Stock Movers

On this episode of Stock Movers:

- SpaceX (SPCX) shares declined for the first time since its record initial public offering, snapping a three-day rally that had reached nearly 50%. Shares of Elon Musk’s rocket and AI firm fell about 5% after a volatile session that saw the stock initially gain as much as 6% before reversing. The decline dragged SpaceX back below Amazon.com Inc. in value, making it the sixth-largest company in the world with a market capitalization of about $2.5 trillion. Still, the shares are more than 42% above their $135 IPO price.

- CarMax (KMX) shares dropped after same-store sales and used-car profit declined for a fourth straight quarter, raising questions about the durability of its turnaround effort. Shares tumbled as much as 9.4% in New York trading. The stock had gained 35% this year through Tuesday’s close, though it’s still down by two-thirds since its 2021 high.

- Allbirds (BIRD), the maker of once-viral wool sneakers that suddenly announced a pivot to artificial intelligence earlier this year, has officially renamed itself Smartbird Inc. and is tapping the former leader of a Danish AI infrastructure group as its new chief. Nadia Carlsten is taking over as chief executive officer, replacing Joe Vernachio who has resigned from the company and the board of directors. Lily Yan Hughes, who has served as an independent director on the company’s board, was appointed board chair. The company’s shares initially soared on news of the pivot to AI, but the stock has since erased much of those gains.

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On this episode of Stock Movers:
-SpaceX (SPCX) shares drop, erasing a gain that had reached 6% earlier in the session. The decline puts the stock on track to snap a three-day winning streak that had pushed shares nearly 50% above their $135 IPO price.
-CME Group (CME) shares drop. CME Group Inc. Chief Executive Officer Terry Duffy is handing over the reins after more than 25 years at the world’s largest derivatives exchange. Duffy will step down as CEO on March 1 and transition to executive chairman, with Chief Financial Officer Lynne Fitzpatrick taking over as CEO.
-Coinbase (COIN) shares fall after the company announced a redesigned Base app and new products like an AI-powered adviser, private transactions, pre-IPO perpetual futures, options trading and tokenized stocks.

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Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- SpaceX (SPCX) shares are climbing higher yet again. Shares are poised for a fourth straight day of gains, reinforcing the company’s place among the world’s largest after it surpassed Amazon.com by market value.
- La-Z-Boy (LZB) shares are higher after the home furniture store’s reported adjusted earnings per share for the fourth quarter beat the average analyst estimate.
- CarMax (KMX) shares are moving after it reported net sales & operating revenue for the first quarter that beat the average analyst estimate.

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Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- BMW shares fall as much as 12% to their lowest since November 2020 after the German carmaker slashed its profitability forecast and ramped up its cost-cutting program, flagging worsening demand in China and negative sentiment from the war in the Middle East.
- Hapag-Lloyd shares rise as much as 6.1%, before paring the move, following a Manager Magazin report that Mediterranean Shipping Company owner Gianluigi Aponte has enquired with shareholders in the German container shipper about buying a stake.
- AO World Plc is replacing UK call center employees with recruits based in South Africa, as the online household goods retailer hit out at higher taxes and other costs on businesses imposed by the British government.

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Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- BMW shares fall as much as 12% to their lowest since November 2020 after the German carmaker slashed its profitability forecast and ramped up its cost-cutting program, flagging worsening demand in China and negative sentiment from the war in the Middle East.
- Shares in Auto1, the platform for buying and selling used cars, rose after providing long-term financial targets for its Merchant and Retail segments at today’s capital markets event.
- Hays shares rise as much as 7.4%, the most in almost two months, after the recruitment company said it has offloaded operations in six countries and is considering options in a number of other nations. Panmure Liberum said the move is the right thing to do.

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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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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, Katie Greifeld, Carol Massar and Tim Stenovec.

- SpaceX (SPCX) jumped for a third straight day on Tuesday, overtaking Amazon 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.

- Snap (SNAP) introduced Specs, a $2,195 pair of augmented reality glasses that co-founder Evan Spiegel described as a leapfrog advancement and the computer of the future. The thick-rimmed eyeglasses, which go on sale this fall, were unveiled at the AWE mixed-reality conference in Long Beach, California, on Tuesday. They have a traditional, albeit bulky, design, and the lenses can automatically transition between clear and tinted states depending on lighting conditions. The stock fell in trading on Tuesday.

- Tractor Supply (TSCO) shares dropped after the farm store chain was downgraded at Truist and Piper Sandler, citing concerns about competition, including Lowe’s, and a falling large dog population that reduces the company’s TAM.

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On this episode of Stock Movers:

- SpaceX (SPCX) jumped for a third straight day on Tuesday, putting it on track to overtake Amazon.com in value and briefly making it the world’s fourth largest stock ahead of Microsoft. At least some of the price action since its debut has been driven by the relatively small number of SpaceX shares available to trade, with only about 4.2% accessible on day one. That can make trading more volatile, with the stock more prone to large swings that can quickly change its market value. The gains in SpaceX shares are a sign of consistent investor demand for the stock, calming fears that the record IPO would be too large for the market to digest.

- Netflix (NFLX) shares fell after a report from Semafor that the streaming giant lost out to Fox in a pursuit of Roku. Netflix is also reportedly one of a number of companies interested in buying Lionsgate. Yesterday, Fox agreed to acquire Roku in a deal with an enterprise value of about $22 billion, creating a new television juggernaut and marking a big push into ad-supported streaming. 

- Moderna (MRNA) shares rise as much as 10%, most intraday since May 8, after the FDA released briefing documents on its influenza vaccine that analysts say may signal a favorable outcome.

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On this episode of Stock Movers:
- SpaceX (SPCX) shares gain. SpaceX formally agreed to buy Cursor in a deal that will entitle the startup's investors to SpaceX stock. The acquisition is expected to help SpaceX's xAI rapidly rebuild and catch up to rivals including Anthropic PBC and OpenAI in the market for artificial intelligence-powered coding tools.
- Rackspace Technology (RXT) shares rise. The IT company said it signed a definitive agreement with Advanced Micro Devices for the phased deployment of 30 MW of AMD-based compute across Rackspace’s global data centers.
- Netflix (NFLX) shares drop. Semafor reported that the streaming giant lost out to Fox in its pursuit of Roku. Netflix is also one of a number of companies interested in buying Lionsgate, although it hasn’t put in a formal indication of interest, Semafor says, citing a person familiar with the matter.

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On this episode of Stock Movers:

-Dave & Buster's (PLAY) shares sink. The operator of restaurant and entertainment facilities reported comparable sales for the first quarter that missed the average analyst estimate. Research firm Benchmark downgraded the stock, citing a lack of confidence that same-store sales will stabilize/eventually turn positive this year. 

-Western Digital (WDC) shares rise. Morgan Stanley reiterated Overweight ratings on the hard-drive makers and bumped its price target for Western Digital stock to $650.

-SpaceX (SPCX) shares gain. SpaceX formally agreed to buy Cursor in a deal that will entitle the startup's investors to SpaceX stock. The acquisition is expected to help SpaceX's xAI rapidly rebuild and catch up to rivals including Anthropic PBC and OpenAI in the market for artificial intelligence-powered coding tools.

See omnystudio.com/listener for privacy information.