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Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:
- Alphabet (GOOGL) shares sank this week after the Google parent’s third-quarter featured weaker-than-expected revenue for both Google advertising and search, which offset strong growth in its cloud business. Analysts said the report adds to concerns about AI disrupting search and related businesses.
- Intel (INTC) suffered its worst stock rout in more than four decades due to a PC industry slump and supply-chain snags that hurt its forecast. The company projects sales of $15 billion to $16 billion in the fourth quarter, with profit of 25 cents a share, excluding certain items, which is lower than analysts' estimates. Intel's stock fell as much as 30% in New York trading, and the company expects the PC downturn to persist through at least the first half of 2027, with a decline of 10% next year.
- Reddit (RDDT had its biggest share drop since its initial public offering after saying it is planning to limit access to its online forums. The company plans to start testing different approaches in markets outside of the US throughout the fourth quarter to get users to register for accounts and deepen engagement. Reddit’s shares fell to $95 when trading opened in New York on Friday, after the company posted a revenue outlook that fell below analysts’ estimates.
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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.
I'm Tim Senevek, along with Jess Menton. Let's take a look at some stocks on the move this week. With us is Rainier Harris, an equities reporter for Bloomberg News.
Hey, Rainier. Thanks for having me.
Yeah, we're happy to have you. You had no shortage of stocks that made big moves this week.
The tech sector was busy. And I think one of the themes that we're seeing is that investors are feeling a bit shaky about the AI trade, but in different ways for each one. So I'll kick it off with Alphabet, ticker G-O-O-G-L. That suffered a 12% drop for the week, but had its record intraday drop just yesterday, wiping out more than half a trillion in market value. And that's from one, they're they have so many commitments over one trillion across data center releases, power equipment needs, contracts that are stretching over decades. So investors are just wondering how far is this going to go and when is the return going to happen? And then the really big question mark came in regards to the company's search business, because
that's the backbone of it. That's what it's known for. But the AI overviews are coming in and you pop a question, Gemini says something, and you're not necessarily clicking on the links or the ads that would Help it.
You hit the nail on the head with that. I mean, that is the existential question about the golden goose at Alphabet's Google. And this is something that investors have been concerned about for, I think it's fair to say, three years, four years. But quarter after quarter, we weren't seeing it play out the way we saw it play out on Wednesday after the closing bell. I think you said it was the worst intraday ever for Alphabet. I think a historic day for the company. Because that search business that has owned for so long and it's worked so hard at over the last few years to transition to the AI era, the investors now have questions about how that transformation is going.
Yeah, it might end up cannibalizing itself, really.
Yeah.
All right, that's one to watch. Intel. Yeah, what else you got for us?
Intel. Ticker INTC, that dropped 29% today, about 27% overall for the week, suffering its worst drop in more than four decades. And there, there's a sales miss going on, but there's also broader market headwinds. Essentially, the personal computing market is suffering a lot of problems over the demand for memory chips and other components that are usually used for that, that are now going to the AI boom, and it's kind of getting sectioning off. And so shipments are delayed, the prices have to rise, and customers aren't willing to pay that as much. And the CEO went out to an interview after the call saying that this problem, this cycle, it's going to last at least through the first half of 2027. So there's really no let up there.
Yeah, Intel, the worst performer in the S & P 500 this month. It's down more than 45%. Okay, but Jess, how much is it up this year? More than 70%.
And in the last. Two years since it got kicked out of the Dow in early November of 2024, before today's losses, it had gained almost 300%. Yeah.
This year going into the print yesterday before the print, it was up 150% year to date. Now, even with today's haircut of 28.6%, it's still up 78% this year.
Yeah. Okay.
Uh, are you a Redditor?
But I sometimes see it, yeah.
Let's talk about Reddit. Those Wall Street bets. This company having quite the slide.
I mean, it's where the retail traders hang out to talk about the stock. So it's super interesting there. Anyway, the ticker for that is RDDT. It's down about 34% for the week. Today, it suffered its biggest share drop since it went public in 2024.
Worst performer this week, too, in the S & P 500.
Absolutely. Absolutely. And that's on the revenue miss, but also the company said it's planning to limit access to its online forums overall. And so obviously people like the free part of it, but the active user base is already shrinking and investors are like, isn't this going to weigh on traffic even more if you're like, you've got to make an account.
The 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, Bloomberg.com, and on Apple CarPlay and Android Auto with the Bloomberg Business app.
