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 Romaine Bostick, Scarlet Fu, Tim Stenovec and Emily Graffeo.

- Shares of Steel Dynamics (STLD) rose along with other US-based steelmakers as traders continued to react to President Donald Trump's Friday announcement of higher tariffs on steel and aluminum. Trump hopes the increased levies will protect margins for domestic mills and spur investment in new production capacity, and shares of US steel and aluminum makers surged in after-hours trading after the announcement on Friday. But construction companies have warned that levies on steel and aluminum — which Trump had already raised from 10% to 25% — will increase the cost of critical building materials.

- Tesla (TSLA) shares fell on word that new-vehicle registrations plunged to an almost three-year low in France. The automaker sold only 721 cars in May, down 67% from a year earlier, according to French industry association Plateforme Automobile. Tesla’s registrations were the lowest since July 2022, despite the company rolling out a redesigned version of its most popular vehicle, the Model Y. Musk recently denied the need for a plan to improve Tesla’s fortunes, telling Bloomberg News in a May 20 interview that the company had “already turned around.” While the CEO claimed Tesla was seeing sales decline along with every other carmaker in Europe, manufacturers including Volkswagen AG, Renault SA and BMW AG increased deliveries in the first four months of the year.

- Applied Digital (APLD) shares rose as much as 45% today, in its biggest intraday jump since September, after the company enter into two lease agreements with CoreWeave.

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-Broadcom (AVGO) is up today ahead of earnings this week. Bloomberg Intelligence analysts are expecting the software giant to post slightly better results and guidance led by strength in AI.

-Moderna (MRNA) share rose after the drugmaker won FDA approval for its second-generation Covid vaccine. The company’s second-generation vaccine is cleared for all adults over 65 and anyone over 12 who has at least one risk factor for severe disease, Moderna said in a statement Saturday. Moderna’s Covid shot had previously been approved for people 12 years of age and older regardless of their underlying health. Vaccine makers have been on high alert to challenges under Kennedy, a longtime critic of immunizations who leads the health agency that oversees the Food and Drug Administration.

- Disney (DIS) shares are lower after it was reported that it would be laying off several hundred employees across its film and TV businesses, cuts that underscore the tough times in Hollywood are far from over. The staff reductions began Monday and are falling on employees in marketing, publicity, casting and development, along with corporate financial operations, according to the company. Hollywood has been in a cost-cutting mode for years, with production and employment in a downward spiral. Disney, based in Burbank, California, announced a retrenchment in February 2023, eliminating 7,000 jobs in a bid to cut expenses by $5.5 billion. The company later increased that target to $7.5 billion. Competitors have also laid off thousands of workers.

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On this episode of Stock Movers:
- BioNTech (BNTX) shares rise after Bristol-Myers Squibb said it will pay BioNTech SE as much as $11.1 billion to license a next-generation cancer drug. The deal includes a $1.5 billion upfront payment, $2 billion in installments through 2028, and up to $7.6 billion in milestone payments, with the partners splitting development and manufacturing costs and profits equally.
- Boeing (BA) shares gain after BofA Global Research upgraded the planemaker to buy from neutral, with analyst Ronald Epstein writing that company’s “aircraft emerged as the favored trade tool for the Trump administration in recent trade deals.”
- Nucor (NUE) shares are up after President Trump's Friday announcement that steel and aluminum tariffs will double to 50% on June 4th.

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On this episode of Stock Movers:
- Boeing (BA) shares gain after BofA Global Research upgraded the planemaker to buy from neutral, with analyst Ronald Epstein writing that company’s “aircraft emerged as the favored trade tool for the Trump administration in recent trade deals.”
- Moderna (MRNA) shares rise after the drugmaker won FDA approval for its second-generation Covid vaccine for all adults over 65 and anyone over 12 who has at least one risk factor for severe disease.

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On this episode of Stock Movers:
- US Steel (X) shares are weaker this morning on news that President Trump is threatening to raise steel and aluminum tariffs. President Trump announced that he would increase tariffs on steel and aluminum to 50% from 25%, saying the move would help protect American workers. The deal would ensure the iconic American firm remains US-owned and operated, with Trump promising that US Steel workers would receive a $5,000 bonus and that $2.2 billion of the proposed investment would be earmarked to increase steel production.
- Cleveland Cliffs (CLF) is moving in the opposite direction of its competitor this morning as its rising on the tariff news. The president made the announcement during a visit to a United States Steel Corp. plant near Pittsburgh, where he championed an expected deal between US Steel and Japan's Nippon Steel Corp.
- BYD (BYDDY) shares fell due to concerns that its price cuts are drawing government scrutiny and becoming unsustainable for the Chinese EV industry. The Chinese government and industry associations have expressed concerns about the "rat-race competition" and "vicious competition" in the auto sector, warning that it could hurt profit margins and product quality.
- Bristol Myers (BMY) is higher this morning along with the broader pharma sector as it agrees to pay BioNTech SE up to $11.1 billion to license a next-generation cancer drug, with $1.5 billion upfront and $2 billion in installments through 2028. The deal marks a major payoff for BioNTech, which initially licensed the compound from Chinese biotech Biotheus in 2023 and later bought the company outright for up to $950 million.

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On this episode of Stock Movers:

 - US Steel (X) shares are weaker this morning on news that President Trump is threatening to raise steel and aluminum tariffs. President Trump announced that he would increase tariffs on steel and aluminum to 50% from 25%, saying the move would help protect American workers. The deal would ensure the iconic American firm remains US-owned and operated, with Trump promising that US Steel workers would receive a $5,000 bonus and that $2.2 billion of the proposed investment would be earmarked to increase steel production.

 - Cleveland Cliffs (CLF) is moving in the opposite direction of its competitor this morning as its rising on the tariff news. The president made the announcement during a visit to a United States Steel Corp. plant near Pittsburgh, where he championed an expected deal between US Steel and Japan's Nippon Steel Corp.

 - Bristol Myers (BMY) is higher this morning along with the broader pharma sector as it agrees to pay BioNTech SE up to $11.1 billion to license a next-generation cancer drug, with $1.5 billion upfront and $2 billion in installments through 2028. The deal marks a major payoff for BioNTech, which initially licensed the compound from Chinese biotech Biotheus in 2023 and later bought the company outright for up to $950 million.

 - Tesla (TSLA) is moving to the downside this morning along with other big names in the tech sector. It comes as new-vehicle registrations fell further in France, undercutting Chief Executive Officer Elon Musk’s assertion last month that the carmaker has recovered from its early-year sales slump.

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On this episode of Stock Movers:

 -  European defense stocks are outperforming this morning as the UK plans to spend £1.5 billion to build six munitions factories, expand its fleet of attack submarines and invest in its nuclear deterrent.

 - Global stocks started the new month under pressure as a flare-up in global trade tensions and geopolitical uncertainty dampened investors’ appetite for risk.

 - Warsaw WIG20 index drops as much as 3.4% in early trading after the nationalist opposition candidate wins Poland’s presidential election; results are seen as a blow for pro-EU cabinet and its delayed reforms agenda as well as a test for this year’s rally on local assets.

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- Ulta Beauty (ULTA) shares surged the most since 2020 after delivering first-quarter results that topped Wall Street estimates, signaling that shoppers are buying up beauty products despite growing economic concerns. Profit last quarter was $6.70 a share, the company said Thursday after markets closed, beating analyst expectations for $5.80. Comparable sales were also higher than expected. The company boosted its full-year outlook for sales and profit. The better-than-expected results bode well for the turnaround plan led by Steelman as growing economic worries push consumers to pull back spending elsewhere. The company’s effort in part leans on exclusive products such as a new hair-care line from Beyoncé.
- Elf Beauty (ELF) shares surged on Thursday, after the cosmetic company agreed to acquire Hailey Bieber's beauty brand, Rhode, for $1 billion.
- Texas Pacific Land (TPL) fell for its eighth consecutive day on Thursday, its longest losing streak since April 2023.

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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 Romaine Bostick, Scarlet Fu, Carol Massar and Jess Menton.

• Ulta Beauty (ULTA) shares surged the most since 2020 after delivering first-quarter results that topped Wall Street estimates, signaling that shoppers are buying up beauty products despite growing economic concerns. Profit last quarter was $6.70 a share, the company said Thursday after markets closed, beating analyst expectations for $5.80. Comparable sales were also higher than expected. The company boosted its full-year outlook for sales and profit. The better-than-expected results bode well for the turnaround plan led by Steelman as growing economic worries push consumers to pull back spending elsewhere. The company’s effort in part leans on exclusive products such as a new hair-care line from Beyoncé.
• Costco (COST) shares were up after the retailer posted better than expected earnings in the third quarter, a sign that the nation’s largest club chain is flexing its scale and devoted following to navigate tariffs and economic turbulence. Costco is the latest big-box retailer to post quarterly results, as investors and analysts search for clues on how shoppers are spending. Many consumer-facing companies have posted soft results in recent weeks with Target Corp., Procter & Gamble Co. and Kraft Heinz Co. slashing their annual outlooks. Walmart Inc. and a handful of names have been outliers with strong results. Sweeping, on-again, off-again US tariffs have upended operations across industries, fueling chaos among companies, investors and consumers. Courts are weighing in on whether these tariffs can stay in effect.
• Gap (GAP) shares dropped nearly 21% during trading on Friday after the apparel retailer predicted a tariff impact of as much as $300 million, offsetting better-than-expected results at its biggest brands. On Thursday, Gap said tariffs could result in a $250 million to $300 million hit if they remain at current levels of 30% for most goods from China and 10% for other countries. The retailer said it has strategies to mitigate more than half of that cost. Gap reiterated its full-year guidance for sales and operating income, but added the outlook doesn’t include the potential impact of any duties.

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On this episode of Stock Movers:
- Gap (GAP) shares sink after the company predicted a tariff impact of up to $300 million and revealed weakness at Banana Republic and Athleta. The retailer reiterated its guidance for sales and operating income this year, but this does not include the potential impact of tariffs, and has strategies to mitigate more than half of the tariff cost.
- Costco Wholesale (COST) shares rise after the company posted better-than-expected earnings in the third quarter, with earnings per share of $4.28, above Wall Street analysts' expectations. The company is navigating tariffs and economic turbulence by flexing its scale and devoted following, and is expected to implement price increases later in the year on a selective basis.
- Airbnb (ABNB) shares fall after Truist Securities cut its recommendation to sell from hold and lowered its price target to $106 from $112.

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