Closing Bell: Entergy, Brown Foreman Soars, Coinbase Slides

0:00Indices built to someone else's specification, that's the old way. The new way is Bloomberg Equity Indices, designed custom benchmarks and distribute them at speed. Discover evolved benchmarks for today's equity markets at Bloomberg.com slash Equity Index Licensing. Bloomberg Audio Studios Podcasts, Radio, News This is the Closing Bell. On this stock movers report, the company's making moves at the close of US trading with Carol Maser, Tim Stenevek, Romain Bostic, and Katie Griefeld. All right, well, there's a little bit of green in the S&P 500. I went to that part of the IMAP function and found some gainers today. The biggest gainer on a percentage basis in the S&P 500 is Entry G today, up more than 6.8%. This is a result of a deal with meta-platforms. Planning for the construction of seven new natural gas-fired plants to fuel its data center in rural Louisiana, meta-reaching a new agreement with energy to build and pay for enough gas plants to provide a total of 5.2 gigawatts of electricity for the data center.

1:07The agreement includes a meta commitment, telefund up to 2.5 gigawatts of new renewable resources, as well as a memorandum of understanding to explore future development and use of nuclear power. Entry G up by 6.8% the best performer on a percentage basis in the S&P 500. Among the best performers in there as well, I think it was actually the second best performer. That's right. Brown Foreman, up again, on news of a potential acquisition by Bernard Rochot. So look at that. Brown Foreman controlled by the Brown family of 5.6% today. It was up yesterday as a result of this as well. The big question is, is the family going to approve because they do have voting power of shares? And finally, Peloton, a blast from the past. Yes, indeed. Speaking of 2022. I was on my Peloton this morning when I was talking about. Katie has an impressive Peloton trick. Yeah, it's quite the setup. All right. Well, I don't know how to segue that into what the stock did today, but it's up 8.9%. This is actually the result of Eric Jackson out there on social media.

2:10It surges as much as 17% before giving back some of those gains, surging the most intraday going back to July. Eric Jackson, the activist investor, said he is long the stock. Here's what he said, quote, I'm long Peloton at $4. He said in a post on ex-Peloton shares. At that point, we're down about 24% year to date. Up right now, though, we're up today to $4.43 a share. Wow. So for the climbers, I was very spoiled. I had a lot to choose from. We can start with Amazon. It's down by 4%. No specific news. But we do have the European Commission saying it was hit by a cyber attack that may have resulted in the theft of internal data. And the tax struck the Commission's Amazon Web Services or AWS account before being detected. So maybe that had something to do in part with this stock's decline. Up next is Coinbase. I wanted to talk about this because I wrote about this story yesterday about how Coinbase is teaming up with better to really offer crypto mortgage. Tim will be interested in this too. Crypto mortgage to Americans. And now we have TD Cowan saying that the product is mixed.

3:11So that's not really that great. The advantage for the borrow is that they can obtain credit against Bitcoin holdings. The coin TD Cowan said. But you know, it's still questionable how they will move forward with that. So we have Coinbase down by more than 7%. And lastly, we have cybersecurity stocks down. But I want to zero in on the ticker PA and W that's Paulo Aldo shares are in the red by 6%. It's joined by its peers, Crowdstrike and Sailor dropped by almost double digits. So it's really because of a fortune report about an artificial intelligence model being tested may be used by hackers. All right, let's take a quick look at the bond market there because also spoiled for choice. Though you did see an interesting steepening which you were talking about with Jim Karen. You can see the two-year yields actually fill eight basis points a little bit of a rally in the short end of the curve, which was certainly interesting when you think about where we were after that ugly auction earlier in the week. Can't say the same for the rest of the curve though.

4:13You saw a little bit of selling pressure deeper as you get further out the curve. 30-year yield tire by about four basis points, 10-year yields. We are back above 440, Tim. Are you scared? You know, I wouldn't say I'm scared, but what I will say is I wonder what the president's next move is. Because yesterday after the sell-off, what we saw was a message from the president calling for an extension. And by many accounts, perhaps a third sort of extension. And the idea was that maybe this would give more time for negotiations. And markets bought it a little bit. But then this morning with a seemingly increased in hostilities overnight, and more strikes and strikes on infrastructure as well, markets are not buying the idea that there is a sort of an off ramp anytime soon. I mean, look no further than oil prices. You have Brent right now, up above $113 a barrel, WTI hitting $100 a barrel. That's up close to 6% right now, and Brent up is about what?

5:15Almost 5% today. It's really been a wild in the oil market. But I'm wondering if we're a victim of our own quant system. Algo system or just our own fear. City released a note this week saying that selling off on Friday and buying back on Monday has been a recurring pattern over the past few weeks. Because investors are just really worried of care and risk over the weekend, because maybe they want to have a nice brunch session or hang out with their kids. But they buy the difference. Thank you so much, Katie. I appreciate that. I feel like that's really maybe something we're seeing. The city also said conviction has been low, because of course it's a head-line driven market, and it's really been tough to figure out this narrative. Now picking up on that, I wonder how a nerd we're getting to this, the way that all of this has unfolded. And Tim, I think your point is a very good one. What does the president say or do next? We have this very specific 10-day extension ending in 8 p.m. East Coast time, which I think is 3.30 a.m. Tehran time on April the 6th. I just wonder sort of what power he has in this moment. I think that's what's been laid bare today as we've seen Israel make those strikes on infrastructure in Iran today. I think the president feels like he's still calling the shots and running the show

6:17and determining how long this is going to last. But I will say from what I've watched over the last few weeks, he seems to have limited power in that regard there, especially as this war-wide in skating. And I'm sure you're going to be discussing something along these lines at 7 a.m. tomorrow and on Sunday. But it is interesting. I mean, you think about the potential end games for Israel. You think about the potential end game for the U.S. How much of a gulf is there between them? That certainly is a big question as this Iran war continues to deepen in terms of the time frame. It's going to be interesting to see how all of this plays out in the market. I keep going back to this note from JP Morgan. Basically saying that should oil trade at $110 dollars per barrel for the rest of the year that earnings estimates for S&P 500 companies would be shed by as much as about 5%. And that really is one of the last sort of rallying cries of the bulls out there that corporate America still looks pretty good right now, Tim. So that could be the view on what happens to earnings. But there's also a big political element to this.

7:17We had a great conversation with Joel Lovings, or out of our Texas bureau earlier. He, along with Jeff Mason, out of DC, went to CPAC over the weekend. And what they heard from people was a real difference in sort of their support for the president because of this war. But it reminds us that affordability is what this president ran on. They'll stay high in affordability. Things don't become more affordable for Americans. I think Republicans really could pay the price of the bulls come November. But before that is Bloomberg this weekend. Seven a.m. tomorrow. Thank you so much. David Gura will be there along with Christina Rafini. And hopefully you. I mean, watching. Yeah. Come for the peloton. We, whatever. I will definitely be watching. I'll definitely be watching. I'll definitely be watching. I'll definitely be watching. I'll definitely be watching. I'll definitely be watching. Yes, it is going to be a great Saturday. 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.

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