1 00:00:02,520 --> 00:00:07,360 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,560 --> 00:00:12,440 Speaker 2: The Stock Movers Report, your roundup of companies making moves 3 00:00:12,480 --> 00:00:16,280 Speaker 2: in the stock market, harnessing the power of Bloomberg data. 4 00:00:17,400 --> 00:00:20,840 Speaker 3: Billy Lipschultz is in our Bloomberg Studios here in New York, 5 00:00:21,239 --> 00:00:24,200 Speaker 3: senior Equities reporter, and you've got your eye on some 6 00:00:24,280 --> 00:00:26,480 Speaker 3: market drivers today. Workday, I guess is on your radar. 7 00:00:26,640 --> 00:00:30,040 Speaker 1: Yeah. JT mentioned is starting with work Day taker wday. 8 00:00:30,240 --> 00:00:33,000 Speaker 1: Right now, shares are up more than eight percent. This 9 00:00:33,120 --> 00:00:36,040 Speaker 1: coming a bit of news, kind of a burst of news. 10 00:00:36,040 --> 00:00:37,919 Speaker 1: So not only did they have a strong analyst day 11 00:00:37,920 --> 00:00:40,839 Speaker 1: that drew at least two upgrades from south Side Analysts 12 00:00:40,840 --> 00:00:43,000 Speaker 1: to Elliott Investment Management came out saying they're one of 13 00:00:43,040 --> 00:00:46,160 Speaker 1: the largest shareholders in the company, really applauding that they've 14 00:00:46,200 --> 00:00:50,440 Speaker 1: made progress, talking up the advancement and enhancement of the 15 00:00:50,479 --> 00:00:54,920 Speaker 1: company's operating model and capital allocation framework. Board also authorize 16 00:00:54,960 --> 00:00:57,800 Speaker 1: the repurchase of up to an additional four billion dollars 17 00:00:57,800 --> 00:01:01,640 Speaker 1: of stock. Analysts basically saying that the forecast that they 18 00:01:01,640 --> 00:01:05,280 Speaker 1: called out signaling strong profitability, there is still that elephant 19 00:01:05,280 --> 00:01:08,320 Speaker 1: in the room AI how that impacts sales in subscriptions, 20 00:01:08,400 --> 00:01:10,600 Speaker 1: which seem to be slowing, but nonetheless a big move 21 00:01:10,720 --> 00:01:13,840 Speaker 1: higher for work day, still down about eight percent so 22 00:01:13,880 --> 00:01:18,600 Speaker 1: far this year. When I get my car share, I arbitrage. 23 00:01:19,160 --> 00:01:21,080 Speaker 1: I go open up my Lyft, open up my Uber, 24 00:01:21,160 --> 00:01:22,800 Speaker 1: and whatever gives me the best price, since it's the 25 00:01:22,800 --> 00:01:25,080 Speaker 1: same driver in the same car. Usually in most cases 26 00:01:25,400 --> 00:01:26,759 Speaker 1: Matt Miller does not do that. 27 00:01:26,880 --> 00:01:27,959 Speaker 2: He just goes right to Uber. 28 00:01:28,400 --> 00:01:30,920 Speaker 1: Does it because of the credit card points? For final reason, 29 00:01:31,000 --> 00:01:31,520 Speaker 1: I think it's. 30 00:01:31,560 --> 00:01:32,959 Speaker 4: That that would be the impetation of it. I'm not 31 00:01:32,959 --> 00:01:34,600 Speaker 4: even sure you just made it that far. Boy, they're 32 00:01:34,600 --> 00:01:35,840 Speaker 4: having a good date today. What's going on? 33 00:01:35,959 --> 00:01:38,200 Speaker 1: Yeah? Seeing a big move in shares of Lyft ticker 34 00:01:38,319 --> 00:01:41,760 Speaker 1: Lyft after the company's name, up more than twelve percent. 35 00:01:42,040 --> 00:01:46,120 Speaker 1: This coming after unveiling plans with Waimo, the Alphabet owned 36 00:01:46,160 --> 00:01:51,560 Speaker 1: driverless car technology company, to unveil and offer robo taxi 37 00:01:51,600 --> 00:01:54,920 Speaker 1: service in Nashville starting next year. Big fan of Nashville, 38 00:01:54,920 --> 00:01:57,800 Speaker 1: sure if you've been. This will start through the Weimo 39 00:01:57,920 --> 00:02:00,720 Speaker 1: app early next year and ultimately spread to the Lift app. 40 00:02:00,920 --> 00:02:03,800 Speaker 1: So the next time you're down listening to some country music, 41 00:02:04,000 --> 00:02:06,200 Speaker 1: you can hop it in a Nashville is. 42 00:02:06,240 --> 00:02:09,560 Speaker 4: The bachelorette party capital of the world. 43 00:02:09,600 --> 00:02:10,080 Speaker 2: Is it really? 44 00:02:10,200 --> 00:02:13,360 Speaker 4: Yes, it's like surplants surpassing VAKED. I don't know how 45 00:02:13,360 --> 00:02:13,679 Speaker 4: they do it. 46 00:02:13,760 --> 00:02:16,040 Speaker 1: They call it Nash Vegas these days. I was there 47 00:02:16,080 --> 00:02:18,720 Speaker 1: for Labor Day, okay, so but they call it Vegas, 48 00:02:18,720 --> 00:02:21,080 Speaker 1: all right, But that's sending. Also, shares of Uber ticker 49 00:02:21,240 --> 00:02:23,720 Speaker 1: ub er down more than five percent. I'll tell you 50 00:02:23,720 --> 00:02:26,400 Speaker 1: the stock for Lift is up seventy eight seventy five 51 00:02:26,400 --> 00:02:28,240 Speaker 1: percent year to date. So maybe the market saying okay, 52 00:02:28,280 --> 00:02:31,399 Speaker 1: maybe this drivers are partnering strategy is a good one, 53 00:02:31,440 --> 00:02:33,240 Speaker 1: and this is a company that's still trading now at 54 00:02:33,240 --> 00:02:35,440 Speaker 1: the highest level since twenty twenty two, but really pales 55 00:02:35,440 --> 00:02:37,839 Speaker 1: in comparison to the return for Uber. And I want 56 00:02:37,840 --> 00:02:41,160 Speaker 1: to cap off with Nvidia quickly, stock down almost three percent, 57 00:02:41,240 --> 00:02:43,600 Speaker 1: one of the big drags in the SP five hundred today. 58 00:02:43,840 --> 00:02:46,200 Speaker 1: This coming whether it's to sell the news event or 59 00:02:46,680 --> 00:02:50,640 Speaker 1: being pointed to the ft reporting that the China's Internet 60 00:02:50,680 --> 00:02:53,960 Speaker 1: regulator has advised companies including by Dance and Ali Baba 61 00:02:54,200 --> 00:02:56,680 Speaker 1: to terminate their testing and orders of the RTX pro 62 00:02:56,840 --> 00:02:59,240 Speaker 1: six thousand D so that's one of their chips. So 63 00:02:59,280 --> 00:03:02,120 Speaker 1: in Nvidia down about two point seventy five percent right now, 64 00:03:02,120 --> 00:03:04,400 Speaker 1: tick Er MVDA one of the big drags in the 65 00:03:04,480 --> 00:03:05,120 Speaker 1: S and P five. 66 00:03:05,040 --> 00:03:06,880 Speaker 3: Hundred and in just a few minutes we're going to 67 00:03:06,880 --> 00:03:09,800 Speaker 3: have a StubHub CEO Eric Baker. He's going to speak 68 00:03:09,800 --> 00:03:13,040 Speaker 3: with Bloomberg Tech anchors at Ludlow and Caroline Hyde and 69 00:03:13,520 --> 00:03:15,240 Speaker 3: I would love to get your thoughts though, Bailly, on 70 00:03:16,080 --> 00:03:18,840 Speaker 3: StubHub going public today, we're still waiting for it to 71 00:03:19,120 --> 00:03:21,840 Speaker 3: begin trading. I guess I tried to go public a 72 00:03:21,840 --> 00:03:24,040 Speaker 3: few times, right, all right, so finally here we are. 73 00:03:24,440 --> 00:03:27,720 Speaker 3: But the valuation, I think half of what it had 74 00:03:27,800 --> 00:03:30,239 Speaker 3: thought it might be valued at when it was first 75 00:03:30,240 --> 00:03:31,560 Speaker 3: thinking about going public. 76 00:03:31,680 --> 00:03:34,400 Speaker 1: Yeah, this is a deal that raised eight hundred million dollars, 77 00:03:34,480 --> 00:03:37,800 Speaker 1: and we had been hearing from people familiar even just 78 00:03:37,840 --> 00:03:39,680 Speaker 1: a few weeks ago, that they thought this would be 79 00:03:39,720 --> 00:03:42,200 Speaker 1: north of a billion dollars and that their valuation could 80 00:03:42,240 --> 00:03:45,800 Speaker 1: be closer to that thirteen fourteen billion dollar bogie as 81 00:03:45,840 --> 00:03:48,720 Speaker 1: opposed to about eight point six billion at that IPO price. 82 00:03:48,880 --> 00:03:51,280 Speaker 1: But this has been a slog for the company. Obviously. 83 00:03:51,320 --> 00:03:53,400 Speaker 1: We saw one of the busiest weeks in quite some 84 00:03:53,520 --> 00:03:56,320 Speaker 1: time last week with Klarna and others going public, but 85 00:03:56,360 --> 00:03:58,680 Speaker 1: Stephub when I talked to investors, it's a different beast 86 00:03:58,840 --> 00:04:00,320 Speaker 1: and that was a big part of this conver station 87 00:04:00,400 --> 00:04:02,120 Speaker 1: and my colleague just putting out right now that they 88 00:04:02,160 --> 00:04:05,320 Speaker 1: tightly allocated this deal the top investors. You've been trying 89 00:04:05,360 --> 00:04:08,040 Speaker 1: to position this company and set it up to succeed, 90 00:04:08,120 --> 00:04:11,360 Speaker 1: but again where it priced versus where investors might have 91 00:04:11,440 --> 00:04:14,040 Speaker 1: thought it would price. Different dynamics than we saw with 92 00:04:14,080 --> 00:04:16,320 Speaker 1: some of the hotter IPOs last week and even going 93 00:04:16,360 --> 00:04:18,560 Speaker 1: back into the summer like a Figma and some others. 94 00:04:18,720 --> 00:04:19,279 Speaker 1: So we've had it. 95 00:04:19,320 --> 00:04:20,960 Speaker 4: I mean, it seems like the last certainly since in 96 00:04:21,360 --> 00:04:23,400 Speaker 4: Labor day. This IPM market's picking up. 97 00:04:23,640 --> 00:04:24,159 Speaker 1: I know you don't. 98 00:04:24,440 --> 00:04:26,240 Speaker 4: That's not your remit these days of the ip of market, 99 00:04:26,240 --> 00:04:28,480 Speaker 4: you're broader equities. But how's the calendar look for the 100 00:04:28,520 --> 00:04:30,480 Speaker 4: remainder of the year. Continue to be busy for the 101 00:04:30,520 --> 00:04:31,080 Speaker 4: next month or so. 102 00:04:31,440 --> 00:04:34,440 Speaker 1: It's interesting, Paul. So last week was the busiest I'll 103 00:04:34,440 --> 00:04:36,560 Speaker 1: call it the busiest based on size. We kind of 104 00:04:36,760 --> 00:04:40,120 Speaker 1: have some ESPN type stats for that, but busiest week 105 00:04:40,200 --> 00:04:42,920 Speaker 1: since twenty twenty one. We have a pretty busy week 106 00:04:43,000 --> 00:04:45,560 Speaker 1: this week with stup hup today Netscope price tonight and 107 00:04:45,600 --> 00:04:48,400 Speaker 1: trade tomorrow. That's a cybersecurity company, but it kind of 108 00:04:48,400 --> 00:04:50,240 Speaker 1: falls off. I was meeting with an advisor this morning 109 00:04:50,240 --> 00:04:52,240 Speaker 1: who was basically saying, it kind of looks like a 110 00:04:52,279 --> 00:04:54,200 Speaker 1: rocket ship and then right now we're dealing with that 111 00:04:54,320 --> 00:04:57,960 Speaker 1: return to gravity. Calendar is at play. But nonetheless, when 112 00:04:57,960 --> 00:05:00,479 Speaker 1: you are seeing some of these deals printing, should be 113 00:05:00,520 --> 00:05:03,680 Speaker 1: interesting to see post fed what companies flip and what 114 00:05:03,720 --> 00:05:07,000 Speaker 1: the calendar stacks up like for October, which should be 115 00:05:07,040 --> 00:05:09,159 Speaker 1: a pretty big window. I mean, having been in this 116 00:05:09,200 --> 00:05:11,000 Speaker 1: game for many years, the IPO game, the New Issue, 117 00:05:11,000 --> 00:05:13,120 Speaker 1: which game, I got a lot of things that behind 118 00:05:13,120 --> 00:05:14,840 Speaker 1: me in my back. I got a markets at in 119 00:05:14,920 --> 00:05:18,120 Speaker 1: near all time highs. I've had a bunch of deals 120 00:05:18,120 --> 00:05:21,120 Speaker 1: that are priced and priced well and traded. It is sixteen, 121 00:05:21,160 --> 00:05:23,200 Speaker 1: mixes is sixteen. I mean, if you can't get a 122 00:05:23,240 --> 00:05:25,920 Speaker 1: deal out today, kids, what are you waiting for? So 123 00:05:26,720 --> 00:05:29,000 Speaker 1: it seems like I'm surprised we haven't seen more, but 124 00:05:29,000 --> 00:05:30,839 Speaker 1: I've been saying that for a while here. 125 00:05:31,320 --> 00:05:33,680 Speaker 4: But anyway, the ones that are coming out into the 126 00:05:33,680 --> 00:05:36,599 Speaker 4: marketplace are trading well, so people that should What that 127 00:05:36,640 --> 00:05:39,960 Speaker 4: typically does is stoke more demand from the buyside for 128 00:05:40,000 --> 00:05:40,520 Speaker 4: more stuff. 129 00:05:40,600 --> 00:05:42,400 Speaker 1: But we have seen kind of a mixed performance, and 130 00:05:42,400 --> 00:05:44,119 Speaker 1: I do want to call out a Gemini space station, 131 00:05:44,240 --> 00:05:47,120 Speaker 1: the Winklevoss Twins company. It broke issue today. It's down 132 00:05:47,200 --> 00:05:50,799 Speaker 1: nine percent. So for every you know figure, they're bloxching 133 00:05:50,880 --> 00:05:53,360 Speaker 1: Helock company. For every company that's up you know, fifty 134 00:05:53,400 --> 00:05:55,560 Speaker 1: sixty percent, we have a few that are either a 135 00:05:55,600 --> 00:05:58,760 Speaker 1: breaking issue or close to that IPO price. So a 136 00:05:58,839 --> 00:05:59,400 Speaker 1: bit mixed. 137 00:06:00,760 --> 00:06:05,000 Speaker 2: The Stockmovers report from Bloomberg Radio. 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