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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 of the stocks on the move today. I'm with I'm Paul Sweeniam longside Scarlett Flum. We're joined by Bloomberg Si Christina, you know, Christine, what are you looking at today?
Well, we got to take a look at Service Now, Paul, because it's m and a Monday. So that's why Bloomberg News exclusively reporting the company is an advanced talks to buy Armis, which is a cybersecurity startup. And those shares now down though so tick HERW shares are down more than ten percent of so extending some of those opening declines. And so from our reporting, people are saying we're familiar with the discussions. They're saying that the discussions are advanced.
Of course, they may still fall apart if another potential bidder emerges. And so Bloomer Intelligence has weight in on this. They're saying that you know, for now or Service now, this would help, it's ib asset management practice. But they're just questioning that deal price seven billion dollars to gain three hundred million in annualized recurring revenue, which to them seems expensive.
What do you think, Paul, I don't know the multiples here, but I mean it's a fast growing business and you know you got to put this capital to work somewhere.
I don't know, I don't have.
A problem with it. Let's go.
That's a big, big drop in the stock. Something that just tells you that their shareholders weren't like expecting this at.
All, exactly and clearly not happy with it.
Yes, exactly, all right, what else we have.
Let's take a look at Franklin Resources so to be, And those shares are up today just slightly one point five percent, so that was up slightly more earlier, so just bearing some of those opening games. But we did get news from the company itself. They said that the US Department of Justice is preparing to resolve an investigation into its Fixed and Community Western Asset Management Company without criminal charges. So clearly that's going to stock a little
bit this morning. Apparently the Justice Department told the company on the thirteenth of December that is prepared to result the investigation through a disposition The Department just needs more time. So we know that this company has been through a lot of turmoil. We've seen clients pull more than one hundred billion from Western Asis, specifically since the middle of
last year. That was when Franklin disclosed that A can Leach, which was wimco's former co chief investment officer, was under investigation. So it seems like they're eager to put this behind them. Yeah, I always go back to the checker, which I love, and that's Franklin Resources.
Okay, you're also taking a look at iRobot.
We got to talk about Eye Robot. It was very iconic at one point in the early two thousands, no more so. Those shares ticker ir BT. Those are now down more than sixty percent after being halted earlier for volatility, and that's because, Yeah, they have five for bankruptcy. So it's an end of an era for the maker of
the Rumba. And so the company is saying that it will be taken over by its mainhiny supplier, which is Shensen pic A Robotics, as well as a subsidiary of that firm, and then a common stock for IRA, but will be wiped out under the proposed Chapter eleven plan. You know, in twenty twenty two, they actually had an opportunity to be bought out by Amazon, but then the deal collapsed because they clashed with European competition authority. So no, but imagine, imagine their their fortunes if they.
Do own rumba.
I own you know, I used to own one, and then my cat broke it. Pets and rumbas, that's a dangerous combination.
Exactly.
It's this moving thing invading their space.
I've been told it works. I don't know. I just I kind of think it's a scam. Actually I have, but I'm just like, really is that? I mean, I don't know, it's.
Yeah, it's just sweeping around the house in the middle of the night when Paul's not, you know, there to monitor it.
Yeah, exactly.
This stock mover's 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.