WEBVTT - Allbirds Soars, Snap Gains on Job Cuts, Live Nation Sinks

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is the closing bell on this stock mover's report.

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<v Speaker 2>The company's making moves at the close of US trading

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<v Speaker 2>with Carol Masser, Tim Stenovack, Romaine Bostik, and Katie Greyfeller.

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<v Speaker 3>All right, guys, let's get to some of the individual

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<v Speaker 3>gainers in today's session. I love this story. Tim and

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<v Speaker 3>I were just talking about it. I think it's among

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<v Speaker 3>our most read All Birds. I don't know if you

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<v Speaker 3>guys bought them.

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<v Speaker 2>We did in.

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<v Speaker 3>Our home.

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<v Speaker 1>Of those Whatever happened to those guys, whatever happened, apparently

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<v Speaker 1>they discovered AI.

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<v Speaker 3>Oh cool, All Birds no longer All Sneaks. Stock is

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<v Speaker 3>soaring in today's session.

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<v Speaker 1>Is that right?

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<v Speaker 4>It's so yeah, we're closed. That's like a typical daily

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<v Speaker 4>move for a stock. I don't know why you're questioning

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<v Speaker 4>that move.

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<v Speaker 3>Call. I know, all right, nicely happens all the time.

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<v Speaker 3>The company inked a deal to sell off its footwear

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<v Speaker 3>as it's back in March, So now All Birds is

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<v Speaker 3>now all in on AI. The former shoemaker just days

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<v Speaker 3>away from ceasing operations. It's not been easy the last

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<v Speaker 3>few years, so it would pivot its business to AI

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<v Speaker 3>compute infrastructure. The company executed a fifty million dollar convertible

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<v Speaker 3>financing facility, and so they're going to fund the switch

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<v Speaker 3>as it targets becoming a fully integrated GPU as a service,

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<v Speaker 3>an AI native cloud solutions provider, and it's going to

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<v Speaker 3>change the name. Yeah, werld new bird AI Cool?

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<v Speaker 1>Okay, cool?

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<v Speaker 3>Are you in on it?

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<v Speaker 1>They kept giving me six hundred percent increase and that

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<v Speaker 1>it now has a market cap of one hundred and

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<v Speaker 1>forty eight million dollars million.

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<v Speaker 3>No, you're not all in on.

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<v Speaker 5>AI.

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<v Speaker 1>I mean, it's a bold move, Cotton. We'll have to

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<v Speaker 1>see where it goes.

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<v Speaker 5>Can I just say it does remind me of simpler times,

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<v Speaker 5>And I'm thinking specifically of the memestock era, because this

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<v Speaker 5>felt very me me. I felt like I was back

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<v Speaker 5>in twenty twenty one, which was a weird time. But

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<v Speaker 5>you saw a lot of stories.

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<v Speaker 4>Like this, Kaiti. We had a showback then.

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<v Speaker 5>I know they canceled together.

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<v Speaker 4>That's how long ago this was.

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<v Speaker 3>It's it called the meme Stock Show.

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<v Speaker 4>Oh kind of, but we did a lot of meme stocks.

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<v Speaker 1>We certainly just love that showy.

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<v Speaker 3>All right, let's move, all right, let's move along Snap.

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<v Speaker 3>Let's go to Snap, guys. That was awesome.

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<v Speaker 1>We reboot that. I mean, if they could bring back scrubs,

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<v Speaker 1>bring that crypto iron.

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<v Speaker 5>You know, scrubs. The scrubs boot was awesome. But it's

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<v Speaker 5>not a thing for us like hurting cats.

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<v Speaker 3>Good thing, Carol, y, I always have something else, Okay,

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<v Speaker 3>stock Snap up as much almost ten percent of its

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<v Speaker 3>ties today, finishing the day with the game of about

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<v Speaker 3>seven point eight percent. This is what happens, I guess

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<v Speaker 3>when you lay off roughly one thousand full time employee

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<v Speaker 3>sixteen percent of its global workforce. As part of an

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<v Speaker 3>effort by the CEO, Evan Spiegel to reduce costs and

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<v Speaker 3>achieve profitability, job cuts in pullback and hiring will reduce

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<v Speaker 3>now annualized cost base by more than five hundred million

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<v Speaker 3>dollars by the second half of this year, according to

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<v Speaker 3>the CEO. He said the cuts are necessary for Snap

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<v Speaker 3>to buy three all birds. Sorry, go ahead, that's really funny.

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<v Speaker 3>Said the cuts are necessary for Snap to boost efficiency

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<v Speaker 3>as it pursues profitable growth, citing improvements and AI technology

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<v Speaker 3>that lets Snap employees move more quickly and one more

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<v Speaker 3>for you guys, because you know three is what we're

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<v Speaker 3>allowed to do. Hymns and hers Health. That one was

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<v Speaker 3>up almost fourteen percent, the tele health firm climbing after

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<v Speaker 3>HHS Secretary Robert F.

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<v Speaker 5>Kennedy Junior.

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<v Speaker 3>So the FDA is ticking to remove twelve peptides from

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<v Speaker 3>Category two restrictions. What's the matter is that?

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<v Speaker 2>A laugh?

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<v Speaker 1>No, just down seem very interested in us.

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<v Speaker 3>Yeah, well he actually said I had to do it. Yeah,

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<v Speaker 3>I actually was.

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<v Speaker 4>I don't know what the deal is with these peptides,

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<v Speaker 4>like are they safe?

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<v Speaker 3>Well, apparently with the action that they're doing is going

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<v Speaker 3>to restore regulated access and will immediately begin shifting demand

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<v Speaker 3>away from the black market, according to our Secretary of

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<v Speaker 3>christ On X. All right, you can read about it

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<v Speaker 3>all on the Bloomberg.

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<v Speaker 4>I want to get to some of the stocks that

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<v Speaker 4>were on the decline today. Live Nation in the news.

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<v Speaker 4>This story breaking this afternoon. A New York federal jury

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<v Speaker 4>found that Live Nation Entertainment illegally monopolized live events industry

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<v Speaker 4>had overcharged fans. Live Nation shares finishing down by six

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<v Speaker 4>point three percent. The jury found that Live Nations monopoly

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<v Speaker 4>led concertgoers to overpay, and the company illegally tied the

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<v Speaker 4>use of company owned venues to its concert promotion services.

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<v Speaker 4>Once again, Shares fell in today's session by six point

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<v Speaker 4>three percent. It's the lowest that they've been since November

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<v Speaker 4>of twenty twenty five. A couple more stories that have

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<v Speaker 4>to do with earnings and understanding the consumer and macroeconomic conditions,

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<v Speaker 4>starting with shares at ASML. Shares fell after the company

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<v Speaker 4>gave a week outlook for the current quarter. Despite raising

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<v Speaker 4>that full year salesfour the company sees net sales in

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<v Speaker 4>the second quarter of eight point four billion to nine

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<v Speaker 4>billion euros. The company expects net sales to be between

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<v Speaker 4>thirty six and forty billion euro this year, increasing production

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<v Speaker 4>to meet demand from tech firms for its advanced lithography machine.

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<v Speaker 4>Still that was seen as conservative. Shares down two point

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<v Speaker 4>four percent on the day today, And finally, great ticker

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<v Speaker 4>do us brp ink it's the parent company of seed

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<v Speaker 4>Jet Skis Ski Do Snowmobiles, can Am off road vehicles

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<v Speaker 4>down all day today by more than thirty five percent.

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<v Speaker 4>That's where it closed. The firm withdrew its financial outlook

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<v Speaker 4>for the twenty twenty seven fiscal year. It says it

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<v Speaker 4>faces three hundred and sixty three million dollar cost from

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<v Speaker 4>recent changes by the Trump administration to its tariffs. We

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<v Speaker 4>actually also saw other companies move lower in sympathy today.

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<v Speaker 4>Polaris shares actually fell as well. You have one of

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<v Speaker 4>these side by sides, remain one.

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<v Speaker 1>Of these side by seas.

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<v Speaker 4>Yeah, they're off road.

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<v Speaker 1>No, they're kind of hard to keep in an York

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<v Speaker 1>City can. But it gets to this idea though too,

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<v Speaker 1>when we talk about the tariff thread, and particularly some

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<v Speaker 1>of the comments we heard from the Treasury secretary. One

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<v Speaker 1>reason why you saw transports lower, one reason why you

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<v Speaker 1>saw a lot of industrial stocks lower. Just real quickly,

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<v Speaker 1>let's check in on yields before Carol gets antsy here.

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<v Speaker 1>We did see pretty much a shift across the curve

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<v Speaker 1>here up about two basis points on the short end,

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<v Speaker 1>but keep an eye on that long end. Three basis

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<v Speaker 1>points on your ten year, three on the thirty year,

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<v Speaker 1>and that is the big question mark going forward. Katie

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<v Speaker 1>was referencing this earlier on the Close, the pre eminent

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<v Speaker 1>program on Bloomberg Television, by the way, Carroll and Tim

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<v Speaker 1>and this idea of that IMF repoard and really a

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<v Speaker 1>lot of concerns right now about current debt levels, economic

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<v Speaker 1>ripple effects and what type of yield investors are going

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<v Speaker 1>to demand to hold US treasuries.

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<v Speaker 3>All right now more than antsy, all right, good a wrap,

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<v Speaker 3>thank you so much. All right, that'll do it for

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<v Speaker 3>a cross platform recalling the closing. Now, you know, it's

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<v Speaker 3>just not the same when you're not here. So it's

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<v Speaker 3>good to have you.

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