WEBVTT - FICO Drops, CoreWeave Dips, Big Banks Slide

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

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<v Speaker 2>The Stock Movers podcast, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 1>Let's take a look at some stocks on the move today.

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<v Speaker 1>I'm Tim Stenebeck along with Emily Griffeo. We're joined by

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<v Speaker 1>Bloomberg News equities reporter Nora Melinda Nora. The indexes might

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<v Speaker 1>not be moving much right now, but kind of hide

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<v Speaker 1>some big moves taking place if you peel back the layers.

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<v Speaker 3>Now most definitely, and talking of a big move, I'm

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<v Speaker 3>looking at fair Isaac, which we all know as FIKO.

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<v Speaker 4>That's take your Fico.

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<v Speaker 3>We're seeing shears pointing lower tumbling double digits actually as

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<v Speaker 3>the worst performing stock by a percentage basis in the

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<v Speaker 3>S and P five hundred. And this is after Bill Poulti,

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<v Speaker 3>he of course is the Federal Housing Finance Agency director.

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<v Speaker 4>He said that Fannie May and Freddie.

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<v Speaker 3>Mack, which of course we know these are government sponsored

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<v Speaker 3>inter prizes that are really really integrated in the mortgage market.

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<v Speaker 3>They're saying that these lenders or fanbready will not allow

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<v Speaker 3>lenders rather to accept the vantage four point zero credit

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<v Speaker 3>model to increase competition in the credit score ecosystem. So

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<v Speaker 3>what now is currently used, of course is Fyco, which

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<v Speaker 3>we know that's a compilation of what TransUnion Equifax experience.

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<v Speaker 3>So Vantage is actually a competitor that's trying to come

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<v Speaker 3>in kind of knock Fico out the way. And we're

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<v Speaker 3>seeing shares of Fyco down as much as nineteen percent.

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<v Speaker 4>That's its worst day since.

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<v Speaker 3>The pandemic March twenty twenty, so not a great day

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<v Speaker 3>for them right now.

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<v Speaker 4>And that's ticker fi COO.

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<v Speaker 3>Vantage is a private company, correct, so we can't see

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<v Speaker 3>those shares move, but no, we can't. It's a good

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<v Speaker 3>day most likely if you're a shareholder, most definitely. But

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<v Speaker 3>I'm also looking at Core Weave that's ticker CRWV, And

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<v Speaker 3>of course we know this was an IPO back in

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<v Speaker 3>late March. We've seen shares of the company that have

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<v Speaker 3>served but more than two hundred and eighty percent so

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<v Speaker 3>far since the ipo.

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<v Speaker 4>But we're looking at shares their or lower today.

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<v Speaker 3>They were downgraded to a neutral equivalent reading at both

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<v Speaker 3>Stiefel and Mazuho, And this, of course is after the

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<v Speaker 3>company had some news that came out about the fact

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<v Speaker 3>that it was going to be buying Core Scientific in

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<v Speaker 3>an all stock transaction. So the companies, these banks are

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<v Speaker 3>actually not super enthused about what this means for the

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<v Speaker 3>shares of core Weave, and of course those investors. Fiefol

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<v Speaker 3>is actually pointing toward penning dilution and potential pressure, especially

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<v Speaker 3>as we think about some of those multiples and whatnot.

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<v Speaker 3>As Core Weave really moves from being a light asset

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<v Speaker 3>of an asset light company to asset owned or more

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<v Speaker 3>or less hybrid.

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<v Speaker 1>You might think core Weave, a company that works in

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<v Speaker 1>this space, might be based in Silicon Valley or New

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<v Speaker 1>York or Texas. But Livingston, New Jersey, what, yes, which

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<v Speaker 1>is like a suburb of New York City. Okay, that

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<v Speaker 1>is the way the headquarters are.

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<v Speaker 4>We have to bring them in here.

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<v Speaker 1>Right on the road, right they really are?

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<v Speaker 3>Yeah.

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<v Speaker 1>I was always surprised to find that core Weave is

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<v Speaker 1>based in Livingston, New Jersey.

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<v Speaker 4>And more are you now?

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<v Speaker 1>Yeah?

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<v Speaker 3>And that's ticker CRW. The second day of losses in

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<v Speaker 3>a row rand stock most definitely. So we're gonna just

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<v Speaker 3>see what really happens here in terms of whether or

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<v Speaker 3>not that pullback extends.

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<v Speaker 4>But another company and brand you lots of red today.

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<v Speaker 3>But another company here, we're looking at Bak of America,

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<v Speaker 3>a sticker BAC, and I'm looking at that along with

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<v Speaker 3>a lot of those peers in the banking space. We

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<v Speaker 3>know bank earnings kick off next week, but before that,

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<v Speaker 3>we have HSBC coming in saying that downside risks are

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<v Speaker 3>not currently factored into the stock prices of a lot

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<v Speaker 3>of these companies. We've seen a pretty intense rally right

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<v Speaker 3>now between what things have looked like for the banking sector,

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<v Speaker 3>and we have Wall Street a bit divided right now.

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<v Speaker 3>I mean, Mike Mayo is saying game on for banks,

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<v Speaker 3>but then we also have other analysts that are really

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<v Speaker 3>just flagging what the macro environment looks like for these

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<v Speaker 3>companies and whether or not that could be a potential

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<v Speaker 3>headwind for them.

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<v Speaker 4>But we do have HSBC in.

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<v Speaker 3>Particular here turning cautious on the company, as well as

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<v Speaker 3>JP Morgan and Goldman that we're also dowgraded.

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<v Speaker 1>Speaking of the bank's earning season kicks off next week?

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<v Speaker 1>Does the fifteenth we hear from JP Morgan that is

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<v Speaker 1>what is today's the eighth, so that is next Tuesday,

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<v Speaker 1>Next Wednesday, we'll hear from Bank of America, and then

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<v Speaker 1>we're off to the races, like we're gonna hear from everyone.

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<v Speaker 4>Are we ready?

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<v Speaker 1>Oh, I'm ready, I'm already for earnings?

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<v Speaker 4>Game faces on Emily.

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<v Speaker 1>Are you ready you'll be here, You'll be in the

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<v Speaker 1>studio with me.

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<v Speaker 4>I'll be here. I'll be waiting for those earnings.

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<v Speaker 1>Nor are you ready You'll be able to be here

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<v Speaker 1>in the studio with me?

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<v Speaker 4>I'll be watching a lot. I'll be watching a lot,

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<v Speaker 4>all right. Cool? Everyone else is like having their European summer. Yeah,

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<v Speaker 4>we're here, We're here, We're here, we are right.

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<v Speaker 1>Stockmovers Nora Melinda, Bloomberg News Equities Reporter.

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<v Speaker 2>The Stock Movers podcast from Bloomberg Radio. Check back with

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