WEBVTT - Circle Jumps Again; Peloton Rebounds after Slide; Amazon Workforce

0:00:02.520 --> 0:00:08.800
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The.

0:00:08.880 --> 0:00:13.160
<v Speaker 2>Stock Movers podcast, your roundup of companies making moves in

0:00:13.200 --> 0:00:16.480
<v Speaker 2>the stock market, harnessing the power of Bloomberg data.

0:00:17.760 --> 0:00:19.599
<v Speaker 3>Let's take a look at some stocks on the move today.

0:00:19.640 --> 0:00:23.279
<v Speaker 3>I'm Nathan Hager, joined by Bloomberg's Valerie ty Tel. Not

0:00:23.400 --> 0:00:25.759
<v Speaker 3>a whole lot of movement while we wait for the

0:00:25.800 --> 0:00:30.200
<v Speaker 3>Fed this afternoon, but a couple stocks are getting some action,

0:00:30.320 --> 0:00:35.120
<v Speaker 3>including Circle, fresh off the IPO right now potentially getting

0:00:35.120 --> 0:00:36.640
<v Speaker 3>some love from Capitol Hill.

0:00:36.680 --> 0:00:39.479
<v Speaker 4>Good morning, Hey, good morning, Nathan. Yeah, that's right.

0:00:39.520 --> 0:00:42.240
<v Speaker 1>Circle is trading quite well this morning, up one point

0:00:42.280 --> 0:00:43.040
<v Speaker 1>four percent, and the.

0:00:43.000 --> 0:00:44.159
<v Speaker 4>Ticker is CrCL.

0:00:44.560 --> 0:00:47.600
<v Speaker 1>This is a stablecoin issuer that went public two weeks ago.

0:00:47.920 --> 0:00:51.720
<v Speaker 1>Given some more tailwinds after the Senate passed stable coin

0:00:51.840 --> 0:00:55.080
<v Speaker 1>legislation yesterday with a sixty eight to thirty vote setting

0:00:55.160 --> 0:00:59.000
<v Speaker 1>up regulatory rules for cryptocurrencies pegged to the dollar, such

0:00:59.040 --> 0:01:02.240
<v Speaker 1>as Circle, it's perhaps setting up these stable coins to

0:01:02.520 --> 0:01:06.360
<v Speaker 1>become maybe more midstream. Along with this regulation, the legislation

0:01:06.800 --> 0:01:09.760
<v Speaker 1>requires these dollar peg stable coins to hold dollar for

0:01:09.840 --> 0:01:13.440
<v Speaker 1>dollar reserves in either short term government debt or similar products.

0:01:13.840 --> 0:01:15.920
<v Speaker 1>The House must now decide whether to take up the

0:01:15.959 --> 0:01:19.000
<v Speaker 1>Senate bill or negotiate a compromise. But Circle is a

0:01:19.000 --> 0:01:21.399
<v Speaker 1>stable point issue who went public two weeks ago. It

0:01:21.760 --> 0:01:24.000
<v Speaker 1>trades the second largest stable coin out there.

0:01:24.040 --> 0:01:25.120
<v Speaker 4>The stock has actually.

0:01:24.880 --> 0:01:27.840
<v Speaker 1>Risen to three hundred and eighty percent from its IPO

0:01:27.920 --> 0:01:30.720
<v Speaker 1>price and given a little boost from Washington, that Circle

0:01:30.800 --> 0:01:32.080
<v Speaker 1>up one and a half percent this morning.

0:01:32.280 --> 0:01:35.640
<v Speaker 3>Yeah, on top of a triple digit gain. Depth something

0:01:35.680 --> 0:01:38.240
<v Speaker 3>to keep an eye on. Also another day, potentially to

0:01:38.319 --> 0:01:39.560
<v Speaker 3>keep an eye on Peloton.

0:01:39.640 --> 0:01:41.960
<v Speaker 4>Huh. Yeah, this is a day two story here.

0:01:42.040 --> 0:01:46.120
<v Speaker 1>It slid twelve percent yesterday and is rebounding in this

0:01:46.200 --> 0:01:50.080
<v Speaker 1>morning's trade, up six tens of percent. The slide yesterday

0:01:50.240 --> 0:01:53.280
<v Speaker 1>was originally due to the Senate Tax bill. The new

0:01:53.320 --> 0:01:56.880
<v Speaker 1>text of the Senate tax bill omitted the House's proposal

0:01:57.280 --> 0:02:01.800
<v Speaker 1>that allowed users of health saving accounts to use their

0:02:01.840 --> 0:02:05.440
<v Speaker 1>accounts for certain fitness allowances such as gyms and equipment

0:02:05.560 --> 0:02:10.160
<v Speaker 1>like Peloton. So because of that Senate tax bill omission yesterday,

0:02:10.200 --> 0:02:12.360
<v Speaker 1>the stock slid twelve percent, but it does seem to

0:02:12.360 --> 0:02:15.600
<v Speaker 1>be stabilizing this morning. Peloton recovering slightly.

0:02:16.080 --> 0:02:20.119
<v Speaker 3>And got to talk about Amazon because the CEO made

0:02:20.120 --> 0:02:23.680
<v Speaker 3>some interesting news in the last few hours. Is it

0:02:23.720 --> 0:02:26.639
<v Speaker 3>moving the stock at all? Some of his comments value So.

0:02:26.800 --> 0:02:30.280
<v Speaker 1>Amazon is outperforming in the mag seven this morning. It's

0:02:30.360 --> 0:02:32.160
<v Speaker 1>really barely in the green at the moment, as we're

0:02:32.160 --> 0:02:35.080
<v Speaker 1>watching S and P futures flip into the red. So

0:02:35.200 --> 0:02:37.639
<v Speaker 1>far this morning, Amazon up three tens of one percent.

0:02:38.040 --> 0:02:41.160
<v Speaker 1>A very interesting story here. The Amazon CEO, Andy Jazzy

0:02:41.440 --> 0:02:44.360
<v Speaker 1>says he expects the company's workforce to decline in the

0:02:44.400 --> 0:02:47.639
<v Speaker 1>next few years as it uses artificial intelligence to handle

0:02:47.680 --> 0:02:50.679
<v Speaker 1>more tasks. He wrote an email to staff in which

0:02:50.720 --> 0:02:53.600
<v Speaker 1>he said that AI technology will mean fewer people in

0:02:53.639 --> 0:02:56.280
<v Speaker 1>some of today's roles and more people doing other.

0:02:56.200 --> 0:02:57.160
<v Speaker 4>Types of jobs.

0:02:57.440 --> 0:03:00.359
<v Speaker 1>He expects it will lead to efficiency gains for Amazon

0:03:00.480 --> 0:03:02.919
<v Speaker 1>across the company. And it really comes along a growing

0:03:03.000 --> 0:03:06.080
<v Speaker 1>course of companies talking about AI and its impact on

0:03:06.120 --> 0:03:09.320
<v Speaker 1>their workforce. Did you hear that Shopify told employees that

0:03:09.400 --> 0:03:12.680
<v Speaker 1>requests for new headcount will require an explanation as to

0:03:12.720 --> 0:03:17.160
<v Speaker 1>why AI can't do that job due Lingo saying some

0:03:17.240 --> 0:03:21.600
<v Speaker 1>similar things about contractors, and comes after Microsoft recently announced

0:03:21.600 --> 0:03:23.359
<v Speaker 1>a round of layoffs that hit.

0:03:23.320 --> 0:03:25.320
<v Speaker 4>Software developers the hardest.

0:03:25.360 --> 0:03:28.280
<v Speaker 1>In applying somewhat that AI can replace them, So it

0:03:28.280 --> 0:03:31.640
<v Speaker 1>seems to a growing company discussion around the uses of

0:03:31.680 --> 0:03:32.880
<v Speaker 1>AI and headcounts.

0:03:33.960 --> 0:03:38.080
<v Speaker 2>The Stock Movers podcast from Bloomberg Radio. Check back with

0:03:38.160 --> 0:03:40.920
<v Speaker 2>us throughout the day for the latest roundup of companies

0:03:40.960 --> 0:03:44.000
<v Speaker 2>making news on Wall Street and for the latest market

0:03:44.040 --> 0:03:48.440
<v Speaker 2>moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

0:03:48.440 --> 0:03:51.720
<v Speaker 2>Bloomberg dot com, and on Applecarplay and Android Auto with

0:03:51.760 --> 0:03:53.240
<v Speaker 2>the Bloomberg Business app.