WEBVTT - Cisco Jumps, Legence Drops, Bullish Falls on First Quarter Net Loss

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

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<v Speaker 2>Stock Movers report your roundup of companies making moves in

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

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<v Speaker 1>Let's see where some stocks on the move today. We

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<v Speaker 1>do that. Bloomberg's Matthew Griffin. Matthew, what are you looking

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<v Speaker 1>at today? Well, Paul, I have not been traveling this week,

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<v Speaker 1>so I've just been here watching the market, and We've

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<v Speaker 1>got a few names that I think are worth hitting on.

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<v Speaker 1>One is, of course, Cisco worth diving a little bit

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<v Speaker 1>deeper into what's going on there. That stock seat ticker

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<v Speaker 1>CSC up as much as seventeen percent today in their

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<v Speaker 1>best day since twenty eleven, and it is the latest

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<v Speaker 1>big stock move in the wake of AI related layoff.

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<v Speaker 1>Cisco says that they are cutting no more than four

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<v Speaker 1>thousand jobs, about five percent of their workforce, to give

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<v Speaker 1>them the focus and urgent see that they need to

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<v Speaker 1>win in the AI era. They are going to at

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<v Speaker 1>the same time be making investments in things like silicon chips.

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<v Speaker 1>The networking equipment company is seeing orders grow from these

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<v Speaker 1>hyperscaler customers, the companies that run the largest data centers.

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<v Speaker 1>So I would compare this maybe to something like Meta

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<v Speaker 1>cutting jobs as it invests even more in AI and

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<v Speaker 1>being rewarded by investors for it is the job cutting

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<v Speaker 1>just to free up money to invest more in AI.

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<v Speaker 1>This is what it seems like. This is not something like,

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<v Speaker 1>for example, a block which says we are going to

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<v Speaker 1>actually have each worker be more productive because of AI.

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<v Speaker 1>It seems like they potentially are they want to direct

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<v Speaker 1>their cash flow elsewhere. That seems like the implication as

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<v Speaker 1>you read the blog post announcing this, all right, what's

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<v Speaker 1>the next one. I've also been looking at another AI

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<v Speaker 1>linked name, Legiance. This has been one of these sort

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<v Speaker 1>of high flying AI related industrial names, but it seems

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<v Speaker 1>like the rally might be stalling out there. That stock

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<v Speaker 1>ticker LGN down about five percent, even after the engineering

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<v Speaker 1>company raised guidance for revenue and profit this year. This

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<v Speaker 1>company does installation and maintenance for things like HVAC systems

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<v Speaker 1>they sell to data centers. That stock, though it was

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<v Speaker 1>up more than two hundred and fifty percent from its

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<v Speaker 1>September IPO, and it seems like I was going through

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<v Speaker 1>Analyst notes a lot of positivity there, but it seems

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<v Speaker 1>like investors don't see a reason to bid the stock

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<v Speaker 1>even higher from here, all right? Last one bullish Bullish.

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<v Speaker 1>The latest crypto company to have a disappointing reaction to

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<v Speaker 1>its earnings. The Cryptocurrency Exchange reported a widening loss per

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<v Speaker 1>share three dollars eighty five cents compared to three dollars

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<v Speaker 1>five cents in the quarter, digital asset sales falling, and

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<v Speaker 1>they attributed it, like a lot of companies, to falling

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<v Speaker 1>bitcoin prices. That's ticker BLSH down eleven percent today.

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<v Speaker 2>This stock movers report from Bloomberg Radio. Check back with

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

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<v Speaker 2>making news on wall and for the latest market moving headlines.

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