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 3: Billy Lipschultz is in our Bloomberg Studios here in New York,
Speaker 3: senior Equities reporter, and you've got your eye on some
Speaker 3: market drivers today. Workday, I guess is on your radar.
Speaker 1: Yeah. JT mentioned is starting with work Day taker wday.
Speaker 1: Right now, shares are up more than eight percent. This
Speaker 1: coming a bit of news, kind of a burst of news.
Speaker 1: So not only did they have a strong analyst day
Speaker 1: that drew at least two upgrades from south Side Analysts
Speaker 1: to Elliott Investment Management came out saying they're one of
Speaker 1: the largest shareholders in the company, really applauding that they've
Speaker 1: made progress, talking up the advancement and enhancement of the
Speaker 1: company's operating model and capital allocation framework. Board also authorize
Speaker 1: the repurchase of up to an additional four billion dollars
Speaker 1: of stock. Analysts basically saying that the forecast that they
Speaker 1: called out signaling strong profitability, there is still that elephant
Speaker 1: in the room AI how that impacts sales in subscriptions,
Speaker 1: which seem to be slowing, but nonetheless a big move
Speaker 1: higher for work day, still down about eight percent so
Speaker 1: far this year. When I get my car share, I arbitrage.
Speaker 1: I go open up my Lyft, open up my Uber,
Speaker 1: and whatever gives me the best price, since it's the
Speaker 1: same driver in the same car. Usually in most cases
Speaker 1: Matt Miller does not do that.
Speaker 2: He just goes right to Uber.
Speaker 1: Does it because of the credit card points? For final reason,
Speaker 1: I think it's.
Speaker 4: That that would be the impetation of it. I'm not
Speaker 4: even sure you just made it that far. Boy, they're
Speaker 4: having a good date today. What's going on?
Speaker 1: Yeah? Seeing a big move in shares of Lyft ticker
Speaker 1: Lyft after the company's name, up more than twelve percent.
Speaker 1: This coming after unveiling plans with Waimo, the Alphabet owned
Speaker 1: driverless car technology company, to unveil and offer robo taxi
Speaker 1: service in Nashville starting next year. Big fan of Nashville,
Speaker 1: sure if you've been. This will start through the Weimo
Speaker 1: app early next year and ultimately spread to the Lift app.
Speaker 1: So the next time you're down listening to some country music,
Speaker 1: you can hop it in a Nashville is.
Speaker 4: The bachelorette party capital of the world.
Speaker 2: Is it really?
Speaker 4: Yes, it's like surplants surpassing VAKED. I don't know how
Speaker 4: they do it.
Speaker 1: They call it Nash Vegas these days. I was there
Speaker 1: for Labor Day, okay, so but they call it Vegas,
Speaker 1: all right, But that's sending. Also, shares of Uber ticker
Speaker 1: ub er down more than five percent. I'll tell you
Speaker 1: the stock for Lift is up seventy eight seventy five
Speaker 1: percent year to date. So maybe the market saying okay,
Speaker 1: maybe this drivers are partnering strategy is a good one,
Speaker 1: and this is a company that's still trading now at
Speaker 1: the highest level since twenty twenty two, but really pales
Speaker 1: in comparison to the return for Uber. And I want
Speaker 1: to cap off with Nvidia quickly, stock down almost three percent,
Speaker 1: one of the big drags in the SP five hundred today.
Speaker 1: This coming whether it's to sell the news event or
Speaker 1: being pointed to the ft reporting that the China's Internet
Speaker 1: regulator has advised companies including by Dance and Ali Baba
Speaker 1: to terminate their testing and orders of the RTX pro
Speaker 1: six thousand D so that's one of their chips. So
Speaker 1: in Nvidia down about two point seventy five percent right now,
Speaker 1: tick Er MVDA one of the big drags in the
Speaker 1: S and P five.
Speaker 3: Hundred and in just a few minutes we're going to
Speaker 3: have a StubHub CEO Eric Baker. He's going to speak
Speaker 3: with Bloomberg Tech anchors at Ludlow and Caroline Hyde and
Speaker 3: I would love to get your thoughts though, Bailly, on
Speaker 3: StubHub going public today, we're still waiting for it to
Speaker 3: begin trading. I guess I tried to go public a
Speaker 3: few times, right, all right, so finally here we are.
Speaker 3: But the valuation, I think half of what it had
Speaker 3: thought it might be valued at when it was first
Speaker 3: thinking about going public.
Speaker 1: Yeah, this is a deal that raised eight hundred million dollars,
Speaker 1: and we had been hearing from people familiar even just
Speaker 1: a few weeks ago, that they thought this would be
Speaker 1: north of a billion dollars and that their valuation could
Speaker 1: be closer to that thirteen fourteen billion dollar bogie as
Speaker 1: opposed to about eight point six billion at that IPO price.
Speaker 1: But this has been a slog for the company. Obviously.
Speaker 1: We saw one of the busiest weeks in quite some
Speaker 1: time last week with Klarna and others going public, but
Speaker 1: Stephub when I talked to investors, it's a different beast
Speaker 1: and that was a big part of this conver station
Speaker 1: and my colleague just putting out right now that they
Speaker 1: tightly allocated this deal the top investors. You've been trying
Speaker 1: to position this company and set it up to succeed,
Speaker 1: but again where it priced versus where investors might have
Speaker 1: thought it would price. Different dynamics than we saw with
Speaker 1: some of the hotter IPOs last week and even going
Speaker 1: back into the summer like a Figma and some others.
Speaker 1: So we've had it.
Speaker 4: I mean, it seems like the last certainly since in
Speaker 4: Labor day. This IPM market's picking up.
Speaker 1: I know you don't.
Speaker 4: That's not your remit these days of the ip of market,
Speaker 4: you're broader equities. But how's the calendar look for the
Speaker 4: remainder of the year. Continue to be busy for the
Speaker 4: next month or so.
Speaker 1: It's interesting, Paul. So last week was the busiest I'll
Speaker 1: call it the busiest based on size. We kind of
Speaker 1: have some ESPN type stats for that, but busiest week
Speaker 1: since twenty twenty one. We have a pretty busy week
Speaker 1: this week with stup hup today Netscope price tonight and
Speaker 1: trade tomorrow. That's a cybersecurity company, but it kind of
Speaker 1: falls off. I was meeting with an advisor this morning
Speaker 1: who was basically saying, it kind of looks like a
Speaker 1: rocket ship and then right now we're dealing with that
Speaker 1: return to gravity. Calendar is at play. But nonetheless, when
Speaker 1: you are seeing some of these deals printing, should be
Speaker 1: interesting to see post fed what companies flip and what
Speaker 1: the calendar stacks up like for October, which should be
Speaker 1: a pretty big window. I mean, having been in this
Speaker 1: game for many years, the IPO game, the New Issue,
Speaker 1: which game, I got a lot of things that behind
Speaker 1: me in my back. I got a markets at in
Speaker 1: near all time highs. I've had a bunch of deals
Speaker 1: that are priced and priced well and traded. It is sixteen,
Speaker 1: mixes is sixteen. I mean, if you can't get a
Speaker 1: deal out today, kids, what are you waiting for? So
Speaker 1: it seems like I'm surprised we haven't seen more, but
Speaker 1: I've been saying that for a while here.
Speaker 4: But anyway, the ones that are coming out into the
Speaker 4: marketplace are trading well, so people that should What that
Speaker 4: typically does is stoke more demand from the buyside for
Speaker 4: more stuff.
Speaker 1: But we have seen kind of a mixed performance, and
Speaker 1: I do want to call out a Gemini space station,
Speaker 1: the Winklevoss Twins company. It broke issue today. It's down
Speaker 1: nine percent. So for every you know figure, they're bloxching
Speaker 1: Helock company. For every company that's up you know, fifty
Speaker 1: sixty percent, we have a few that are either a
Speaker 1: breaking issue or close to that IPO price. So a
Speaker 1: bit mixed.
Speaker 2: The Stockmovers report from Bloomberg Radio. Check back with us
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