soda-and-snacks maker has struggled in the face of competitive pressure and changing consumer tastes, with its market value plunging more than 20% from a peak in May 2023.
• Kraft Heinz (KHC) plans to split into two separate companies, one selling Heinz ketchup and other iconic condiments, and the other including slower-growing grocery products. The goal of the split is to give the company's top-performing sauces and spreads more room to run, while allocating reliable cash flow to the slower-growing grocery staples. The separation will occur through a tax-free spinoff, with the two companies' names to be determined later, and is expected to close by the second half of 2026.
• Nvidia Corp. (NVDA) closed below its 50-day moving average of $171.06 for the first time since May as investors rotate out of the leading maker of artificial intelligence chips. The stock fell to $170.74 on Tuesday, a fourth straight negative session, with the next level of support seen at $160, followed by $145. Despite the recent drop, the stock remains up more than 80% off an April low and analysts see upside of more than 20% from current levels.

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On this edition of Stock Movers:

- PepsiCo (PEP) shares jumped today after activist investor Elliott Investment Management has built a stake of about $4 billion in PepsiCo Inc., with plans to call for changes at the struggling beverage maker. The position makes it one of PepsiCo’s largest investors, the activist said Tuesday in a letter to the company board of directors. PepsiCo said will review Elliott’s perspectives in the context of its growth strategy, which it said is positioned to accelerate growth and deliver long-term value for shareholders. The soda-and-snacks maker has struggled in the face of competitive pressure and changing consumer tastes, with its market value plunging more than 20% from a peak in May 2023. In a presentation released Tuesday, Elliott outlined its plans for PepsiCo, which include potentially restructuring its beverage unit and reviewing its snacks offerings.

- Constellation Brands (STZ) shares slumped today after the alcohol beverage company cut its fiscal 2026 guidance, citing weak consumer demand. Peers including Molson Coors, Anheuser-Busch ADRs, Boston Beer and Brown-Forman are also trading lower.

- Kraft Heinz (KHC) shares are sliding today after news broke that the company plans to split into two separate companies, undoing a mega-deal ushered in a decade ago that turned the maker of Kraft Mac & Cheese into one of the largest packaged food sellers in the world. Following the breakup, one company will sell Heinz ketchup, other iconic condiments and boxed meals that comprise its fastest-growing global brands with $15.4 billion in annual sales. The other firm will include slower-growing grocery products, such as Oscar Mayer hot dogs and Lunchables, which currently generate revenue of $10.4 billion.

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On this episode of Stock Movers:
- TSMC (ADRs) drop after the US has revoked Taiwan Semiconductor Manufacturing Co.'s authorization to freely ship essential gear to its main Chinese chipmaking base, potentially curtailing its production capabilities at that older-generation facility.
- PepsiCo (PEP) shares rise after news that Activist investor Elliott Investment Management has built a stake of about $4 billion in PepsiCo Inc., with plans to call for changes at the struggling beverage maker.
- Caterpillar (CAT) shares fall as Wall Street analysts continue to weigh in on the construction and mining equipment manufacturer’s expectations for tariffs to have an even greater impact on its business.

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On this episode of Stock Movers:
- Constellation Brands (STZ) shares slide after the alcohol beverage company cut its fiscal 2026 guidance, citing weak consumer demand, which will hurt inventory rebalancing at the distributor level.
- Elf Beauty (ELF) shares drop after Deutsche Bank downgraded the cosmetics company to hold from buy.
- Frontier Group (ULCC) shares rise after Deutsche Bank raised the recommendation on low-cost carrier to buy from hold saying the firm is best-positioned to benefit from rival Spirit’s bankruptcy.

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On this episode of Stock Movers:
- Kraft Heinz (KHC) shares are down after the company said it will separate into two publicly traded companies in a tax-free spinoff, aiming to simplify operations and boost shareholder value. The transaction is expected to close in the second half of 2026.
- PepsiCo (PEP) are among the most active premarket shares and are rising after the Wall Street Journal reported Elliott Investment Management has taken a significant stake to become the consumer giant's top five active investors excluding index funds.
- Klarna's shares are set to move as its IPO approaches. Klarna and some of its shareholders are seeking to raise as much as $1.27 billion as the financial-technology company revives a New York initial public offering. The company and some of its backers are offering 34.3 million shares for $35 to $37 apiece, with the IPO expected to price Sept. 9. Klarna plans to sell 5.6 million shares in the offering, and selling holders are set to offer 28.8 million shares, with the company aiming to list on the New York Stock Exchange under the symbol KLAR.

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On this episode of Stock Movers:
- Kraft Heinz (KHC) shares are moving after the company said it will separate into two publicly traded companies in a tax-free spinoff, aiming to simplify operations and boost shareholder value. The transaction is expected to close in the second half of 2026.
- Nvidia (NVDA) shares are down in the premarket. While there's no clear catalyst for the dip, fears over AI development in China and geopolitical and trade uncertainty could all weigh on the stock.
- Air Lease Corp (AL) is moving on news the aviation finance firm built by industry pioneer Steven Udvar-Hazy, agreed to a $7.4 billion sale to a group led by Sumitomo Corp. and rival SMBC Aviation Capital. SShareholders of Los Angeles-based Air Lease will receive $65 a share in cash from the buyers, backed by entities affiliated with Apollo managed funds and Brookfield, according to a statement Tuesday.
- Frontier Group (ULCC) jumped in the premarket after Deutsche Bank raised the recommendation on low-cost carrier to buy from hold saying the firm is best-positioned to benefit from rival Spirit’s bankruptcy.
- Tesla (TSLA) shares are also lower as world leaders in Asia meet in Beijing amid concern over US tariffs. President Vladimir Putin appears to have secured a diplomatic win with a massive pipeline deal that would tie Russia and China together for decades and could redefine the global gas trade.

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On this episode of Stock Movers:
- Nestlé dismissed Chief Executive Officer Laurent Freixe after only a year due to an undisclosed workplace affair, extending the management turmoil at the world’s biggest food company that’s known for its conservative corporate culture. Nestlé shares fell as much as 3.6% in early Zurich trading on Tuesday, and they’re down 19% over the past 12 months.
- The profit expectations for British American Tobacco’s new category businesses are “seriously overblown,” RBC writes in note as downgrades to underperform from sector perform. The stock declines as much as 2.8%.
- HSBC analyst Erwan Rambourg raised the recommendation on LVMH Moet Hennessy Louis Vuitton SE to buy from hold. LVMH shares rose as much as 3%.

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On this episode of Stock Movers:
- Defence stocks Rolls-Royce and BAE Systems are helping provide a sizeable boost to the FTSE 100 as trading gets underway.Norway has picked the UK as the supplier of frigates for its navy, in what would be the biggest ever investment in the Nordic country’s defense. It would also support 4,000 jobs in the UK, more than half of them at BAE Systems' Glasgow shipyards.
- The growth outlook for Tesco remains intact, JPMorgan writes in note as it places the retailer on a positive catalyst watch ahead of first-half earnings on Oct. 2.
- Orsted shares gain as much as 4.7% after Equinor decided to support the proposal to strengthen the offshore wind company’s balance sheet. Meanwhile, BofA cut its price target on Orsted to a new street low citing US uncertainty.

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On the edition of Stock Movers:
- Wynn Resorts (WYNN) was among the week's biggest movers. It rose this week after UBS raised its recommendation to buy from neutral, citing growing appreciation for its Al Marjan project.
- eBay (EBAY) shares fell this week as Wall Street anticipated the end of the de minimis tariff exemption. De minimis, a US trade provision dating to the 1930s, which eventually cleared the way for more than a billion small parcels each year, ended Friday. While winners and losers are emerging, the extra time, paperwork and money are gumming up the gears of global e-commerce and adding a fresh layer of confusion in President Donald Trump’s reordering of international trade. The value of goods subject to the “de minimis” tariff exemption — from Latin meaning “too small to matter” — has been $800 since 2016, very generous by global standards. The number of small packages entering the US duty-free exploded to nearly 1.4 billion last year, a 600% increase over the prior decade, according to US Customs and Border Protection. An estimated three-quarters or more came from China, with a big share from SheIn Group and Temu.
- Nvidia (NVDA) was one of Wall Street's biggest stories this week. The the world’s most valuable company, gave a tepid revenue forecast for the current period, signaling that growth is decelerating after a staggering two-year boom in artificial intelligence spending. Sales will be roughly $54 billion in the fiscal third quarter, which runs through October, the company said in a statement Wednesday. Though that was in line with the average Wall Street estimate, some analysts had projected more than $60 billion.

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On this episode of Stock Movers:
- Kraft Heinz (KHC) shares rose after the Wall Street Journal reported it could be announcing a breakup as soon as next week.
- Dell (DELL) shares declined after the company booked fewer sales of artificial intelligence servers than in the previous three months and reported profit margins on the powerful machines that fell short of analysts’ estimates. The need for computing to run AI tools has led to a sales boom for makers of high-powered servers like Dell, Super Micro Computer Inc. and Hewlett Packard Enterprise Co. Investors have been concerned about the profitability of AI servers, however, which depend on expensive processors from companies such as Nvidia and Advanced Micro Devices. 
- Caterpillar (CAT) shares sunk after it warned investors it now expects tariffs to have an even greater impact on its business, costing as much as near $2 billion this year. The company is one of the world’s biggest makers of machinery for mining and construction. Tariffs already took a bite out of Caterpillar’s second-quarter results, with costs coming in at the top end of its estimated range disclosed in April.

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