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: Take a look at some of the stocks on the
Speaker 3: move today. I'm Paul Sweeney and we're joined by bloombergs
Speaker 3: is a belie is about? What are you looking at?
Speaker 1: Let's start with coinbased ticker coi N shares are up
Speaker 1: around six tens of one percent after Bank of America
Speaker 1: raised the stock to buy from neutral. So the bank
Speaker 1: said it's optimistic on the growth prospects of coinbase, especially
Speaker 1: when it comes to new products and lower evaluation. So
Speaker 1: they see opportunities with coinbases tokenization product and see the
Speaker 1: company as a partner for trad FI firms. Trad fi
Speaker 1: is traditional finance, So tokenization what is toganization? Basically think
Speaker 1: of it as when you convert assets like stocks, bonds,
Speaker 1: private loans into blockchain based tokens and you can have
Speaker 1: it in fractional ownership and all of that. And a
Speaker 1: lot of Wall Street banks are actually pushing into tokenization.
Speaker 1: It's a new big thing. Coinbas is piling into it.
Speaker 1: The likes of Franklin Templeton Jano. So everyone is piling
Speaker 1: into it. But the stock is up now six tins
Speaker 1: of one percent. Investors are cheering.
Speaker 3: That probably very good, all right? How about the Nike.
Speaker 1: Nike shares are higher by nearly two percent, and this
Speaker 1: comes even after Needum downgraded the footwear maker too hold.
Speaker 1: Needum said that a turnaround is longer than expected in
Speaker 1: Nike's aggressive sell into the North American channel is a
Speaker 1: strategic misstep. So we know that Nike has been really struggling,
Speaker 1: especially in the past year with challenges in China and
Speaker 1: the Converse brand appearing to struggle. But I don't know
Speaker 1: why shares are up by two percent.
Speaker 3: Well as I understand it, it's they need to get
Speaker 3: their inventories down there. Inventory is built up there. That's
Speaker 3: so they've been and put them Goil said. And we'll
Speaker 3: talk to punm in a few moments. She said they
Speaker 3: don't really want the US on that front, but need
Speaker 3: more to do in China.
Speaker 1: I guess that is fair. And then Nike still has
Speaker 1: twenty seven buys thirteen holds to sell, so overall investors
Speaker 1: are still optimistic.
Speaker 3: Soho House, what is Soho House? I feel like it's
Speaker 3: a New York thing, but I don't know it's.
Speaker 1: An It's actually a global thing because what my husband
Speaker 1: was based in Hong Kong. He was always talking about this.
Speaker 1: This is a member's only club, typically for creatives. Exactly,
Speaker 1: I'm not cool enough to be part of this club too.
Speaker 1: But it's not having a good day. Shares are down
Speaker 1: by more than fifteen percent. They're facing a funding gap
Speaker 1: tied to the company's pending sales. So MCR Hospitality and
Speaker 1: QP said it can't fund the two hundred million equity
Speaker 1: commitment in full by the closing date. So so House
Speaker 1: committee is looking for alternative sources. So a group of
Speaker 1: investors for Contacts, led by several boutique New York hotels,
Speaker 1: agreed to take Sohouse private and a two point seven
Speaker 1: billion dollar deal, and soho House has been struggling since
Speaker 1: it's IPO. I'm not sure why. I'm sure there are
Speaker 1: underlying reasons, but it feels like the in sinc these
Speaker 1: days in New York is joining a club because you
Speaker 1: can't get restaurant reservations anymore, especially the ones Taylor Swift
Speaker 1: goes too. So now clubs are the thing I am
Speaker 1: not a member of any club, but full disclosure. Maybe Paul,
Speaker 1: we can visit one day.
Speaker 2: Yeah, I don't know. So the Stockmovers Report from Bloomberg Radio.
Speaker 2: Check back with us throughout the day for the latest
Speaker 2: roundup of companies making news on Wall Street and for
Speaker 2: the latest market moving headlines. Listen to Bloomberg Radio Live,
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