WEBVTT - Weekly Roundup: Coinbase Rises, Circle Soars, Solar Stocks Fall

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

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<v Speaker 2>Stock Movers podcast, 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 3>We are here and we want to take a look

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<v Speaker 3>at some of the stocks that were on the move

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<v Speaker 3>this past week in our Stock Movers podcast, and we

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<v Speaker 3>got to talk about Coinbase. It was up about twenty

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<v Speaker 3>seven percent this week, looking at for the week overall,

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<v Speaker 3>the number one gainer in the S and P as

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<v Speaker 3>a result, and I'm just looking at there was a

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<v Speaker 3>lot of data throughout the week for this one. We

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<v Speaker 3>did get some headlines on Friday about Coinbase being cleared

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<v Speaker 3>to offer crypto products across all EU states, So that

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<v Speaker 3>basically enables the company to offer full suite of products

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<v Speaker 3>to all twenty seven EU member states. So we're talking

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<v Speaker 3>about four hundred and fifty million people across the EU,

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<v Speaker 3>so that was a big deal. We also saw earlier

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<v Speaker 3>in the week Coinbase introducing Coinbase payments for commerce platforms.

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<v Speaker 3>So there's a lot going on in this space, especially

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<v Speaker 3>when it comes to the regulatory environment, and we're seeing it,

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<v Speaker 3>you know, kind of a regulatory framework being worked out,

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<v Speaker 3>and so Coinbase certainly seen as someone, as you know,

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<v Speaker 3>to benefit in a big way, and we certainly saw

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<v Speaker 3>that play out in the share price this week.

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<v Speaker 1>Not the only mover in the crypto industry to the

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<v Speaker 1>upside this week. You also were watching everything that happened

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<v Speaker 1>with Circle Carol.

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<v Speaker 3>Circle Internet Group up eighty percent this past week, folks,

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<v Speaker 3>big mover to the up side. It's up about six

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<v Speaker 3>hundred and seventy five percent since it's IPO on June fifth,

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<v Speaker 3>So we have seen this one just explode to the upside.

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<v Speaker 3>It's the company behind USDC, the second largest stable coin

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<v Speaker 3>by market share. It shares gaining in the Friday trade

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<v Speaker 3>as well, So we just saw momentum throughout the week.

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<v Speaker 3>Catalysts Today or on Friday, I should say, Seaport Global

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<v Speaker 3>gave the stable coin issue it's first by rating the

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<v Speaker 3>week of the US Senate's move this week to pass

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<v Speaker 3>some regulatory legislation, right, So this is certainly something that

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<v Speaker 3>is seen as an upside catalyst. Legislation setting up regulatory

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<v Speaker 3>rules for cryptocurrencies peg to the dollars. So there's a

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<v Speaker 3>lot of momentum. I feel like in this space.

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<v Speaker 1>How is it that you always have the stocks that

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<v Speaker 1>did well.

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<v Speaker 3>I don't know you as a gainers my sunny disposition.

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<v Speaker 1>Okay, your sunny disposition.

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<v Speaker 2>Where you going?

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<v Speaker 1>I'm going to the other side of things. The worst

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<v Speaker 1>performers in the S and P five hundred this week

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<v Speaker 1>we're solar companies en Phase Energy, First Solar, in Phase.

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<v Speaker 1>The ticker for en Phase Energy is e NPH First Solar.

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<v Speaker 1>Just pulling it up here is FSLR. First Solar fell

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<v Speaker 1>by seventeen point two percent. En Phase Energy fell by

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<v Speaker 1>twenty one point four percent. Shares of US solar companies

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<v Speaker 1>fell sharply this week. This was after we learned that

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<v Speaker 1>Center Republicans released this bill that would essentially end clean

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<v Speaker 1>energy tax credits earlier than expected. What that did was

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<v Speaker 1>it dashed hopes that major cuts passed by the House

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<v Speaker 1>would not stick. You had other companies move lower this week.

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<v Speaker 1>Sun Run, which is the largest US rooftop panel installer,

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<v Speaker 1>plunged this week, the most ever in interra date trading.

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<v Speaker 1>Solar edge technologies fell as well, and in Phase Energy

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<v Speaker 1>the worst performer in the S and P five hundred,

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<v Speaker 1>down by twenty one point four percent. Get another one

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<v Speaker 1>for US, I got another one. Accenture. This is an

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<v Speaker 1>interesting one because this is a IT consulting firm. Huge

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<v Speaker 1>global company. Shares fell this week, not the worst performer

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<v Speaker 1>in the S ANDP, but still among the worst performer

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<v Speaker 1>I'd say, top five worst performing stock this week, down

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<v Speaker 1>eight point five percent. The company reported results that highlighted

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<v Speaker 1>bookings as a weak spot of the print. The company

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<v Speaker 1>CEO said, accentsrire quote continues to see a significantly elevated

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<v Speaker 1>level of uncertainty in the global economic and geopolitical environment

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<v Speaker 1>as compared to calendar year twenty twenty four. Bloomberg Intelligence

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<v Speaker 1>came out and said that the seven percent bookings decline

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<v Speaker 1>lower headcounts suggest soft discretionary IT spending demand. There were

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<v Speaker 1>a lot of questions about the effect on government cuts,

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<v Speaker 1>especially here in the US. Interestingly enough, the company said

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<v Speaker 1>that quote federal business had an immaterial impact on its

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<v Speaker 1>overall growth in the quarter, So it wasn't a federal

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<v Speaker 1>it was boo bookings moving forward. Got it is the

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<v Speaker 1>concern that analysts have not necessarily federal cuts. It's not

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<v Speaker 1>like Boozelan, which has such a big, such big exposure

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<v Speaker 1>to the US government.

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<v Speaker 3>So Accentri for the week overall.

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<v Speaker 1>Eccentri for the week overall, ticker ACN down eight point

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<v Speaker 1>four to five percent for.

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<v Speaker 2>The week overall.

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<v Speaker 3>Hey, I just want to go back to coin base

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<v Speaker 3>Global because I didn't want to eat up all the time.

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<v Speaker 3>But there was so much stuff on this name. As

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<v Speaker 3>I mentioned, it was up about twenty seven percent this week.

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<v Speaker 3>I forgot to mention it in'ct a deal to have

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<v Speaker 3>the world's second biggest stable coin USAC is just collateral

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<v Speaker 3>in US futures trading.

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<v Speaker 1>So there's a handshake between Circle Internet and Coinbase.

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<v Speaker 3>See, this is why we have the crypto dude in house.

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<v Speaker 3>And the other thing. The other story this was I

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<v Speaker 3>think on June seventeenth, the i JP Morgan Chase launching

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<v Speaker 3>a pilot for token called JPMD which represents dollar deposits

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<v Speaker 3>and we'll transfer a fixed amount to coin based Global

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<v Speaker 3>on the public black blockchain base. So there's just so

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<v Speaker 3>much stuff this past week. I highly recommend you head

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<v Speaker 3>to the Bloomberger Bloomberg dot com to check it out.

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

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