Closing Bell: AI & Tech See Gains, Brazil Stocks Tank With Election Results

0:02 Bloomberg Audio Studios.

0:04 Podcasts. Radio. News. This is The Closing Bell on the Stock Movers Report. The companies making moves at the close of U.S. trading with Carol Masser, Tim Stenevek, Romain Bostic, and Katie Greifeld.

0:22 All right, let's get to some of the individual gainers, if I may. Let's go to LITE. This is the number one gainer in the S & P 500. I believe it's also the number one gainer in the NASDAQ 100, as I pull it up.

0:34 Yep, indeed.

0:35 Lumentum Holdings. It is being started with a buy rating and a $ 1, 200 price target at StoneX, which sees strong AI-related demand for the maker of optical equipment. Stock's up roughly 120% year-to-date, so we've seen quite a run. So this one Definitely an outperformer in today's session. I'm going to go on over to Microsoft because I just feel like we were talking about this one a lot today.

0:57 And you did see the stock bump up and trade higher, 1.5% here at the close following an announcement that it's going to offer buyouts to about 60,000 workers. as part of the company's efforts to trim costs and retool its workforce for the AI, artificial intelligence era. The company has roughly 223,000 employees, so we're talking about a pretty big chunk of its workforce. I want to go to Bloom Energy, partly because Romain likes this company, and he talks about it a lot.

1:24 I do.

1:25 This was a top gainer in the S & P 500. Barclay's out. and they raised the firm's price target on Bloom Energy to $ 316 a share from $ 308, keeping an equal rating on the stock. The company reported another beaten raise quarter, according to the analyst out in that research note. That stock's up about 140% year-to-date. Remember, Thursday and Friday, quite a drop, about 20% following its results. So, again, stock up 5.5% at the close. And I've got to mention CART. I've got to mention Instacart, this one, kicking up almost 8% here. This after Wall Street Journal reported the company is in advanced talks to buy Instacart. I'm talking about DoorDash. Thank you for that. Citing people familiar, and a deal could be completed as soon as this week.

2:13 So the stock's been on the run this year, up about 30%, but a lot of the float is also short.

2:18 You know what stocks weren't on a run today?

2:20 What one?

2:21 Stocks in Brazil. Look at this. This is the iShares MSCI Brazil ETF. So it's got some familiar names in here. Embraer is one of them. That was actually higher today. But other stocks, including the Fintech XP, down close to 50% today. This ETF fell as much as 26% earlier in the session. This after President Lula defeated Flavio Bolsonaro. The Real slumped.

2:46 Investors are concerned that Lula is unlikely to take steps to curb the nation's fiscal woes with a nominal budget deficit exceeding 9% of Latin America's biggest economy. Look, this was a surprise. The prediction markets got it wrong, and the investors are reacting today with Brazil stocks. just tanking on the day today.

3:03 I'm glad you went there. It was a tough day for those.

3:05 It was a really tough day for those. Carol, you mentioned a potential deal. Well, I want to look at the other side of the deal. DoorDash shares falling today by more than 6%. This after the journal reported the company's in advanced talks to acquire rival Instacart. Carol got the Instacart one moving higher. And some other deal news, guys.

3:21 EQT Corp agreed to buy rival shale driller range resources. in an all-stock deal for about $ 12. 8 billion. EQT ended up falling today by about 1.4%. See, it's not all about AI. There's some other stuff happening.

3:34 Well, it'd be kind of interesting if it wasn't for Anthropic. I feel like we'd also be talking a lot about treasury yields, particularly with the Fed's two-day meeting set to kick off tomorrow. A movement in the yield space was, well, not a whole lot of movement at all. Basically, in the middle to the long end of the curve, yields are down, but only by about one to two basis points apiece. And on the shorter end of the curve, two to five years, up one basis point on the five-year, three basis points on the two-year, which of course is most sensitive to rate changes by the Fed.

4:05 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.