WEBVTT - Workday Higher, Lyft Rises, Nvidia Down on China's Orders to Stop Buying Their Chips

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

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<v Speaker 2>The Stock Movers Report, 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 3>Billy Lipschultz is in our Bloomberg Studios here in New York,

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<v Speaker 3>senior Equities reporter, and you've got your eye on some

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<v Speaker 3>market drivers today. Workday, I guess is on your radar.

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<v Speaker 1>Yeah. JT mentioned is starting with work Day taker wday.

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<v Speaker 1>Right now, shares are up more than eight percent. This

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<v Speaker 1>coming a bit of news, kind of a burst of news.

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<v Speaker 1>So not only did they have a strong analyst day

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<v Speaker 1>that drew at least two upgrades from south Side Analysts

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<v Speaker 1>to Elliott Investment Management came out saying they're one of

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<v Speaker 1>the largest shareholders in the company, really applauding that they've

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<v Speaker 1>made progress, talking up the advancement and enhancement of the

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<v Speaker 1>company's operating model and capital allocation framework. Board also authorize

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<v Speaker 1>the repurchase of up to an additional four billion dollars

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<v Speaker 1>of stock. Analysts basically saying that the forecast that they

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<v Speaker 1>called out signaling strong profitability, there is still that elephant

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<v Speaker 1>in the room AI how that impacts sales in subscriptions,

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<v Speaker 1>which seem to be slowing, but nonetheless a big move

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<v Speaker 1>higher for work day, still down about eight percent so

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<v Speaker 1>far this year. When I get my car share, I arbitrage.

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<v Speaker 1>I go open up my Lyft, open up my Uber,

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<v Speaker 1>and whatever gives me the best price, since it's the

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<v Speaker 1>same driver in the same car. Usually in most cases

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<v Speaker 1>Matt Miller does not do that.

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<v Speaker 2>He just goes right to Uber.

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<v Speaker 1>Does it because of the credit card points? For final reason,

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<v Speaker 1>I think it's.

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<v Speaker 4>That that would be the impetation of it. I'm not

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<v Speaker 4>even sure you just made it that far. Boy, they're

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<v Speaker 4>having a good date today. What's going on?

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<v Speaker 1>Yeah? Seeing a big move in shares of Lyft ticker

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<v Speaker 1>Lyft after the company's name, up more than twelve percent.

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<v Speaker 1>This coming after unveiling plans with Waimo, the Alphabet owned

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<v Speaker 1>driverless car technology company, to unveil and offer robo taxi

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<v Speaker 1>service in Nashville starting next year. Big fan of Nashville,

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<v Speaker 1>sure if you've been. This will start through the Weimo

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<v Speaker 1>app early next year and ultimately spread to the Lift app.

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<v Speaker 1>So the next time you're down listening to some country music,

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<v Speaker 1>you can hop it in a Nashville is.

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<v Speaker 4>The bachelorette party capital of the world.

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<v Speaker 2>Is it really?

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<v Speaker 4>Yes, it's like surplants surpassing VAKED. I don't know how

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<v Speaker 4>they do it.

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<v Speaker 1>They call it Nash Vegas these days. I was there

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<v Speaker 1>for Labor Day, okay, so but they call it Vegas,

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<v Speaker 1>all right, But that's sending. Also, shares of Uber ticker

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<v Speaker 1>ub er down more than five percent. I'll tell you

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<v Speaker 1>the stock for Lift is up seventy eight seventy five

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<v Speaker 1>percent year to date. So maybe the market saying okay,

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<v Speaker 1>maybe this drivers are partnering strategy is a good one,

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<v Speaker 1>and this is a company that's still trading now at

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<v Speaker 1>the highest level since twenty twenty two, but really pales

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<v Speaker 1>in comparison to the return for Uber. And I want

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<v Speaker 1>to cap off with Nvidia quickly, stock down almost three percent,

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<v Speaker 1>one of the big drags in the SP five hundred today.

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<v Speaker 1>This coming whether it's to sell the news event or

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<v Speaker 1>being pointed to the ft reporting that the China's Internet

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<v Speaker 1>regulator has advised companies including by Dance and Ali Baba

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<v Speaker 1>to terminate their testing and orders of the RTX pro

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<v Speaker 1>six thousand D so that's one of their chips. So

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<v Speaker 1>in Nvidia down about two point seventy five percent right now,

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<v Speaker 1>tick Er MVDA one of the big drags in the

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<v Speaker 1>S and P five.

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<v Speaker 3>Hundred and in just a few minutes we're going to

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<v Speaker 3>have a StubHub CEO Eric Baker. He's going to speak

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<v Speaker 3>with Bloomberg Tech anchors at Ludlow and Caroline Hyde and

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<v Speaker 3>I would love to get your thoughts though, Bailly, on

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<v Speaker 3>StubHub going public today, we're still waiting for it to

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<v Speaker 3>begin trading. I guess I tried to go public a

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<v Speaker 3>few times, right, all right, so finally here we are.

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<v Speaker 3>But the valuation, I think half of what it had

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<v Speaker 3>thought it might be valued at when it was first

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<v Speaker 3>thinking about going public.

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<v Speaker 1>Yeah, this is a deal that raised eight hundred million dollars,

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<v Speaker 1>and we had been hearing from people familiar even just

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<v Speaker 1>a few weeks ago, that they thought this would be

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<v Speaker 1>north of a billion dollars and that their valuation could

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<v Speaker 1>be closer to that thirteen fourteen billion dollar bogie as

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<v Speaker 1>opposed to about eight point six billion at that IPO price.

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<v Speaker 1>But this has been a slog for the company. Obviously.

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<v Speaker 1>We saw one of the busiest weeks in quite some

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<v Speaker 1>time last week with Klarna and others going public, but

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<v Speaker 1>Stephub when I talked to investors, it's a different beast

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<v Speaker 1>and that was a big part of this conver station

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<v Speaker 1>and my colleague just putting out right now that they

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<v Speaker 1>tightly allocated this deal the top investors. You've been trying

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<v Speaker 1>to position this company and set it up to succeed,

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<v Speaker 1>but again where it priced versus where investors might have

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<v Speaker 1>thought it would price. Different dynamics than we saw with

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<v Speaker 1>some of the hotter IPOs last week and even going

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<v Speaker 1>back into the summer like a Figma and some others.

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<v Speaker 1>So we've had it.

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<v Speaker 4>I mean, it seems like the last certainly since in

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<v Speaker 4>Labor day. This IPM market's picking up.

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<v Speaker 1>I know you don't.

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<v Speaker 4>That's not your remit these days of the ip of market,

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<v Speaker 4>you're broader equities. But how's the calendar look for the

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<v Speaker 4>remainder of the year. Continue to be busy for the

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<v Speaker 4>next month or so.

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<v Speaker 1>It's interesting, Paul. So last week was the busiest I'll

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<v Speaker 1>call it the busiest based on size. We kind of

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<v Speaker 1>have some ESPN type stats for that, but busiest week

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<v Speaker 1>since twenty twenty one. We have a pretty busy week

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<v Speaker 1>this week with stup hup today Netscope price tonight and

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<v Speaker 1>trade tomorrow. That's a cybersecurity company, but it kind of

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<v Speaker 1>falls off. I was meeting with an advisor this morning

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<v Speaker 1>who was basically saying, it kind of looks like a

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<v Speaker 1>rocket ship and then right now we're dealing with that

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<v Speaker 1>return to gravity. Calendar is at play. But nonetheless, when

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<v Speaker 1>you are seeing some of these deals printing, should be

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<v Speaker 1>interesting to see post fed what companies flip and what

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<v Speaker 1>the calendar stacks up like for October, which should be

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<v Speaker 1>a pretty big window. I mean, having been in this

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<v Speaker 1>game for many years, the IPO game, the New Issue,

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<v Speaker 1>which game, I got a lot of things that behind

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<v Speaker 1>me in my back. I got a markets at in

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<v Speaker 1>near all time highs. I've had a bunch of deals

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<v Speaker 1>that are priced and priced well and traded. It is sixteen,

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<v Speaker 1>mixes is sixteen. I mean, if you can't get a

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<v Speaker 1>deal out today, kids, what are you waiting for? So

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<v Speaker 1>it seems like I'm surprised we haven't seen more, but

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<v Speaker 1>I've been saying that for a while here.

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<v Speaker 4>But anyway, the ones that are coming out into the

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<v Speaker 4>marketplace are trading well, so people that should What that

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<v Speaker 4>typically does is stoke more demand from the buyside for

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<v Speaker 4>more stuff.

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<v Speaker 1>But we have seen kind of a mixed performance, and

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<v Speaker 1>I do want to call out a Gemini space station,

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<v Speaker 1>the Winklevoss Twins company. It broke issue today. It's down

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<v Speaker 1>nine percent. So for every you know figure, they're bloxching

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<v Speaker 1>Helock company. For every company that's up you know, fifty

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<v Speaker 1>sixty percent, we have a few that are either a

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<v Speaker 1>breaking issue or close to that IPO price. So a

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<v Speaker 1>bit mixed.

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<v Speaker 2>The Stockmovers report from Bloomberg Radio. Check back with us

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<v Speaker 2>throughout the day for the latest roundup of companies making

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