Bloomberg Stock Movers
2026-08-14 · Hosted by — · Bloomberg / iHeartMedia
Executive Summary
Applied Materials shares fell about 5% in the pre-market despite a beat-and-raise quarter, as the stock's massive 2026 outperformance (up 108% year-to-date, roughly 10 percentage points ahead of peer Lam Research) left it vulnerable to profit-taking. The one soft spot in an otherwise strong report was slightly slower forecast growth in NAND-type memory, a segment currently in high demand for AI.
Key Stories & Changes
1. Applied Materials Slides Despite Beat-and-Raise
Shares down about 5% in the pre-market under ticker AMAT, despite beating estimates and raising guidance
Stock was up 108% in 2026 as of the prior close, outperforming peer Lam Research by roughly 10 percentage points
Analysts were generally positive on both results and forecast, but the market appeared to be "pricing in" the recent outperformance
One point of softness: NAND-type memory (in high AI demand this year) is forecast to grow more slowly next year
2. Drone Makers Surge on Tariff News
President Trump announced a 100% tariff on imported drones, roughly doubling the cost of foreign drones
Unusual Machines (UMAC) up 13% in the pre-market; Donald Trump Jr. has been a company advisor since 2024 and a prior investor
Red Cat (RCAT) up 7%; AeroVironment (AVAV) up 3%
Unusual Machines has an average price target near $40, about 45% above the prior close, with the stock adding to a 175% rally over the past year
3. Reddit Set to Join S&P 500
Reddit (RDDT) up 12% in the pre-market, the day's biggest gainer
Set to join the S&P 500 before trading opens Tuesday, replacing Avalon Bay Communities (which is being acquired by Equity Residential)
Stock has rallied 365% since its early-2024 IPO despite a pullback from last year's high
Market cap of roughly $30 billion would place it around the 300th-largest company in the index
4. Gemini Space Station Falls on Wider Loss
Shares down 6% in the pre-market under ticker GEMI
Posted its fourth consecutive quarterly loss since last year's IPO; Q2 loss of $108 million, or $0.89 per share, wider than Wall Street expected
Company, led by the Winklevoss twins, is described as a relatively small crypto exchange where market size matters amid continued softness in Bitcoin
Trends Identified
1. Profit-Taking on Extreme Outperformers
Applied Materials' pullback despite a fundamentally strong quarter illustrates how stocks with outsized year-to-date gains face a higher bar for "good enough" results, with markets parsing relative outperformance versus peers rather than absolute results.
2. Policy-Driven Sector Rotation
The drone tariff announcement produced an immediate, sharp rally across the sector, underscoring how targeted trade policy continues to create fast-moving trading opportunities in smaller-cap industrial and defense-adjacent names. ---
Sentiment Analysis
Overall Market Sentiment: Mixed
Pre-market moves were sharply divergent by stock-specific catalysts rather than broad market direction, with policy news and index-inclusion mechanics driving the biggest swings.
Risk Factors Highlighted
Applied Materials relative valuation risk: After a 108% year-to-date rally, even strong results may not be "strong enough" relative to elevated expectations.
NAND memory growth deceleration: Company-forecast slowdown in NAND growth next year could pressure a segment currently benefiting from AI-driven demand.
Crypto exchange profitability concerns: Gemini Space Station's fourth consecutive quarterly loss highlights ongoing profitability challenges for smaller crypto platforms amid soft Bitcoin trading activity.
Tariff policy volatility: The 100% drone tariff illustrates how sudden trade policy shifts can create outsized, fast-moving stock reactions in small-cap industrial names.
This episode was covered in today's [The Market Signal — 2026-08-14](https://marketsignal.beehiiv.com/p/the-market-signal-2026-08-14), a cross-source synthesis of multiple podcast reports.