1 00:00:02,520 --> 00:00:07,000 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 --> 00:00:15,880 Speaker 2: in the stock market, harnessing the power of Bloomberg data. 4 00:00:17,280 --> 00:00:18,759 Speaker 3: Take a look at some of the stocks on the 5 00:00:18,760 --> 00:00:21,079 Speaker 3: move today. I'm Paul Sweeney and we're joined by bloombergs 6 00:00:21,360 --> 00:00:22,760 Speaker 3: is a belie is about? What are you looking at? 7 00:00:23,000 --> 00:00:26,320 Speaker 1: Let's start with coinbased ticker coi N shares are up 8 00:00:26,360 --> 00:00:29,120 Speaker 1: around six tens of one percent after Bank of America 9 00:00:29,280 --> 00:00:32,560 Speaker 1: raised the stock to buy from neutral. So the bank 10 00:00:32,600 --> 00:00:36,560 Speaker 1: said it's optimistic on the growth prospects of coinbase, especially 11 00:00:36,560 --> 00:00:38,960 Speaker 1: when it comes to new products and lower evaluation. So 12 00:00:39,000 --> 00:00:43,159 Speaker 1: they see opportunities with coinbases tokenization product and see the 13 00:00:43,200 --> 00:00:46,120 Speaker 1: company as a partner for trad FI firms. Trad fi 14 00:00:46,320 --> 00:00:50,920 Speaker 1: is traditional finance, So tokenization what is toganization? Basically think 15 00:00:50,920 --> 00:00:53,880 Speaker 1: of it as when you convert assets like stocks, bonds, 16 00:00:53,920 --> 00:00:57,880 Speaker 1: private loans into blockchain based tokens and you can have 17 00:00:58,000 --> 00:01:01,520 Speaker 1: it in fractional ownership and all of that. And a 18 00:01:01,560 --> 00:01:04,440 Speaker 1: lot of Wall Street banks are actually pushing into tokenization. 19 00:01:04,480 --> 00:01:07,200 Speaker 1: It's a new big thing. Coinbas is piling into it. 20 00:01:07,200 --> 00:01:10,080 Speaker 1: The likes of Franklin Templeton Jano. So everyone is piling 21 00:01:10,080 --> 00:01:11,640 Speaker 1: into it. But the stock is up now six tins 22 00:01:11,680 --> 00:01:13,560 Speaker 1: of one percent. Investors are cheering. 23 00:01:13,600 --> 00:01:16,240 Speaker 3: That probably very good, all right? How about the Nike. 24 00:01:16,959 --> 00:01:19,679 Speaker 1: Nike shares are higher by nearly two percent, and this 25 00:01:19,800 --> 00:01:23,200 Speaker 1: comes even after Needum downgraded the footwear maker too hold. 26 00:01:23,600 --> 00:01:26,440 Speaker 1: Needum said that a turnaround is longer than expected in 27 00:01:26,560 --> 00:01:29,920 Speaker 1: Nike's aggressive sell into the North American channel is a 28 00:01:29,920 --> 00:01:34,280 Speaker 1: strategic misstep. So we know that Nike has been really struggling, 29 00:01:34,360 --> 00:01:37,240 Speaker 1: especially in the past year with challenges in China and 30 00:01:37,280 --> 00:01:40,240 Speaker 1: the Converse brand appearing to struggle. But I don't know 31 00:01:40,240 --> 00:01:42,120 Speaker 1: why shares are up by two percent. 32 00:01:42,640 --> 00:01:44,680 Speaker 3: Well as I understand it, it's they need to get 33 00:01:44,680 --> 00:01:47,520 Speaker 3: their inventories down there. Inventory is built up there. That's 34 00:01:47,520 --> 00:01:49,920 Speaker 3: so they've been and put them Goil said. And we'll 35 00:01:49,920 --> 00:01:51,560 Speaker 3: talk to punm in a few moments. She said they 36 00:01:51,600 --> 00:01:53,480 Speaker 3: don't really want the US on that front, but need 37 00:01:53,520 --> 00:01:54,320 Speaker 3: more to do in China. 38 00:01:54,320 --> 00:01:56,400 Speaker 1: I guess that is fair. And then Nike still has 39 00:01:56,440 --> 00:01:59,480 Speaker 1: twenty seven buys thirteen holds to sell, so overall investors 40 00:01:59,520 --> 00:02:00,600 Speaker 1: are still optimistic. 41 00:02:00,920 --> 00:02:02,720 Speaker 3: Soho House, what is Soho House? I feel like it's 42 00:02:02,760 --> 00:02:04,160 Speaker 3: a New York thing, but I don't know it's. 43 00:02:04,080 --> 00:02:06,600 Speaker 1: An It's actually a global thing because what my husband 44 00:02:06,680 --> 00:02:09,400 Speaker 1: was based in Hong Kong. He was always talking about this. 45 00:02:09,400 --> 00:02:12,720 Speaker 1: This is a member's only club, typically for creatives. Exactly, 46 00:02:12,800 --> 00:02:14,520 Speaker 1: I'm not cool enough to be part of this club too. 47 00:02:14,560 --> 00:02:16,760 Speaker 1: But it's not having a good day. Shares are down 48 00:02:16,840 --> 00:02:20,600 Speaker 1: by more than fifteen percent. They're facing a funding gap 49 00:02:20,680 --> 00:02:23,680 Speaker 1: tied to the company's pending sales. So MCR Hospitality and 50 00:02:23,800 --> 00:02:26,440 Speaker 1: QP said it can't fund the two hundred million equity 51 00:02:26,440 --> 00:02:29,680 Speaker 1: commitment in full by the closing date. So so House 52 00:02:29,680 --> 00:02:32,720 Speaker 1: committee is looking for alternative sources. So a group of 53 00:02:32,760 --> 00:02:36,120 Speaker 1: investors for Contacts, led by several boutique New York hotels, 54 00:02:36,120 --> 00:02:38,760 Speaker 1: agreed to take Sohouse private and a two point seven 55 00:02:39,000 --> 00:02:42,000 Speaker 1: billion dollar deal, and soho House has been struggling since 56 00:02:42,000 --> 00:02:44,360 Speaker 1: it's IPO. I'm not sure why. I'm sure there are 57 00:02:44,440 --> 00:02:47,160 Speaker 1: underlying reasons, but it feels like the in sinc these 58 00:02:47,200 --> 00:02:49,440 Speaker 1: days in New York is joining a club because you 59 00:02:49,520 --> 00:02:53,480 Speaker 1: can't get restaurant reservations anymore, especially the ones Taylor Swift 60 00:02:53,520 --> 00:02:56,359 Speaker 1: goes too. So now clubs are the thing I am 61 00:02:56,400 --> 00:03:00,720 Speaker 1: not a member of any club, but full disclosure. Maybe Paul, 62 00:03:00,760 --> 00:03:01,679 Speaker 1: we can visit one day. 63 00:03:01,760 --> 00:03:06,760 Speaker 2: Yeah, I don't know. So the Stockmovers Report from Bloomberg Radio. 64 00:03:07,280 --> 00:03:09,440 Speaker 2: Check back with us throughout the day for the latest 65 00:03:09,480 --> 00:03:12,680 Speaker 2: roundup of companies making news on Wall Street and for 66 00:03:12,760 --> 00:03:16,720 Speaker 2: the latest market moving headlines. Listen to Bloomberg Radio Live, 67 00:03:17,120 --> 00:03:20,680 Speaker 2: catch us on YouTube, Bloomberg dot com, and on Applecarplay 68 00:03:20,720 --> 00:03:23,320 Speaker 2: and Android Auto with the Bloomberg Business app.