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: I'm Carol Massler Long with Tim Stanwick. Let's get to
Speaker 1: some of the stocks on the move on this Thursday
Speaker 1: Bloomberg News process. That reporter Isabell Ye. She is back
Speaker 1: in the house. Coinbase.
Speaker 3: We have to talk about coinbas tickers ci in. So
Speaker 3: it's barely hanging on to those gains just up by
Speaker 3: happen like so definitive and then.
Speaker 4: Combu gainers or decliners, so it kind of doesn't matter.
Speaker 3: Yeah, but I like Coinbase. It's a sixty six billion
Speaker 3: dollar company and it was raised to a buy from
Speaker 3: Neutral and Bang of America. So the bank said it's
Speaker 3: optimistic on growth from new products and a lower valuation,
Speaker 3: and they see opportunity with a tokenization product, and they
Speaker 3: see the company as a likely partner for traditional finance
Speaker 3: firms or tradfi as people on Twitter say, So tokenization
Speaker 3: is the hot word these days. Just think but as
Speaker 3: you know, converting conventional assets like stocks, bonds and all
Speaker 3: of that into blockchain based tokens that you can trade
Speaker 3: on a fractional basis. It's a lot of people are
Speaker 3: trying it, from Janie Henderson to Robinhood. It's just really
Speaker 3: the next thing. I mean, Blackrock also is pushing into that.
Speaker 1: So it doesn't replace an exchange. It just means the
Speaker 1: transaction and moving like if an ownership or something right.
Speaker 3: Is that what it doesn't work place? I think, for example,
Speaker 3: when I talk to one as a manager, they launch
Speaker 3: a private credit tokenized fund, and what they want to
Speaker 3: tap is a different set of market entirely people who
Speaker 3: live on the blockchain. So it's not like they want
Speaker 3: to move people in the trade file world to this
Speaker 3: world post the crypto show. What are your thoughts, Tim.
Speaker 4: Well, you know, is that a believer the blockchain?
Speaker 3: You do know? I don't, but I kind of.
Speaker 2: No.
Speaker 1: But I kind of get the import of the blockchain
Speaker 1: for a lot of things in terms of movement. But
Speaker 1: you would also though in the financial sector like potentially
Speaker 1: cut out layers. But it sounds like traditional trad FI
Speaker 1: wants to be a part of this, so then maybe
Speaker 1: the layers come back. Are you a believer, mister crypto?
Speaker 4: It's not my job to believe that, is true?
Speaker 3: Job to facts. Okay, now Coinbase is in the red.
Speaker 1: Okay, is Nike on the blockchain?
Speaker 3: Nike is not yet on the blockchain. It's on people's feet.
Speaker 3: That's a bad thing. The stock is higher by three
Speaker 3: and a half percent. Ticker is n k E. So
Speaker 3: lots of headlines. Actually, so the latest is Nike is
Speaker 3: saying that it won't have to face claims from a
Speaker 3: fired executive whose first language is Spanish and it's over
Speaker 3: the age of fifty that he was subjected to mocking
Speaker 3: comments about his age and his accent. The other news
Speaker 3: is Needum. Yes, actually that was loaded and I'm moving
Speaker 3: on to the next Needum downgrading the footwear maker to
Speaker 3: hold from by. Nike has struggled in the past year
Speaker 3: with the sales in China, and it's Converse brand, so
Speaker 3: I think people still wear Converse, so I see some
Speaker 3: in the office. So lots of headlines moving for Nike.
Speaker 4: You know one thing that happened yesterday with Nike that
Speaker 4: you may be referring to Carol when you asked about
Speaker 4: the blockchain, is the company sold its digital products subsidiary Artifact. Yes,
Speaker 4: it's it's pronounce Artifact, but it's all caps RT fkt uh.
Speaker 4: They were going into blockchain collectibles years ago. They shuttered
Speaker 4: the business a year ago. They finally sold it off
Speaker 4: this week. So there is a blockchain I don't get.
Speaker 1: I also don't get that party there.
Speaker 4: So imagine you're in the metaverse. This was the you
Speaker 4: know twenty twenty one. Well I remember this was the
Speaker 4: twenty one story. Right, You're in the metaverse and you're like, oh,
Speaker 4: I'm in the metaverse. I need a pair of Nikes.
Speaker 4: I'll pay for the No.
Speaker 1: I know, people, if we're going to do designer shopping,
Speaker 1: do you want to do a digital designer shopping or
Speaker 1: do you want the real thing?
Speaker 3: I mean, there were collectle we're making those. Their Twitter
Speaker 3: photos are what a time? What a time? Look at us?
Speaker 1: It ain't over.
Speaker 3: You moved on. So House, Okay, this one is deep,
Speaker 3: deep in the red. I'm not cool enough for sol House,
Speaker 3: but it's a member's only club to the uninitial and
Speaker 3: typically for the creative types.
Speaker 4: You're definitely cool.
Speaker 3: She is cool. We should just form our own club.
Speaker 3: So the stock is dall.
Speaker 1: At Bloomberg House.
Speaker 3: Oh that's that's cute, over and over so nice.
Speaker 4: She's like, Okay, let me talk.
Speaker 3: It's cute, okay, so that's tickers sh CEO. It's down
Speaker 3: big time eleven percent. That's after the company is facing
Speaker 3: a funding gap tied to their pending sales. So MSR
Speaker 3: Hospitality and QP said they can't fund a two hundred
Speaker 3: million dollar equity commitment in full. So as brief background,
Speaker 3: we have a group of investors leading led by several
Speaker 3: boutique New York hotels, agreeing to take SOHO House private.
Speaker 2: The Stock Movers 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,
Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with
Speaker 2: the Bloomberg Business app.