Lulu Dives; Adobe New CEO; Samsara Higher

0:00A new chapter in global growth is being written and much of it is happening in Africa. Africa needs to invest. There are deals to be done and business to be won. I'm Jennifer Zabisajep. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future. The digitalization of Africa is going to power its growth. Reading the world of something like HIV is possible. A population growth is so enormous in Africa. Listen to Next Africa on Apple's Spotify or wherever you get your podcasts. Bloomberg Audio Studios. Podcasts, radio, news. This 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 stocks on the move today. I'm Nathan Hager joined by Bloomberg's Dan Curtis on a jobs Friday. Looks like Lulu Lemons still got a job to do for investors. Good morning, Dan. Good morning. Lulu Lemons shares are down 19% in the pre-market.

1:02That's a second quarter sales weakness in China. Really hit the stock. mainland comparable sales slipped 2%. It's the first decline in the region since the company started breaking it out in 2023. And in there, it's facing social media backlash. It used a Japanese drum instead of a Chinese one during a major promotional event on the Great Wall. And that caused a lot of outcry in the region pushing on those sales down. And it's not just China. The company has been facing the weakness in North America and core categories like leggings, which is what I always think of whenever I hear Lulu. That's down 20%. Accessories down 13%. That really leading to some weakness in the stock. This is a stock that's already fallen over 40% this year. That's all prompted the company to cut full year outlook for the second straight quarter. So one that's not having a great Friday. Okay. And also not having a great Friday is Adobe with some changes finally in their leadership.

2:03That's right. We've been waiting to hear who's going to take over the CEO and they have announced it. So Adobe ADBE shares are down 3%. And that is as Anil Chakravasa. Barthie, sorry. We'll take over as the CEO in December. He's in an internal hire. He's leading, he's the leader of its marketing and analytics software. That's the smaller of the company's two businesses. David Wadwani, he ran Adobe's larger creative business, said he will leave the company. Bloomberg reported that David was a contender for CEO and someone who had been seen as lead candidate. So it looks like he's leaving after he got passed over for the job. But the incoming CEO has been incremental incremental in adding agentic capabilities across products. He has to confront declining sales growth and reversing the perception of Adobe is vulnerable to free AI tools. He so as you said, more work to be done this morning. The shares have lost nearly 60% of their value from the peak about five years ago. Still some pretty big news before Adobe reports earnings next week.

3:03So we'll be watching that as well. I also see you're watching credit reporting companies because it looks like the White House is as well. Yeah, so the White House's bill PULTI has issued renew criticism of rating companies for overcharging Americans. That's in a post on X. So companies like Equifax ticker EFX is down 6% in the pre-market, TransUnion down 8%. PULTI claimed that these companies have been overcharging Americans for what he calls too long. And he also says that Fannie and Freddie are going to okay, all under to use Vantage score. That's a competitor. He also said they're considering a buy more buy merges of a try merge essentially right now. Consumers have to go out get reports from all three companies pay for all of them. So potentially going down to just paying two companies for credit reports for these credit scores. It's been a constant theme under PULTI. We've seen websites before more with more pressure this morning. Okay, tell me about Sam Sara. I haven't heard much about this company. No, it's an internet of things company, which is how it gets its ticker IoT.

4:07Those shares are up 15% in the pre-market. It beat top and bottom line estimates. It's raising its full year total revenue forecast. Companies saw a really strong quarter. It added a record 240 to customers with over 100,000 in annual recurring revenue. So strong that this company's seen its price targets raised at Keybank, Guggenheim, Evercore ISI in the wake of the report. That leading the shares up 15% in the pre-market. 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, catch us on YouTube, gloomberg.com and on Apple CarPlay and Android Auto with the Bloomberg Business app. Join us for Bloomberg PowerPlayers on September 10th in New York, set against the backdrop of the US Open Tennis Championships. Bloomberg convenes the leader shaping the future of sports business from athletes and

5:12team owners to commissioners and investors. Here are the market moving conversations driving the multi-trillion dollar sports economy. Register now at gloomberglive.com slash power players radio. That's gloomberglive.com slash power players radio. Fans economy is entering a new era. As inflation returns, monetary policy shifts and corporate reform accelerates, the implications extend far beyond Tokyo. Join us at Bloomberg Invest Tokyo, December 2nd and 3rd to explore what these shifts mean for portfolios worldwide. Thank you to our host partner, Finn City Tokyo, knowledge sponsor Marsh and participating sponsored Japan Exchange Group JPX. Learn more at bloomberglive.com slash invest hyphen Tokyo.