WEBVTT - ServiceNow Drops, Franklin Resources Rises, iRobot Plunges After Filing for Bankruptcy

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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>Let's take a look at some of the stocks on

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<v Speaker 3>the move today. I'm with I'm Paul Sweeniam longside Scarlett Flum.

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<v Speaker 3>We're joined by Bloomberg Si Christina, you know, Christine, what

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<v Speaker 3>are you looking at today?

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<v Speaker 1>Well, we got to take a look at Service Now, Paul,

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<v Speaker 1>because it's m and a Monday. So that's why Bloomberg

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<v Speaker 1>News exclusively reporting the company is an advanced talks to

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<v Speaker 1>buy Armis, which is a cybersecurity startup. And those shares

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<v Speaker 1>now down though so tick HERW shares are down more

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<v Speaker 1>than ten percent of so extending some of those opening declines.

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<v Speaker 1>And so from our reporting, people are saying we're familiar

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<v Speaker 1>with the discussions. They're saying that the discussions are advanced.

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<v Speaker 1>Of course, they may still fall apart if another potential

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<v Speaker 1>bidder emerges. And so Bloomer Intelligence has weight in on this.

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<v Speaker 1>They're saying that you know, for now or Service now,

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<v Speaker 1>this would help, it's ib asset management practice. But they're

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<v Speaker 1>just questioning that deal price seven billion dollars to gain

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<v Speaker 1>three hundred million in annualized recurring revenue, which to them

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<v Speaker 1>seems expensive.

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<v Speaker 3>What do you think, Paul, I don't know the multiples here,

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<v Speaker 3>but I mean it's a fast growing business and you

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<v Speaker 3>know you got to put this capital to work somewhere.

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<v Speaker 1>I don't know, I don't have.

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<v Speaker 2>A problem with it. Let's go.

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<v Speaker 3>That's a big, big drop in the stock. Something that

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<v Speaker 3>just tells you that their shareholders weren't like expecting this at.

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<v Speaker 1>All, exactly and clearly not happy with it.

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<v Speaker 3>Yes, exactly, all right, what else we have.

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<v Speaker 1>Let's take a look at Franklin Resources so to be,

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<v Speaker 1>And those shares are up today just slightly one point

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<v Speaker 1>five percent, so that was up slightly more earlier, so

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<v Speaker 1>just bearing some of those opening games. But we did

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<v Speaker 1>get news from the company itself. They said that the

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<v Speaker 1>US Department of Justice is preparing to resolve an investigation

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<v Speaker 1>into its Fixed and Community Western Asset Management Company without

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<v Speaker 1>criminal charges. So clearly that's going to stock a little

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<v Speaker 1>bit this morning. Apparently the Justice Department told the company

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<v Speaker 1>on the thirteenth of December that is prepared to result

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<v Speaker 1>the investigation through a disposition The Department just needs more time.

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<v Speaker 1>So we know that this company has been through a

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<v Speaker 1>lot of turmoil. We've seen clients pull more than one

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<v Speaker 1>hundred billion from Western Asis, specifically since the middle of

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<v Speaker 1>last year. That was when Franklin disclosed that A can Leach,

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<v Speaker 1>which was wimco's former co chief investment officer, was under investigation.

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<v Speaker 1>So it seems like they're eager to put this behind them. Yeah,

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<v Speaker 1>I always go back to the checker, which I love,

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<v Speaker 1>and that's Franklin Resources.

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<v Speaker 2>Okay, you're also taking a look at iRobot.

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<v Speaker 1>We got to talk about Eye Robot. It was very

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<v Speaker 1>iconic at one point in the early two thousands, no

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<v Speaker 1>more so. Those shares ticker ir BT. Those are now

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<v Speaker 1>down more than sixty percent after being halted earlier for volatility,

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<v Speaker 1>and that's because, Yeah, they have five for bankruptcy. So

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<v Speaker 1>it's an end of an era for the maker of

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<v Speaker 1>the Rumba. And so the company is saying that it

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<v Speaker 1>will be taken over by its mainhiny supplier, which is

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<v Speaker 1>Shensen pic A Robotics, as well as a subsidiary of

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<v Speaker 1>that firm, and then a common stock for IRA, but

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<v Speaker 1>will be wiped out under the proposed Chapter eleven plan.

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<v Speaker 1>You know, in twenty twenty two, they actually had an

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<v Speaker 1>opportunity to be bought out by Amazon, but then the

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<v Speaker 1>deal collapsed because they clashed with European competition authority. So no,

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<v Speaker 1>but imagine, imagine their their fortunes if they.

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<v Speaker 3>Do own rumba.

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<v Speaker 1>I own you know, I used to own one, and

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<v Speaker 1>then my cat broke it. Pets and rumbas, that's a

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<v Speaker 1>dangerous combination.

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<v Speaker 3>Exactly.

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<v Speaker 1>It's this moving thing invading their space.

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<v Speaker 3>I've been told it works. I don't know. I just

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<v Speaker 3>I kind of think it's a scam. Actually I have,

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<v Speaker 3>but I'm just like, really is that? I mean, I

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<v Speaker 3>don't know, it's.

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<v Speaker 1>Yeah, it's just sweeping around the house in the middle

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<v Speaker 1>of the night when Paul's not, you know, there to

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<v Speaker 1>monitor it.

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<v Speaker 3>Yeah, exactly.

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