WEBVTT - Coinbase Rises, Nike Falls, Soho House Declines

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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 1>I'm Carol Massler Long with Tim Stanwick. Let's get to

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<v Speaker 1>some of the stocks on the move on this Thursday

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<v Speaker 1>Bloomberg News process. That reporter Isabell Ye. She is back

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<v Speaker 1>in the house. Coinbase.

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<v Speaker 3>We have to talk about coinbas tickers ci in. So

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<v Speaker 3>it's barely hanging on to those gains just up by

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<v Speaker 3>happen like so definitive and then.

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<v Speaker 4>Combu gainers or decliners, so it kind of doesn't matter.

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<v Speaker 3>Yeah, but I like Coinbase. It's a sixty six billion

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<v Speaker 3>dollar company and it was raised to a buy from

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<v Speaker 3>Neutral and Bang of America. So the bank said it's

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<v Speaker 3>optimistic on growth from new products and a lower valuation,

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<v Speaker 3>and they see opportunity with a tokenization product, and they

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<v Speaker 3>see the company as a likely partner for traditional finance

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<v Speaker 3>firms or tradfi as people on Twitter say, So tokenization

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<v Speaker 3>is the hot word these days. Just think but as

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<v Speaker 3>you know, converting conventional assets like stocks, bonds and all

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<v Speaker 3>of that into blockchain based tokens that you can trade

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<v Speaker 3>on a fractional basis. It's a lot of people are

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<v Speaker 3>trying it, from Janie Henderson to Robinhood. It's just really

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<v Speaker 3>the next thing. I mean, Blackrock also is pushing into that.

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<v Speaker 1>So it doesn't replace an exchange. It just means the

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<v Speaker 1>transaction and moving like if an ownership or something right.

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<v Speaker 3>Is that what it doesn't work place? I think, for example,

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<v Speaker 3>when I talk to one as a manager, they launch

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<v Speaker 3>a private credit tokenized fund, and what they want to

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<v Speaker 3>tap is a different set of market entirely people who

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<v Speaker 3>live on the blockchain. So it's not like they want

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<v Speaker 3>to move people in the trade file world to this

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<v Speaker 3>world post the crypto show. What are your thoughts, Tim.

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<v Speaker 4>Well, you know, is that a believer the blockchain?

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<v Speaker 3>You do know? I don't, but I kind of.

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<v Speaker 2>No.

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<v Speaker 1>But I kind of get the import of the blockchain

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<v Speaker 1>for a lot of things in terms of movement. But

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<v Speaker 1>you would also though in the financial sector like potentially

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<v Speaker 1>cut out layers. But it sounds like traditional trad FI

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<v Speaker 1>wants to be a part of this, so then maybe

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<v Speaker 1>the layers come back. Are you a believer, mister crypto?

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<v Speaker 4>It's not my job to believe that, is true?

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<v Speaker 3>Job to facts. Okay, now Coinbase is in the red.

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<v Speaker 1>Okay, is Nike on the blockchain?

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<v Speaker 3>Nike is not yet on the blockchain. It's on people's feet.

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<v Speaker 3>That's a bad thing. The stock is higher by three

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<v Speaker 3>and a half percent. Ticker is n k E. So

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<v Speaker 3>lots of headlines. Actually, so the latest is Nike is

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<v Speaker 3>saying that it won't have to face claims from a

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<v Speaker 3>fired executive whose first language is Spanish and it's over

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<v Speaker 3>the age of fifty that he was subjected to mocking

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<v Speaker 3>comments about his age and his accent. The other news

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<v Speaker 3>is Needum. Yes, actually that was loaded and I'm moving

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<v Speaker 3>on to the next Needum downgrading the footwear maker to

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<v Speaker 3>hold from by. Nike has struggled in the past year

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<v Speaker 3>with the sales in China, and it's Converse brand, so

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<v Speaker 3>I think people still wear Converse, so I see some

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<v Speaker 3>in the office. So lots of headlines moving for Nike.

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<v Speaker 4>You know one thing that happened yesterday with Nike that

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<v Speaker 4>you may be referring to Carol when you asked about

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<v Speaker 4>the blockchain, is the company sold its digital products subsidiary Artifact. Yes,

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<v Speaker 4>it's it's pronounce Artifact, but it's all caps RT fkt uh.

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<v Speaker 4>They were going into blockchain collectibles years ago. They shuttered

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<v Speaker 4>the business a year ago. They finally sold it off

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<v Speaker 4>this week. So there is a blockchain I don't get.

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<v Speaker 1>I also don't get that party there.

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<v Speaker 4>So imagine you're in the metaverse. This was the you

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<v Speaker 4>know twenty twenty one. Well I remember this was the

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<v Speaker 4>twenty one story. Right, You're in the metaverse and you're like, oh,

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<v Speaker 4>I'm in the metaverse. I need a pair of Nikes.

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<v Speaker 4>I'll pay for the No.

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<v Speaker 1>I know, people, if we're going to do designer shopping,

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<v Speaker 1>do you want to do a digital designer shopping or

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<v Speaker 1>do you want the real thing?

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<v Speaker 3>I mean, there were collectle we're making those. Their Twitter

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<v Speaker 3>photos are what a time? What a time? Look at us?

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<v Speaker 1>It ain't over.

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<v Speaker 3>You moved on. So House, Okay, this one is deep,

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<v Speaker 3>deep in the red. I'm not cool enough for sol House,

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<v Speaker 3>but it's a member's only club to the uninitial and

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<v Speaker 3>typically for the creative types.

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<v Speaker 4>You're definitely cool.

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<v Speaker 3>She is cool. We should just form our own club.

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<v Speaker 3>So the stock is dall.

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<v Speaker 1>At Bloomberg House.

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<v Speaker 3>Oh that's that's cute, over and over so nice.

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<v Speaker 4>She's like, Okay, let me talk.

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<v Speaker 3>It's cute, okay, so that's tickers sh CEO. It's down

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<v Speaker 3>big time eleven percent. That's after the company is facing

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<v Speaker 3>a funding gap tied to their pending sales. So MSR

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<v Speaker 3>Hospitality and QP said they can't fund a two hundred

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<v Speaker 3>million dollar equity commitment in full. So as brief background,

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<v Speaker 3>we have a group of investors leading led by several

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<v Speaker 3>boutique New York hotels, agreeing to take SOHO House private.

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<v Speaker 2>The Stock Movers Report from Bloomberg Radio. Check back with

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