American Express Drops, Crown Castle Jumps, Deckers Outdoor Tumbles as Sales Outlook Trim Spurs Downgrade

0:02 Bloomberg Audio Studios Podcasts Radio News.

0:08 The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.

0:15 Let's take a look at some of the stocks on the move.

0:17 We can do that with Christine Aquino.

0:19 Christine, what are you looking at today? All right, Paul, let's take a look at American Express to start with. I mean, big news about the cutting of their headcount globally, and that is hitting the stock at the moment, ticker AXP. Shares are down about 1.6%. You'd think it would be positive that the company is trying to cut. costs here, right?

0:37 And that is the goal. So 5% of its headcount globally, that's equivalent to 3,500 jobs. And that also comes on the back of third quarter earnings that beat estimates. The one source of concern, though, from those results is the fact that build business came in just shy of the average estimate. So a little bit of concern amongst investors there.

0:55 But going back to this headcount cut, I mean, CEO Steve Square basically saying that it does reflect the desire to make the And finding ways to reduce layers and speed up decision making.

1:07 But I don't know.

1:08 I mean, I guess maybe investors are kind of just thinking the initial negative around a company cutting jobs kind of outweighs some of the longer term benefits of cutting costs, supposedly. Right. Gotcha. And perhaps the cost that comes with cutting all that stuff, at least in the short term. All right.

1:26 Next up on your list.

1:27 We got to talk about Crown Castle since Paul Sweeney just delivered a whole lecture on the value of these. But yeah, I mean, investors definitely seeing the value. Ticker CCI, those shares are up now more than 11 percent at the moment. And again, because primarily of their potential involvement with SpaceX. which is trying to secure a minimum of 80,000 cell sites across the U.S. and Crown Castle, among the companies that they're discussing a potential lease with. Now, the value of the deal is expected to reach into the billions. And SpaceX is also planning to use its Starlink satellites and other elements to establish reliable links with users on the ground. And so, yeah, towers... Crown, Castle,

2:08 not the only stock gaining off the back of this. Other tower companies as well. Very much benefiting. You know what's not doing well? Are all the other carriers at the moment.

2:17 The mobile carriers.

2:18 Exactly. I don't know why Elon will get into a low, I mean, just a crowded, competitive, price-gouging wireless business. Do we need a fourth carrier in the United States? I don't think so.

2:29 It's a good question. He sees something there, maybe.

2:32 Yeah, I guess. He's definitely seeing something.

2:33 All right. Decker's.

2:35 All right, Decker. Uggs. Uggs, exactly.

2:38 It should just be called Uggs.

2:39 Exactly, Uggs and Hocus. But that's not doing too well this morning, unfortunately. Ticker D-E-C-K, those shares are down more than 2%, nearly 3% actually at the moment. And again, cutting their full year net sales guidance, that's below consensus. Analysts also noting that consumer demand remains challenging today. But, you know, Bloomberg Intelligence analyst Abigail Gilmartin saying that it is all about protecting full price sales, which should support the brand health.

3:07 I don't know.

3:08 I've been getting ads for discounted Uggs now that winter, fall winter is upon us. So, you know, I feel like Uggs are basically utility now. I mean, they're just kind of what you need in the Northeast or anywhere cold.

3:21 You need a pair of Uggs for the winter.

3:22 And then every couple of years, you got to replace them. Yeah, that's true. I mean, there have been competitors, though, that have been trying to get in that space, but... They're not as good. I guess they don't have the.

3:31 Paul, would you wear Uggs for men? No. No hesitation there.

3:35 No, no, no. Really?

3:38 Even in like the dead of winter?

3:39 No. They've got like, you know. No, I'm good.

3:42 I'm good.

3:43 Thank you.

3:43 There's no convincing, Paul. 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.