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 1: Let's take a look at some stocks on the move today.
Speaker 1: I'm Tom Keen with Paul Sweeni and Bloomberg's Alexis Christophers.
Speaker 3: All right, I'm going to start actually with a loser
Speaker 3: of the day, even though you say I'm very optimistic,
Speaker 3: but Coinbase down two point six percent. You're to date,
Speaker 3: this stock is down fifteen percent. So just a couple
Speaker 3: days ago, Coinbase announced it was going to cut about
Speaker 3: seven hundred jobs, or fourteen percent of its workforce. Well,
Speaker 3: today it posted quarterly results that missed already lowered estimates
Speaker 3: on both the top and bottom line. First quarter revenue
Speaker 3: at coinbased down thirty one percent. That's on the heels
Speaker 3: of a twenty percent decline in the previous quarter. It
Speaker 3: also posted a net loss of nearly four hundred million dollars.
Speaker 3: Here's the story. Falling token prices, they're draining trading activity
Speaker 3: across digital asset markets and also Coinbase, by the way,
Speaker 3: was hit with a big outage. Today they say they
Speaker 3: they're back up and running, but it was out for
Speaker 3: like seven hours because of a problem an overheating at
Speaker 3: an Amazon Web Services data center in northern Virginia. So
Speaker 3: that's sort of the last thing it needed.
Speaker 1: Yep. But Paul, over the last couple of years, it's
Speaker 1: gone from fifty to four hundred, five zero to four hundred,
Speaker 1: and we're back down now at one eighty seven. Is
Speaker 1: the indication. Okay, I have no idea what to make about.
Speaker 2: No, No, it's just a got used to volatility there,
Speaker 2: that's what That's what I take away there.
Speaker 3: There's a lot more competition in this field. Morgan Stanley
Speaker 3: also has their own e trade platform coming.
Speaker 1: Out, so we're Katie Greifeld when I need it.
Speaker 3: Yeah, that's all right. Cloud Fair, the ticker symbol there
Speaker 3: net and et down nearly seventeen percent, was having a
Speaker 3: pretty good year though, up about thirty percent year to date.
Speaker 3: So the company gave a forecast for revenue that fell
Speaker 3: short of estimates. It's also going to cut about eleven
Speaker 3: hundred jobs, and this is a familiar theme as it
Speaker 3: prioritizes artificial intelligence tools into its operating model. Just ahead
Speaker 3: of these results, though, an analyst at Bloomberg Intelligence said
Speaker 3: that higher costs related to powering AI tools may slow
Speaker 3: cloud fairs revenue growth. The company is looking to build
Speaker 3: on its recent success by focusing on large enterprise customers
Speaker 3: who spend one hundred thousand or more. So they're looking
Speaker 3: for the big money, the big spenders.
Speaker 1: It's a moonshot throw up one hundred and seven percent
Speaker 1: this year.
Speaker 3: Yep, yeah, Intactay.
Speaker 1: I'm in Davos. A kid comes up to me. I
Speaker 1: meany kid. He's like twenty eight to thirty two years old,
Speaker 1: hanging out. He goes, Hi, my name is Matthew. Can
Speaker 1: I come watch you on TV? I'm a huge fan,
Speaker 1: So I'm up there. I don't even know who I'm
Speaker 1: talking to. And as a guy, I got them up
Speaker 1: on set with you know, the team at Bloomberg Television
Speaker 1: in Davos, and I didn't realize until I was back
Speaker 1: in America, like six weeks it was Matthew Prince a
Speaker 1: cloud fair Matthew.
Speaker 3: If you're listening, he wasn't wearing his name Badge.
Speaker 1: Yeah, I didn't have his name bad John. Come on,
Speaker 1: you don't wear your name badge when Barry's playing at
Speaker 1: the piano bar. But the answer is Matthew. I'm sorry.
Speaker 1: I didn't know who you are. When everybody's going, oh
Speaker 1: my god, it's Matthew Prince and I'm like, you know,
Speaker 1: I know nothing. Next, well, you.
Speaker 3: Made amends now here on the air. All right, let's
Speaker 3: squeez a little Wendy's in here. So the fast food chain,
Speaker 3: posting a first quarter profit of twenty two million dollars
Speaker 3: revenue rose three point three percent, also reaffirmed its full
Speaker 3: year outlook, so we know they're sort of undergoing this
Speaker 3: transformation right now. They're trying to get back on track
Speaker 3: and make their stores profitable once again. The sales growth, though,
Speaker 3: was actually a result of higher franchise fees and as
Speaker 3: well as higher revenue from advertising funds revenue. The CEO,
Speaker 3: Ken Cook, who by the way, is their interim CEO,
Speaker 3: He said, there's still in the early stages of a
Speaker 3: turnaround after launching a growth strategy last year, but those
Speaker 3: same store restaurant sales really important. We know it a
Speaker 3: seven point eight percent drop, so they continue to lose
Speaker 3: business to McDonald's, which we know this week came out
Speaker 3: with better than expected earnings.
Speaker 1: We go to surveyance Wendy's correspondent Paul Sweeney, Are you
Speaker 1: into the new cookie dough Frosty Fusion?
Speaker 3: No, but I am a big fan of the Bacon Eater.
Speaker 2: And Nathan Hagar, respected news voice from Watching DC, stepped
Speaker 2: in and said, best surprise in the business. Wow solid
Speaker 2: This stock mover's report from Bloomberg Radio. Check back with
Speaker 2: us throughout the day for the latest roundup of companies
Speaker 2: making news on Wall Street and for the latest market
Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,
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