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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 on Paul Sweeney alongside Alex Evanova, and we're joined by bloombergs That needs a so COVID he needs what are you looking at?
New day, new video deal. In Video is investing two billion to Chip to design software maker Synopsis. Synopsis is up on the news. It's about five percent the decories s MPC and Video is holding on some small game. But we actually in earlier trading the stock was down, so the Video stake represents about two point six percent of synopsis outstanding shares. Synopsis is one of the largest providers of software and services used to design electronic components.
The new partnership involves integrating in Video two into Synopsis. Chip Design Applications has been striking so many deals, and some of them are with data center providers like coreweve some of them are even with competitors like Intel. They invested five billion recently and investors have been a little bit more jittery about it. The stock creach is high in October and since then it's been a pretty votile
time for in video. The stock is still obviously up thirty percent here today, but we saw earlier in earlier trading that investors weren't necessarily very excited about this initially. Now obviously we're seeing some gains, but everyone is worried about those deals.
And the price tacts, the needs and Paul, I feel like every other day we're getting a new open Ai partnership. I know there's another deal on your radar, and it's what is that all about?
Yeah, more deals. Accenture shares are climbing more than two percent. They're announcing a collaboration with open Ai. It's very interesting. That's an old school consultancy, but I also want to be part of the AI craze. They're equipping tens of thousands of its professionals with chat Jept Enterprise, so it's an interesting thing. They've been rebranding. They started calling it's
eight hundred thousand employees reinventors, reinvent reinventors. Yeah, so there has been a big reorganization in June, and you know it's coming off not too great of a time. The company is down twenty seven percent here today, so perhaps they're looking for a new branding and the whole CHEDGTAI push is really big part of it. They've warned that more staff would be asked to leave if they could not be retrained for the age of AI.
You know, I mean, I've been told that some of these technology consultants really under pressure because the budgets, the tech budgets are going more toward the hardware for sure, the AI they away from some of the software or just other types of spend, including paying for an assential consultant to tell you what to.
Do right, and here you have open AI just kind of helping that problem out here.
Yeah, it's expensive, it's a.
It's always been. When time tough. The consultants are one of the areas you can definitely pull back on for sure, for sure, as well as advertising. Having been in the advertising business in my career, that's another discretionary expenditure that gets But you can't cut your AI spending on.
Hardware and solved not in those times.
So all right, what else you got?
Cryptocurrency we're talking about things that are maybe over priced. Cryptocurrencies are sleeping on Monday and some of the companies. It's very interesting because this year a lot of the companies were actually getting bigger gains than crypto, so people were happy to pay premium to get exposure to those companies. Some of those names were coin based Strategy and those never actually down a lot. Today coinbas is down about
three percent, MicroStrategy is down about seven percent. The deckory is MSTR and of course the coin based sicker is c i N. But it's coming off the price of bitcoin dropping. But we actually see some news from China. The latest drop comes after China Center Backscent on Saturday that the risk of speculation in hypes surrounding virtual currencies has resurface. Obviously, sentiment has been very fragile, but those two companies we're looking at, MicroStrategy and coinbase. Micro Strategy
is now forty percent year today. People were happy to pay crazy premium for that company and now things are pretty fragile. And actually their CEO of Bitcoin Treasury Company said on a podcast that the firm could sell bitcoin. Obviously they've been buying and buying and buying, but if there enough starts to decline at some point they will.
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