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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. Let's take a look at some of these stocks on the move today. We can do that with Bloomberg's Bailey Lipschultz. Bailey, what are you looking at today?
Yeah, looking at at least one of the big Mag 7 names in Alphabet or Google as I like to call it, ticker GOOGL, right now up more than 6% trading at a record high. This came after beating expectations in the first quarter. The big things that stood out according to the Wall Street analysts, search was very strong, AI kind of delivering for their search unit as well as cloud being a standout for the quarter.
Year-over-year growth on the cloud accelerating to 63% and then looking at their backlog nearly doubling sequentially to over $460 billion. So, really firing on all cylinders and we're sifting through as you mentioned, Paul, a number of big tech earnings, but definitely Alphabet standing out so far this morning.
Yeah, the big winner of the four Mag 7 names that did report. Outside of the Mag 7 names, you also had Qualcomm reporting. Yeah, Qualcomm reporting, ticker QCOM, right now up more than 12%. That's the biggest gain since April, but also really trading at the highest level in in more than 3 and 1/2 months.
This came after partly the company beating expectations, but also disclosing that they're making headway in the lucrative data center market and also leaning into China. The big thing to keep in mind with Qualcomm is there's been a lot of pressure and back and forth on the smartphone sector and what that means with the iPhone as well as some of the Android devices, but the company leaning into data centers is certainly something that kind of perked the ears or caught people's I guess eyes and ears when they were talking about the potential demand there and obviously we're talking about it.
Memory crunch with so many of these AI data centers being built out. So, Qualcomm kind of shifting away to produce fewer smartphones and leaning into that leading that to be a big gainer on the day, but again, all things considered not really standing out against most of its peers. Pershing Square went public yesterday.
Kind of a rough first day of trading, but bouncing back a little bit today. Rough first day of trading and and we're looking right now at Pershing Square proper, ticker PS. This is the management company, not the closed end fund, though they're both rallying, but Pershing Square, ticker PS, right now up 17% trading around $28.
So, that is the asset management company and the gains for both the closed end fund and the asset manager came after Ackman took to X saying that he bought 500,000 shares in the open market of the closed end fund and 800,000 shares of the management fund yesterday in the open market. Our math means that he spent close to $40 million on those purchases, but again, this is kind of a interesting deal.
So, if you're investing in PS, you're betting on the actual company that'll be compared to some of the other asset managers. If you're betting on PSUS, you're essentially getting exposure to his underlying fund, if you will. Is that unusual for him to jump in and support the shares like that in the first trading day?
I don't think we normally would see that. I think most people would say that most insiders aren't forced to buy and obviously it caused a lot of headlines yesterday, the closed end fund trading down 18%, but you have to keep in mind that because of the bonus shares they framed it of the management company, the losses were closer to 9%, but that's still not a really what you want to see in a public listing, public debut.
You normally want to see a bigger pop and not a 9% net loss for people who bought and held on. You do the math. You did the math, didn't you? Somebody's got to do it. Not everyone is doing it, but yeah, so I mean the other interesting thing is Pershing proper, right around 25 bucks is where they were valued at when they were valued at 10 billion dollars in their private deal a few years ago.
So, $28 right now is where it's trading. So, a bit of a premium to that last round, but again, when your head of the company has to take to buying in the open market and promoting it and talking about doing a spaces on Twitter with the CIO, that's normally not what you would see when companies like this go public.
Okay, so he's got two companies listed on the New York Stock Exchange and one in the UK. Is is that right? Yeah, he's got So, PSUS is the US closed end fund that is going to mirror the European listed closed end fund. European closed end fund trades at about a 30% discount to net asset value. After yesterday's close, the US listed one was caught 17-ish and that was kind of his whole pitch was you're buying you're essentially buying things at a discount and in their view, this is something that should trade in the long run at a premium, but that doesn't happen normally.
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.
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