Speaker 1: Bloomberg Audio Studios podcasts, radio news.
Speaker 2: The Stock Movers podcast, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 1: Let's take a look at some stocks on the move today.
Speaker 1: I'm Tim Stenebeck along with Emily Griffeo. We're joined by
Speaker 1: Bloomberg News equities reporter Nora Melinda Nora. The indexes might
Speaker 1: not be moving much right now, but kind of hide
Speaker 1: some big moves taking place if you peel back the layers.
Speaker 3: Now most definitely, and talking of a big move, I'm
Speaker 3: looking at fair Isaac, which we all know as FIKO.
Speaker 4: That's take your Fico.
Speaker 3: We're seeing shears pointing lower tumbling double digits actually as
Speaker 3: the worst performing stock by a percentage basis in the
Speaker 3: S and P five hundred. And this is after Bill Poulti,
Speaker 3: he of course is the Federal Housing Finance Agency director.
Speaker 4: He said that Fannie May and Freddie.
Speaker 3: Mack, which of course we know these are government sponsored
Speaker 3: inter prizes that are really really integrated in the mortgage market.
Speaker 3: They're saying that these lenders or fanbready will not allow
Speaker 3: lenders rather to accept the vantage four point zero credit
Speaker 3: model to increase competition in the credit score ecosystem. So
Speaker 3: what now is currently used, of course is Fyco, which
Speaker 3: we know that's a compilation of what TransUnion Equifax experience.
Speaker 3: So Vantage is actually a competitor that's trying to come
Speaker 3: in kind of knock Fico out the way. And we're
Speaker 3: seeing shares of Fyco down as much as nineteen percent.
Speaker 4: That's its worst day since.
Speaker 3: The pandemic March twenty twenty, so not a great day
Speaker 3: for them right now.
Speaker 4: And that's ticker fi COO.
Speaker 3: Vantage is a private company, correct, so we can't see
Speaker 3: those shares move, but no, we can't. It's a good
Speaker 3: day most likely if you're a shareholder, most definitely. But
Speaker 3: I'm also looking at Core Weave that's ticker CRWV, And
Speaker 3: of course we know this was an IPO back in
Speaker 3: late March. We've seen shares of the company that have
Speaker 3: served but more than two hundred and eighty percent so
Speaker 3: far since the ipo.
Speaker 4: But we're looking at shares their or lower today.
Speaker 3: They were downgraded to a neutral equivalent reading at both
Speaker 3: Stiefel and Mazuho, And this, of course is after the
Speaker 3: company had some news that came out about the fact
Speaker 3: that it was going to be buying Core Scientific in
Speaker 3: an all stock transaction. So the companies, these banks are
Speaker 3: actually not super enthused about what this means for the
Speaker 3: shares of core Weave, and of course those investors. Fiefol
Speaker 3: is actually pointing toward penning dilution and potential pressure, especially
Speaker 3: as we think about some of those multiples and whatnot.
Speaker 3: As Core Weave really moves from being a light asset
Speaker 3: of an asset light company to asset owned or more
Speaker 3: or less hybrid.
Speaker 1: You might think core Weave, a company that works in
Speaker 1: this space, might be based in Silicon Valley or New
Speaker 1: York or Texas. But Livingston, New Jersey, what, yes, which
Speaker 1: is like a suburb of New York City. Okay, that
Speaker 1: is the way the headquarters are.
Speaker 4: We have to bring them in here.
Speaker 1: Right on the road, right they really are?
Speaker 3: Yeah.
Speaker 1: I was always surprised to find that core Weave is
Speaker 1: based in Livingston, New Jersey.
Speaker 4: And more are you now?
Speaker 1: Yeah?
Speaker 3: And that's ticker CRW. The second day of losses in
Speaker 3: a row rand stock most definitely. So we're gonna just
Speaker 3: see what really happens here in terms of whether or
Speaker 3: not that pullback extends.
Speaker 4: But another company and brand you lots of red today.
Speaker 3: But another company here, we're looking at Bak of America,
Speaker 3: a sticker BAC, and I'm looking at that along with
Speaker 3: a lot of those peers in the banking space. We
Speaker 3: know bank earnings kick off next week, but before that,
Speaker 3: we have HSBC coming in saying that downside risks are
Speaker 3: not currently factored into the stock prices of a lot
Speaker 3: of these companies. We've seen a pretty intense rally right
Speaker 3: now between what things have looked like for the banking sector,
Speaker 3: and we have Wall Street a bit divided right now.
Speaker 3: I mean, Mike Mayo is saying game on for banks,
Speaker 3: but then we also have other analysts that are really
Speaker 3: just flagging what the macro environment looks like for these
Speaker 3: companies and whether or not that could be a potential
Speaker 3: headwind for them.
Speaker 4: But we do have HSBC in.
Speaker 3: Particular here turning cautious on the company, as well as
Speaker 3: JP Morgan and Goldman that we're also dowgraded.
Speaker 1: Speaking of the bank's earning season kicks off next week?
Speaker 1: Does the fifteenth we hear from JP Morgan that is
Speaker 1: what is today's the eighth, so that is next Tuesday,
Speaker 1: Next Wednesday, we'll hear from Bank of America, and then
Speaker 1: we're off to the races, like we're gonna hear from everyone.
Speaker 4: Are we ready?
Speaker 1: Oh, I'm ready, I'm already for earnings?
Speaker 4: Game faces on Emily.
Speaker 1: Are you ready you'll be here, You'll be in the
Speaker 1: studio with me.
Speaker 4: I'll be here. I'll be waiting for those earnings.
Speaker 1: Nor are you ready You'll be able to be here
Speaker 1: in the studio with me?
Speaker 4: I'll be watching a lot. I'll be watching a lot,
Speaker 4: all right. Cool? Everyone else is like having their European summer. Yeah,
Speaker 4: we're here, We're here, We're here, we are right.
Speaker 1: Stockmovers Nora Melinda, Bloomberg News Equities Reporter.
Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with
Speaker 2: us throughout the day for the latest roundup of companies
Speaker 2: making news on Wall Street and for the latest market
Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,
Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with
Speaker 2: the Bloomberg Business app.