Cooper Tumbles, Macy's Sinks, American Eagle Drops as AE Brand Markdowns Weigh

0:00Hi, I'm Tom Keane, inviting you to join me for the Bloomberg Surveillance Podcast. It's about making you smarter every business day. I'm Paul Swini, we bring you complete coverage of stocks, bonds, commodities, even crypto, all the information you need to excel in the markets. And I'm Alexis Christofferis, listen to us for essential conversations with the smartest names and economics, finance, investment, and international relations. That's the Bloomberg Surveillance Podcast. Subscribe today on Apple, Spotify, or anywhere you listen. Bloomberg Audio Studios. Podcasts, radio, news. The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data. Let's take a look at some of the stocks on the move today and we can do that with Carmen Reincky. She's deputy team leader or US equities over their Bloomberg news, joining us here in studio Carmen. What are you looking at today? The first thing I'm looking at is Cooper. So this is ticker COO. The stock is down about 14% right now, but at its lows of the day are on 20%.

1:03This was the worst intraday loss since November of 2008. So pretty significant selling here. This is the biggest laggard in the S&P 500 today. It's a healthcare supplies maker and it had earnings. It cut its adjusted earnings per share and revenue guidance for the full year. It's profit and revenue forecasts for the quarter also fell short of Wall Street's expectations. So seeing some red on the screen there, a pretty significant fall there. Yeah, 52 week low here today on the stock. Yeah, speaking of expectations being missed, Macy's is down about almost 3%. It is and it's also off at lows of the day. So it was down about 8% earlier. This is ticker M also an earning story. So it their the company reported better than expected comparable sales and adjusted earnings in the second quarter. But their guidance fell short of expectations. Obviously that's what people are looking at first and foremost. So the full magnitude of a second quarter beat is not reflected in the annual guidance

2:04boost. And the company also said that the guidance continues to reflect or they recognize that they're a macroeconomic and geopolitical factors that could influence discretionary spend. So you know, talking about the health of the consumer there. Another retailer kind of in a similar vein that I'm looking at this morning is American Eagle. This is ticker A E O. So the stock is down about 13% right now. This is the worst interday move since May. It also had earnings. So second quarter comparable sales fell short of the analyst average average analyst estimate. This stock is also just it's been really hit a few years ago. It was in one of the best performers actually in the market. And so far this year it's down 44%. So tide has really turned here for American Eagle. This stock movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street. And for the latest market moving headlines, listen to Bloomberg Radio Live.

3:05Catch us on YouTube. Bloomberg.com and on Apple CarPlay and Android Auto with the Bloomberg Business app. Hi, I'm Tom Keane inviting you to join me for the Bloomberg surveillance podcast. It's about making you smarter every business day. I'm Paul Swini. We bring you complete coverage of stocks, bonds, commodities, even crypto, all the information you need to excel in the markets. And I'm Alexis Christofferis. Listen to us for essential conversations with the smartest names and economics, finance, investment, and international relations.

4:10That's the Bloomberg surveillance podcast. Subscribe today on Apple, Spotify, or anywhere you listen.