Bloomberg Stock Movers
2026-08-13 · Hosted by — · Bloomberg / iHeartMedia
Executive Summary
A round of second-quarter earnings reactions dominated Wednesday's premarket, with several high-profile names trading lower despite mixed underlying results. Tapestry fell about 11% after issuing 2027 adjusted earnings guidance of $7.80-$7.90 per share, slightly below Wall Street's $7.87 estimate at the high end, even as Coach revenue grew 14% on a constant-currency basis with Greater China up 28%. Cisco dropped 6% after flagging that its most recent quarter's $4 billion in AI data center sales, when annualized, implies growth below its newly issued $7.5 billion full-year AI revenue forecast, raising questions about the trajectory of that business.
Key Stories & Changes
1. Tapestry Falls on Soft 2027 Guidance Despite Solid Quarter
Shares down 11% in premarket
2027 adjusted EPS guidance of $7.80-$7.90 versus Wall Street's $7.87 estimate, seen as soft at the high end
Fourth-quarter EPS came in at $1.32, five cents above estimates; net sales roughly in line
Kate Spade sales fell 7%, while Coach revenue grew 14% on a constant-currency basis
Greater China growth of 28% (currency-adjusted) was a bright spot within an otherwise cautious outlook
2. Cisco Slides on AI Revenue Growth Questions
Shares down 6% in premarket following after-hours earnings
Company guided to $7.5 billion in AI data center sales for the current fiscal year — the first full-year forecast provided for that metric, about 10% of projected total revenue
Most recent quarter alone saw $4 billion in AI-related sales; annualizing that figure implies a run rate above the $7.5 billion full-year guide, raising doubts about the growth trajectory embedded in the forecast
Overshadowed otherwise stronger results: current-quarter outlook topped estimates, and fiscal fourth-quarter top- and bottom-line figures also beat
3. Birkenstock Rises on Raised Guidance
Shares up 9% in premarket
Raised full-year EBITDA guidance on third-quarter revenue growth of 13%, topping estimates
Adjusted diluted EPS came in below estimates despite the revenue beat
Direct-to-consumer sales grew 16%, a key metric given direct sales carry roughly double the average selling price of wholesale
4. Accelerant to Be Acquired by Thoma Bravo
Shares (ticker ARX) up 44% in premarket
Thoma Bravo agreeing to take the specialty-insurance risk exchange private at $20.25 per share in cash, an enterprise value of $4 billion
Deal expected to close in the first half of 2027; Altamont Capital Partners, holding approximately 82% of voting rights, has indicated support
Shares traded around $20 in premarket, near the deal price, suggesting the market sees the transaction as likely to close
Trends Identified
1. Earnings Beats Are Not Enough Without Clean Forward Guidance
Across Tapestry and Cisco, headline quarterly results beat or roughly matched estimates, yet both stocks fell sharply because forward guidance raised doubts about growth durability — Tapestry's 2027 EPS range and Cisco's implied deceleration in AI data center sales. This underscores that investors are scrutinizing the trajectory embedded in guidance as closely as the historical print itself.
2. Consumer Discretionary Results Diverge Sharply by Channel and Geography
Tapestry's mixed results (strong China growth, weak Kate Spade) contrasted with Birkenstock's broad-based strength, particularly in higher-margin direct-to-consumer sales. This suggests that channel mix and international exposure remain key differentiators in an otherwise choppy consumer discretionary earnings season. ---
Sentiment Analysis
Overall Market Sentiment: Cautious
Premarket action skewed negative for large-cap earnings reactions, with investors punishing softer forward guidance even where headline results were in line or better than expected.
Risk Factors Highlighted
Tapestry guidance softness: 2027 EPS outlook at the high end still trails Street expectations, raising concerns about forward momentum.
Kate Spade weakness: A 7% sales decline at the brand offsets otherwise strong Coach performance.
Cisco AI revenue deceleration risk: Annualizing the most recent quarter's $4 billion AI sales figure implies growth inconsistent with the full-year $7.5 billion guide.
Second-quarter earnings season winding down: Reduced remaining catalysts could leave stocks more exposed to guidance-driven repricing like today's moves.
This episode was covered in today's [The Market Signal — 2026-08-13](https://marketsignal.beehiiv.com/p/the-market-signal-2026-08-13), a cross-source synthesis of multiple podcast reports.