WEBVTT - Coinbase Rises, Nike Falls, Soho House Declines After ratings Downgrade

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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>Take a look at some of the stocks on the

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<v Speaker 3>move today. I'm Paul Sweeney and we're joined by bloombergs

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<v Speaker 3>is a belie is about? What are you looking at?

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<v Speaker 1>Let's start with coinbased ticker coi N shares are up

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<v Speaker 1>around six tens of one percent after Bank of America

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<v Speaker 1>raised the stock to buy from neutral. So the bank

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<v Speaker 1>said it's optimistic on the growth prospects of coinbase, especially

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<v Speaker 1>when it comes to new products and lower evaluation. So

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<v Speaker 1>they see opportunities with coinbases tokenization product and see the

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<v Speaker 1>company as a partner for trad FI firms. Trad fi

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<v Speaker 1>is traditional finance, So tokenization what is toganization? Basically think

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<v Speaker 1>of it as when you convert assets like stocks, bonds,

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<v Speaker 1>private loans into blockchain based tokens and you can have

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<v Speaker 1>it in fractional ownership and all of that. And a

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<v Speaker 1>lot of Wall Street banks are actually pushing into tokenization.

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<v Speaker 1>It's a new big thing. Coinbas is piling into it.

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<v Speaker 1>The likes of Franklin Templeton Jano. So everyone is piling

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<v Speaker 1>into it. But the stock is up now six tins

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<v Speaker 1>of one percent. Investors are cheering.

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<v Speaker 3>That probably very good, all right? How about the Nike.

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<v Speaker 1>Nike shares are higher by nearly two percent, and this

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<v Speaker 1>comes even after Needum downgraded the footwear maker too hold.

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<v Speaker 1>Needum said that a turnaround is longer than expected in

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<v Speaker 1>Nike's aggressive sell into the North American channel is a

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<v Speaker 1>strategic misstep. So we know that Nike has been really struggling,

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<v Speaker 1>especially in the past year with challenges in China and

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<v Speaker 1>the Converse brand appearing to struggle. But I don't know

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<v Speaker 1>why shares are up by two percent.

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<v Speaker 3>Well as I understand it, it's they need to get

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<v Speaker 3>their inventories down there. Inventory is built up there. That's

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<v Speaker 3>so they've been and put them Goil said. And we'll

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<v Speaker 3>talk to punm in a few moments. She said they

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<v Speaker 3>don't really want the US on that front, but need

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<v Speaker 3>more to do in China.

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<v Speaker 1>I guess that is fair. And then Nike still has

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<v Speaker 1>twenty seven buys thirteen holds to sell, so overall investors

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<v Speaker 1>are still optimistic.

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<v Speaker 3>Soho House, what is Soho House? I feel like it's

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<v Speaker 3>a New York thing, but I don't know it's.

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<v Speaker 1>An It's actually a global thing because what my husband

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<v Speaker 1>was based in Hong Kong. He was always talking about this.

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<v Speaker 1>This is a member's only club, typically for creatives. Exactly,

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<v Speaker 1>I'm not cool enough to be part of this club too.

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<v Speaker 1>But it's not having a good day. Shares are down

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<v Speaker 1>by more than fifteen percent. They're facing a funding gap

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<v Speaker 1>tied to the company's pending sales. So MCR Hospitality and

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<v Speaker 1>QP said it can't fund the two hundred million equity

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<v Speaker 1>commitment in full by the closing date. So so House

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<v Speaker 1>committee is looking for alternative sources. So a group of

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<v Speaker 1>investors for Contacts, led by several boutique New York hotels,

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<v Speaker 1>agreed to take Sohouse private and a two point seven

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<v Speaker 1>billion dollar deal, and soho House has been struggling since

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<v Speaker 1>it's IPO. I'm not sure why. I'm sure there are

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<v Speaker 1>underlying reasons, but it feels like the in sinc these

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<v Speaker 1>days in New York is joining a club because you

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<v Speaker 1>can't get restaurant reservations anymore, especially the ones Taylor Swift

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<v Speaker 1>goes too. So now clubs are the thing I am

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<v Speaker 1>not a member of any club, but full disclosure. Maybe Paul,

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<v Speaker 1>we can visit one day.

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<v Speaker 2>Yeah, I don't know. So the Stockmovers Report from Bloomberg Radio.

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<v Speaker 2>Check back with us throughout the day for the latest

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