Stock Movers Victoria's Secret Release; Broadcom Soars; Citi Cuts
Jun 5, 2025
Victoria's Secret faces turmoil after a major data breach, leading to a pivotal earnings release next week. In contrast, Broadcom's stock is soaring, bolstered by strong earnings expectations and new cloud-computing clients. Meanwhile, Citigroup is cutting around 3,500 jobs in China as part of its global simplification strategy, although its local operations remain unaffected. The podcast dives into these fascinating market movements and their broader implications.
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Victoria's Secret Earnings Delay and Impact
- Victoria's Secret is delaying its Q1 earnings release after a significant data breach in May.
- The company's revenue is down from pre-pandemic $8 billion to $6.2 billion, reflecting a major shift in its business.
Broadcom's Market Surge on AI Demand
- Broadcom's share price surged, making it the 7th most valuable S&P 500 company with a $1.23 trillion market cap.
- Its stock rallied 78% over two months, driven by heavy AI-related spending and new cloud-computing customers.
Citi Cuts Jobs but Commits to China
- Citigroup is cutting 3,500 technology jobs in China as part of global simplification but remains committed to the market.
- The Chinese retail banking unit, Citibank China, is unaffected and continues to receive investment to support corporate clients.