Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers Report, 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 in the move today.
Speaker 1: Alexis Christophers.
Speaker 3: Let's start with Jack Dorsey's company. It's called Block. So
Speaker 3: this is the company that adds in cash, app and Square,
Speaker 3: the digital payments companies. This stock is on fire this morning.
Speaker 3: It is up nineteen percent. Ticker symbol XYZ. So here's
Speaker 3: the news. Block is going to slash its workforce in half.
Speaker 3: It is cutting about four thousand jobs. It's a move
Speaker 3: the company describes as a bet on artificial intelligence changing
Speaker 3: the future of the job market. We know that Block
Speaker 3: has invested very heavily here in AI tools. It's even
Speaker 3: got its own tool, it's called Goose. I haven't used it,
Speaker 3: but they believe many companies will ultimately have to make
Speaker 3: similar moves like cutting jobs due to AI. But you know,
Speaker 3: some analysts are now questioning whether companies are genuinely being
Speaker 3: transformed by artificial intelligence or are they simply using it
Speaker 3: as a rationale for costs.
Speaker 4: So you do that ten percent, not fifty percent this
Speaker 4: goes to what I said, I thought, just personally along
Speaker 4: that again, AIS can be a significant net destroyer of
Speaker 4: jobs and not going to be this. Oh, don't worry,
Speaker 4: they'll find different things to do. I'm not buying that
Speaker 4: for a minute.
Speaker 1: Yeah, this is one of our guests said weeks and
Speaker 1: weeks ago, they're getting out in front. You know, it's
Speaker 1: horse and cart, and the horse right now seems to
Speaker 1: be corporation saying let's go, let's go, let's go, even
Speaker 1: before the implementation. Yeah, yeah, what do you got next.
Speaker 3: I've got flutter. It is not fluttering upward though it
Speaker 3: is down eleven percent. So this is the company that
Speaker 3: owns fan Duel out with fourth quarter results falling short
Speaker 3: of estimates. It says it's due to slower new customers
Speaker 3: signups and moderating growth in wager. It's also came out
Speaker 3: with an annual outlook that underwhelmed investors. Look at the
Speaker 3: end of the day, the NFL season was a disappointment
Speaker 3: for gamblers. You had big wins for sports books or
Speaker 3: early in the season that may have given customers, they said,
Speaker 3: less money to spend later on, and then in the
Speaker 3: second half of the season, fewer favorite teams made the playoffs,
Speaker 3: which I think is a real thing. Right, you had
Speaker 3: less people wanting to wager the.
Speaker 1: Next number of years into this experiment. Are we learning
Speaker 1: as a society that this is a good way to
Speaker 1: hand over money to somebody else?
Speaker 3: Gambling?
Speaker 1: Ry edgers, folks. We have a blueber intelligence and expert
Speaker 1: on this. Yeah, and I'm fair. We got to get
Speaker 1: Brian out of here, like year two, year three, year
Speaker 1: four into this. Do we have a collective memory We're
Speaker 1: not going to make money with Vanduel.
Speaker 4: I don't know. I just I think I just think
Speaker 4: more about the societal issues here. More and more people
Speaker 4: are gambling, and I don't think that's in doing the
Speaker 4: sports betting because it's so easy.
Speaker 3: But here's the thing, it's they're changing how they're gambling.
Speaker 3: Because Flutterstock is down forty three percent this year, just
Speaker 3: year to date, it's because investors are worried about the
Speaker 3: impact of the prediction market. It's like Calshie and Polymarket.
Speaker 3: But meantime, Flutter CEO said today there is quote no
Speaker 3: meaningful impact on his business from those companies, but starts going.
Speaker 1: On what the Red Sox are going to do next?
Speaker 3: Dual Lingo. I love I use this app. Sometimes people
Speaker 3: say it's pretty good. It's pretty good. It's got the
Speaker 3: little green owl mascot kind of cute. But the shares
Speaker 3: are tumbling twenty five percent here it's a language learning
Speaker 3: software company. Gave a full year outlook that's below expectations.
Speaker 3: The stock has dropped thirty three percent this year. And again,
Speaker 3: what our investors worried about AI disrupting this company. So
Speaker 3: the company did say though that it's going to step
Speaker 3: up its investment in AI and they're going to sacrifice
Speaker 3: some degree of monetization in order to accelerate user growth
Speaker 3: and engagement. They want to double the current number of
Speaker 3: daily active users to one hundred million by twenty twenty eight.
Speaker 3: So lofty goals for the little green owl mascot at
Speaker 3: Duo Lingo.
Speaker 4: I think if you want to learn a language, you's
Speaker 4: got a parashut yourself into some tiny town in a
Speaker 4: little arctic ever country.
Speaker 3: You want to know the best way to learn it,
Speaker 3: speak it, surround immerse yourself in it, which is hard
Speaker 3: as you do.
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