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Stock Movers report your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's see where some stocks on the move today. We do that. Bloomberg's Matthew Griffin. Matthew, what are you looking at today? Well, Paul, I have not been traveling this week, so I've just been here watching the market, and We've got a few names that I think are worth hitting on.
¶ Cisco's AI Strategy and Stock Jump
One is, of course, Cisco worth diving a little bit deeper into what's going on there. That stock seat ticker CSC up as much as seventeen percent today in their best day since twenty eleven, and it is the latest big stock move in the wake of AI related layoff. Cisco says that they are cutting no more than four thousand jobs, about five percent of their workforce, to give them the focus and urgent see that they need to
win in the AI era. They are going to at the same time be making investments in things like silicon chips. The networking equipment company is seeing orders grow from these hyperscaler customers, the companies that run the largest data centers. So I would compare this maybe to something like Meta cutting jobs as it invests even more in AI and being rewarded by investors for it is the job cutting just to free up money to invest more in AI.
This is what it seems like. This is not something like, for example, a block which says we are going to actually have each worker be more productive because of AI. It seems like they potentially are they want to direct their cash flow elsewhere. That seems like the implication as you read the blog post announcing this, all right, what's
¶ Legence's Stalling Rally
the next one. I've also been looking at another AI linked name, Legiance. This has been one of these sort of high flying AI related industrial names, but it seems like the rally might be stalling out there. That stock ticker LGN down about five percent, even after the engineering company raised guidance for revenue and profit this year. This company does installation and maintenance for things like HVAC systems
they sell to data centers. That stock, though it was up more than two hundred and fifty percent from its September IPO, and it seems like I was going through Analyst notes a lot of positivity there, but it seems like investors don't see a reason to bid the stock
¶ Bullish Crypto Firm Reports Losses
even higher from here, all right? Last one bullish Bullish. The latest crypto company to have a disappointing reaction to its earnings. The Cryptocurrency Exchange reported a widening loss per share three dollars eighty five cents compared to three dollars five cents in the quarter, digital asset sales falling, and they attributed it, like a lot of companies, to falling bitcoin prices. That's ticker BLSH down eleven percent today.
This stock movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on wall 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.