Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.
Speaker 2: Stock Movers podcast, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg data.
Speaker 3: Let's take a look at some stocks on the move today.
Speaker 3: I'm Nathan Hager, joined by Bloomberg's Valerie ty Tel. Not
Speaker 3: a whole lot of movement while we wait for the
Speaker 3: Fed this afternoon, but a couple stocks are getting some action,
Speaker 3: including Circle, fresh off the IPO right now potentially getting
Speaker 3: some love from Capitol Hill.
Speaker 4: Good morning, Hey, good morning, Nathan. Yeah, that's right.
Speaker 1: Circle is trading quite well this morning, up one point
Speaker 1: four percent, and the.
Speaker 4: Ticker is CrCL.
Speaker 1: This is a stablecoin issuer that went public two weeks ago.
Speaker 1: Given some more tailwinds after the Senate passed stable coin
Speaker 1: legislation yesterday with a sixty eight to thirty vote setting
Speaker 1: up regulatory rules for cryptocurrencies pegged to the dollar, such
Speaker 1: as Circle, it's perhaps setting up these stable coins to
Speaker 1: become maybe more midstream. Along with this regulation, the legislation
Speaker 1: requires these dollar peg stable coins to hold dollar for
Speaker 1: dollar reserves in either short term government debt or similar products.
Speaker 1: The House must now decide whether to take up the
Speaker 1: Senate bill or negotiate a compromise. But Circle is a
Speaker 1: stable point issue who went public two weeks ago. It
Speaker 1: trades the second largest stable coin out there.
Speaker 4: The stock has actually.
Speaker 1: Risen to three hundred and eighty percent from its IPO
Speaker 1: price and given a little boost from Washington, that Circle
Speaker 1: up one and a half percent this morning.
Speaker 3: Yeah, on top of a triple digit gain. Depth something
Speaker 3: to keep an eye on. Also another day, potentially to
Speaker 3: keep an eye on Peloton.
Speaker 4: Huh. Yeah, this is a day two story here.
Speaker 1: It slid twelve percent yesterday and is rebounding in this
Speaker 1: morning's trade, up six tens of percent. The slide yesterday
Speaker 1: was originally due to the Senate Tax bill. The new
Speaker 1: text of the Senate tax bill omitted the House's proposal
Speaker 1: that allowed users of health saving accounts to use their
Speaker 1: accounts for certain fitness allowances such as gyms and equipment
Speaker 1: like Peloton. So because of that Senate tax bill omission yesterday,
Speaker 1: the stock slid twelve percent, but it does seem to
Speaker 1: be stabilizing this morning. Peloton recovering slightly.
Speaker 3: And got to talk about Amazon because the CEO made
Speaker 3: some interesting news in the last few hours. Is it
Speaker 3: moving the stock at all? Some of his comments value So.
Speaker 1: Amazon is outperforming in the mag seven this morning. It's
Speaker 1: really barely in the green at the moment, as we're
Speaker 1: watching S and P futures flip into the red. So
Speaker 1: far this morning, Amazon up three tens of one percent.
Speaker 1: A very interesting story here. The Amazon CEO, Andy Jazzy
Speaker 1: says he expects the company's workforce to decline in the
Speaker 1: next few years as it uses artificial intelligence to handle
Speaker 1: more tasks. He wrote an email to staff in which
Speaker 1: he said that AI technology will mean fewer people in
Speaker 1: some of today's roles and more people doing other.
Speaker 4: Types of jobs.
Speaker 1: He expects it will lead to efficiency gains for Amazon
Speaker 1: across the company. And it really comes along a growing
Speaker 1: course of companies talking about AI and its impact on
Speaker 1: their workforce. Did you hear that Shopify told employees that
Speaker 1: requests for new headcount will require an explanation as to
Speaker 1: why AI can't do that job due Lingo saying some
Speaker 1: similar things about contractors, and comes after Microsoft recently announced
Speaker 1: a round of layoffs that hit.
Speaker 4: Software developers the hardest.
Speaker 1: In applying somewhat that AI can replace them, So it
Speaker 1: seems to a growing company discussion around the uses of
Speaker 1: AI and headcounts.
Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with
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