Coinbase Rises, Autodesk Gains, Kenvue Up After Ousting CEO

On this episode of Stock Movers:
- Coinbase (COIN) shares rise. Cryptocurrency-exposed stocks rose after Bitcoin breached $120,000 for the first time, with investor enthusiasm showing few signs of dimming as the US House of Representatives prepares to consider key industry legislation during its “Crypto Week” starting Monday.
- Autodesk (ADSK) shares gain after the company said it is no longer pursuing an acquisition of PTC Inc., people familiar with the matter said. This would have ranked as one of the year’s largest deals.
- Kenvue (KVUE) shares are up after the company said Chief Executive Officer Thibaut Mongon will leave the company as it continues to revamp the maker of Tylenol, Neutrogena and Listerine brands.

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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.

Speaker 1 (00:17):
Take a look at how some of the stocks are
moving today.

Speaker 2 (00:20):
I'm Paul Sweeny at Lista Mittelo and we're joined by
Bloomberg's Isabel Lee Isabell what he got?

Speaker 1 (00:24):
Definitely, coinbased shares are edging higher by two and a
half percent. That's COI n So we have August Research
initiating coverage of the stock with a recommendation of buy
and a four hundred dollars price target. So coinbase is
now close to four hundred. It's at three ninety six.
Oh and now it just hit three ninety seven, so
definitely engine closer to that target. Argos said it over
the past year, the shares have outperformed, and they note

(00:46):
that majority of the outperformance has occurred post a passage
of the Genius Act in June. So Argus also said
that it's noteworthy because coin is the first cryptonated member
to be included in the SMP that happened back in May,
and the stock has around twenty on a lit buy
sixteen hold and fourteen sell. Another thing, of course, coin
Base is influenced by bitcoin, which is now around one

(01:06):
hundred and twenty one thousand dollars, which is really a
huge record. So now Strategy and the tr and Galaxy
jail Xy are also edging higher because as bitcoin rises,
so do crypto link stocks. There they go hand in hand.
Let's move on to Autodesk. They're stepping back from an acquisition,
is that right? That's right, and shares are edging higher
four percent, So investors are definitely liking that Autodesk is adsk.

(01:28):
So they rose after reports that it's dropping its pursuit
of PTC, which would have ranked it as one of
the largest deals this year. So Autodesk is a software
provider and it decided to shelve the potential catch and
stock deal for PTC. So Autodesk is bigger. It has
a market cap of around sixty billion dollars. PTC is
a little smaller at around twenty three billion dollars. So
in a regulatory filing Monday August, Autodesk set it will

(01:50):
remain focused on executing strategic priorities. It said it will
allocate capital to organic investment, targeted and tuck in acquisitions,
Paul will know a lot of those. It didn't mention
PTC though, So that's what investors are implying.

Speaker 2 (02:04):
Cayview, what is that.

Speaker 1 (02:05):
That's the saut It's the maker of thaile and all
neutrogena and listerine. So they said that at CEO t
Botmongoon will leave the company and board of Director Kirk
Perry will take over as interim CEO. So they also
said that they will continue an ongoing comprehensive review of
strategic alternatives. So this is a consumer goods company. It
really has to faced a lot of pushback from activist investors,

(02:28):
and for now the company is really kind of heating
to that call. And you're right. They were spun off
from Johnsons and Johnson's in twenty twenty three, so now
kend You appears to be kicking off a number of
changes to a peace investors, and part of that is
a new CEO.

Speaker 2 (02:39):
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