WEBVTT - Snap to Cut 16% of Its Workforce; Broadcom Gains; Robinhood Rises on SEC Day-Trading Limits Removal 

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report,

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<v Speaker 1>your roundup of companies making moves in the stock market

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<v Speaker 1>harnessing the power of Bloomberg Data.

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<v Speaker 2>Let's take a look at some stacks on the move

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<v Speaker 2>today with the Lexus christoffers.

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<v Speaker 3>All right, guys, I want to start with Snap. This

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<v Speaker 3>is the parent of Snapchat, up seven percent tools. It's

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<v Speaker 3>going to cut one thousand jobs. That's about sixteen percent

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<v Speaker 3>of its workforce. Again looking to cut costs here, but

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<v Speaker 3>it did provide an upbeat sales outlook, so that's also

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<v Speaker 3>adding to the stock price rising today. So this is

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<v Speaker 3>a social media platform known for those short form videos

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<v Speaker 3>that disappear after being viewed, which I still don't understand that.

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<v Speaker 3>Why would you post it and then want it to

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<v Speaker 3>go away? But the kids apparently like it. Four hundred

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<v Speaker 3>and seventy seven million daily active users, so lots of

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<v Speaker 3>people see value in it. CEO Evan Spiegel said the

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<v Speaker 3>cuts are necessary to boost efficiency. He also cited improvements

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<v Speaker 3>in AI that let Snap employees move more quickly. I

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<v Speaker 3>guess that means just get more things done. The company

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<v Speaker 3>is also not going to fill three hundred open roles

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<v Speaker 3>snapstock is down about thirty one percent so far this year.

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<v Speaker 3>It's been facing lots of different challenges, including lawmakers and

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<v Speaker 3>regulators who want to enforce social media bands for teams

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<v Speaker 3>that would be part of it for them. So they

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<v Speaker 3>also are going to come out with augmented reality glasses

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<v Speaker 3>that they're supposed to debut later this year, and it's

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<v Speaker 3>leaning heavily on outside firms to power AI. They actually

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<v Speaker 3>had to deal with perplexity that fell through recently and

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<v Speaker 3>a lot of its rivals are, you know, building out

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<v Speaker 3>their own AI and so snap is sort of taking

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<v Speaker 3>a different approach. Let's move on to Broadcom. Broadcom stock

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<v Speaker 3>having a good morning here, the chip designer announcing an

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<v Speaker 3>extended partnership with Facebook's parent Meta to develop custom AI processors.

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<v Speaker 3>They're going to serve as the foundational backbone for Meta's

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<v Speaker 3>deployment of state of the art AI data centers, and

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<v Speaker 3>they're going to be able to use that across their platform.

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<v Speaker 3>So we're talking about WhatsApp, Instagram threads, prompting a number

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<v Speaker 3>of positive analyst commentary today as well.

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<v Speaker 2>David Sarbion moments ago, it's this number one large kit

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<v Speaker 2>holding time YEP as what else do you have.

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<v Speaker 3>I've got Robinhood. So this is a good one. Shares

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<v Speaker 3>are hire here because the SEC approved some important changes

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<v Speaker 3>to the cryptocurrency exchange. So they're actually saying that now

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<v Speaker 3>there are these new rules so that margin account holders

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<v Speaker 3>who make four or more day trades within a five

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<v Speaker 3>business within five business days no longer have to keep

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<v Speaker 3>twenty five thousand dollars in their accounts, which effectively, I

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<v Speaker 3>guess shut out these smaller traders. So in essence, now

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<v Speaker 3>regular retail investors will have more freedom. They don't have

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<v Speaker 3>to worry about these margin calls, and so they're thinking

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<v Speaker 3>it's going to lead to more business for robin Hood.

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<v Speaker 2>Now they're path breaking to say, you got one more,

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<v Speaker 2>you got a bonus around here?

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<v Speaker 3>Yeah, let's do American Eagle Outfitters for a bonus up

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<v Speaker 3>about five percent. It's got a new ad campaign with

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<v Speaker 3>actress Simmy Sweeney. Really it's true, no relation to Paul Sweeney, No,

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<v Speaker 3>not that I know, okay, but she you know, they

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<v Speaker 3>had these ads with her last year. They proved controversial, okay,

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<v Speaker 3>but they helped sales apparently, and they said we're going

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<v Speaker 3>to bring her back. So they are this new campaign

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<v Speaker 3>going to focus on gene shorts, I guess for the summer,

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<v Speaker 3>so get ready to see them, you know, plastered on

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<v Speaker 3>buses and elsewhere in your neighborhood.

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<v Speaker 2>I researched this like there was an uproar about this, right.

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<v Speaker 3>There really was because they used the word genes and

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<v Speaker 3>then genes like g E N E S. Yeah, okay,

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<v Speaker 3>like talking about eugenics and whether that's right now?

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<v Speaker 2>Baby Riboso, okay, was the Sydney Sweeney of nineteen seventy one.

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<v Speaker 2>It was laying ski boots and there was every dorm

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<v Speaker 2>room at a poster west of the Mississippi of Baby

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<v Speaker 2>Riboso in an they had for laying skin.

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<v Speaker 3>Is that all she was wearing?

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<v Speaker 2>No, No, she was wearing other stuff as well. But

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<v Speaker 2>you know, I, just as you guys are doing stock movers,

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<v Speaker 2>I was researching miss Sweeney, and you know, I don't

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<v Speaker 2>I'm sorry, I don't get the up wars. She's moving jeans, right.

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<v Speaker 3>She is, And the investors seemed to like it because

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<v Speaker 3>Stalk is up American Eagle Outfitters. I wonder what they're

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<v Speaker 3>paying her for that ad campaign that I'd like to know. Well,

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<v Speaker 3>I know that in there is that in the earning.

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<v Speaker 2>I don't know the numbers in front of me, but

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<v Speaker 2>huge social media success.

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<v Speaker 3>Big time. They know your audience.

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<v Speaker 1>This stock mover's report from Bloomberg Radio. Check back with

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