SpaceX Rises, Rackspace Technology Surges, Netflix Drops on Semafor Report

Closing Bell: SpaceX Becomes World's Fifth Largest Stock, Snap Falls, Tractor Supply Slides

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. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

SpaceX Rallies Third Straight Day, Netflix Falls, Moderna Rises

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. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

SpaceX Rises, Rackspace Technology Surges, Netflix Drops on Semafor Report

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. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Dave & Buster's Sinks, Western Digital Rises, SpaceX Gains on Cursor Takeover Days After IPO

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 [https://omnystudio.com/listener] for privacy information.

Yum to Sell Struggling Pizza Hut; Dave & Buster’s Sinks; Robinhood Shares Gain

Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - Yum! Brands (YUM) agreed to sell its struggling Pizza Hut chain for $2.7 billion to a private equity firm and its China business. LongRange Capital will acquire Pizza Hut ex-China for $1.5 billion, Yum said in a statement Tuesday. Yum China Holdings Inc. will buy the rest of the business for $1.2 billion. The transactions are expected to close in the third quarter. - Dave & Buster’s (PLAY) shares tumble after 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. - Robinhood Markets (HOOD) shares are up after it said it is reducing its full-time employee workforce by 10%, and also closing a small number of open roles. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.