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Let's take a look at some stacks on the move today with the Lexus christoffers.
All right, guys, I want to start with Snap. This is the parent of Snapchat, up seven percent tools. It's going to cut one thousand jobs. That's about sixteen percent of its workforce. Again looking to cut costs here, but it did provide an upbeat sales outlook, so that's also adding to the stock price rising today. So this is a social media platform known for those short form videos that disappear after being viewed, which I still don't understand that. Why would you post it and then want it to
go away? But the kids apparently like it. Four hundred and seventy seven million daily active users, so lots of people see value in it. CEO Evan Spiegel said the cuts are necessary to boost efficiency. He also cited improvements in AI that let Snap employees move more quickly. I guess that means just get more things done. The company is also not going to fill three hundred open roles snapstock is down about thirty one percent so far this year.
It's been facing lots of different challenges, including lawmakers and regulators who want to enforce social media bands for teams that would be part of it for them. So they also are going to come out with augmented reality glasses that they're supposed to debut later this year, and it's leaning heavily on outside firms to power AI. They actually had to deal with perplexity that fell through recently and a lot of its rivals are, you know, building out their own AI and so snap is sort of taking
a different approach. Let's move on to Broadcom. Broadcom stock having a good morning here, the chip designer announcing an extended partnership with Facebook's parent Meta to develop custom AI processors. They're going to serve as the foundational backbone for Meta's deployment of state of the art AI data centers, and they're going to be able to use that across their platform. So we're talking about WhatsApp, Instagram threads, prompting a number of positive analyst commentary today as well.
David Sarbion moments ago, it's this number one large kit holding time YEP as what else do you have.
I've got Robinhood. So this is a good one. Shares are hire here because the SEC approved some important changes to the cryptocurrency exchange. So they're actually saying that now there are these new rules so that margin account holders who make four or more day trades within a five business within five business days no longer have to keep twenty five thousand dollars in their accounts, which effectively, I guess shut out these smaller traders. So in essence, now
regular retail investors will have more freedom. They don't have to worry about these margin calls, and so they're thinking it's going to lead to more business for robin Hood.
Now they're path breaking to say, you got one more, you got a bonus around here?
Yeah, let's do American Eagle Outfitters for a bonus up about five percent. It's got a new ad campaign with actress Simmy Sweeney. Really it's true, no relation to Paul Sweeney, No, not that I know, okay, but she you know, they had these ads with her last year. They proved controversial, okay, but they helped sales apparently, and they said we're going
to bring her back. So they are this new campaign going to focus on gene shorts, I guess for the summer, so get ready to see them, you know, plastered on buses and elsewhere in your neighborhood.
I researched this like there was an uproar about this, right.
There really was because they used the word genes and then genes like g E N E S. Yeah, okay, like talking about eugenics and whether that's right now?
Baby Riboso, okay, was the Sydney Sweeney of nineteen seventy one. It was laying ski boots and there was every dorm room at a poster west of the Mississippi of Baby Riboso in an they had for laying skin.
Is that all she was wearing?
No, No, she was wearing other stuff as well. But you know, I, just as you guys are doing stock movers, I was researching miss Sweeney, and you know, I don't I'm sorry, I don't get the up wars. She's moving jeans, right.
She is, And the investors seemed to like it because Stalk is up American Eagle Outfitters. I wonder what they're paying her for that ad campaign that I'd like to know. Well, I know that in there is that in the earning.
I don't know the numbers in front of me, but huge social media success.
Big time. They know your audience.
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.