Coinbase Jumps, On Rises, Rigetti Falls After Sales Miss

On this episode of Stock Movers:
- Coinbase shares jump, hitting its highest level since February, after S&P Dow Jones Indices said the company will join the S&P 500 Index before trading opens May 19.
- On Holding’s shares jumped after the Swiss brand reported strong demand for its high-priced sneakers and lifted its sales growth forecast. First-quarter sales rose 40% from a year ago to 727 million Swiss francs, beating analyst expectations, with strong growth in the Americas, Asia-Pacific, and Europe, the Middle East and Africa.
- Rigetti shares tumble after the quantum computing firm’s 1Q revenue missed expectations and gross margins declined from the year earlier period.

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Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news, The.

Speaker 2 (00:08):
Stock Movers podcast, 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 Paul Swingey with Alex Steel and were
joined by Bloomberg's Lee Isabelle. What are you looking at?

Speaker 1 (00:23):
I'm looking at a coinbase. We have shares edging higher,
but as much as seventeen percent, so they're finally going
to be added to the S and P five hundred
next week. I say finally because I covered the quarterly
rebalance and I've written around three templates for them. Because
we've been hearing industry chatter for a while and really
this is a milestone for the industry. A lot of
people are saying this is the signs of times. It's
really indicative of the broader acceptance we have. Michael Saylor

(00:46):
to Cathy Wood congratulating Coinbaco, O'Brien, Armstrong and Armstrong first
part made it a point on Twitter to say that
crypto will now be in everyone's four oh one kid.
Because of course, if you've ad at SMP, then there's
that some would argue though that there's already Tesla, which
arguably is also a large Bitcoin holding. But still, so
this is good for the stock, and we have Melissa
Roberts of Stephens estimating that passive funds we'll need to

(01:06):
purchase thirty five million coin shares in about four days,
so we'll see some buying demand there. And of course
there's the index effect, whether or not you believe in that,
but the stock may I mean, I.

Speaker 3 (01:15):
Mean index effect for real, I mean, that's definitely something.
It just depends on how long and sustainable that that
pop is. What else you're gonna end on.

Speaker 1 (01:22):
So this is kind of a cult favorite. It depends
on your flavor of shoe. You said you like shoes
up Paul, but I don't know if you like on.
It's raising a sales growth forecast to at least twenty
percent for twenty twenty five, and that's really on the
back of strong demand despite economic uncertainty. So the company
founded in twenty ten, is back by Roger Federer, arguably
one of the best ten is nine players of all time,

(01:44):
and it's become one of the really top performance sneakers
in the world. It expanded from core running shoes to
areas like tennis training in apparel, and we have Wall
Street cheering the results. Deefel call the results impressive. Truest
said revenue handily beat consensus like many others, It also
added a lower enter its profitability forecast. But yes on
in fact, I own a pair of ants, and I
bought it in France because in the New York store

(02:06):
there's always a line outside, is it really? And I'm
just never gonna line up for shoes.

Speaker 2 (02:10):
Yeah.

Speaker 3 (02:10):
I don't see any who lines up onlines exactly to
get into for shoes.

Speaker 2 (02:14):
Yeah.

Speaker 3 (02:15):
Yeah, interesting? All right, well what else you got?

Speaker 1 (02:17):
Brighetti? So this is seeing the opposite direction. Stock is
down as much as ten percent, so they tumbled after
missing revenue expectations. Operating laws was also larger than forecasts.
Is it report profit? But that's really owing to an
accounting game. So the CEO said, revenue can be quote
lumpy since quantum computing continues to be in research and
development mode. So think of quantum computing and I'm going
to try my best. It's basically computing, but super fast

(02:39):
because instead of computing sequentially, it does it parallel wise.

Speaker 3 (02:43):
She's looking at us as if like we know the
answer to that, yeah.

Speaker 1 (02:46):
Right, please affirm me so. The company not a handful
of contracts with Sero from the US and the UK,
but for now it's not looking good for the stock.

Speaker 2 (02:54):
The Stock Movers podcast from Bloomberg Radio. Check back with
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