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The Stock Movers Report, your roundup of companies making moves in the stock market harnessing the power of Bloomberg data.
Let's take a look at some stocks in the move today. Alexis Christophers.
Let's start with Jack Dorsey's company. It's called Block. So this is the company that adds in cash, app and Square, the digital payments companies. This stock is on fire this morning. It is up nineteen percent. Ticker symbol XYZ. So here's the news. Block is going to slash its workforce in half. It is cutting about four thousand jobs. It's a move the company describes as a bet on artificial intelligence changing the future of the job market. We know that Block
has invested very heavily here in AI tools. It's even got its own tool, it's called Goose. I haven't used it, but they believe many companies will ultimately have to make similar moves like cutting jobs due to AI. But you know, some analysts are now questioning whether companies are genuinely being transformed by artificial intelligence or are they simply using it as a rationale for costs.
So you do that ten percent, not fifty percent this goes to what I said, I thought, just personally along that again, AIS can be a significant net destroyer of jobs and not going to be this. Oh, don't worry, they'll find different things to do. I'm not buying that for a minute.
Yeah, this is one of our guests said weeks and weeks ago, they're getting out in front. You know, it's horse and cart, and the horse right now seems to be corporation saying let's go, let's go, let's go, even before the implementation. Yeah, yeah, what do you got next.
I've got flutter. It is not fluttering upward though it is down eleven percent. So this is the company that owns fan Duel out with fourth quarter results falling short of estimates. It says it's due to slower new customers signups and moderating growth in wager. It's also came out with an annual outlook that underwhelmed investors. Look at the end of the day, the NFL season was a disappointment
for gamblers. You had big wins for sports books or early in the season that may have given customers, they said, less money to spend later on, and then in the second half of the season, fewer favorite teams made the playoffs, which I think is a real thing. Right, you had less people wanting to wager the.
Next number of years into this experiment. Are we learning as a society that this is a good way to hand over money to somebody else?
Gambling?
Ry edgers, folks. We have a blueber intelligence and expert on this. Yeah, and I'm fair. We got to get Brian out of here, like year two, year three, year four into this. Do we have a collective memory We're not going to make money with Vanduel.
I don't know. I just I think I just think more about the societal issues here. More and more people are gambling, and I don't think that's in doing the sports betting because it's so easy.
But here's the thing, it's they're changing how they're gambling. Because Flutterstock is down forty three percent this year, just year to date, it's because investors are worried about the impact of the prediction market. It's like Calshie and Polymarket. But meantime, Flutter CEO said today there is quote no meaningful impact on his business from those companies, but starts going.
On what the Red Sox are going to do next?
Dual Lingo. I love I use this app. Sometimes people say it's pretty good. It's pretty good. It's got the little green owl mascot kind of cute. But the shares are tumbling twenty five percent here it's a language learning software company. Gave a full year outlook that's below expectations. The stock has dropped thirty three percent this year. And again,
what our investors worried about AI disrupting this company. So the company did say though that it's going to step up its investment in AI and they're going to sacrifice some degree of monetization in order to accelerate user growth and engagement. They want to double the current number of daily active users to one hundred million by twenty twenty eight. So lofty goals for the little green owl mascot at Duo Lingo.
I think if you want to learn a language, you's got a parashut yourself into some tiny town in a little arctic ever country.
You want to know the best way to learn it, speak it, surround immerse yourself in it, which is hard as you do.
I know this stock movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup. Of companies making news on Wall Street, and for the latest market moving headlines. Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business App.