Figure Technology Jumps, Centene Surges, Oracle Cools Down

On this edition of Stock Movers:

- Figure Technology (FIGR) shares opened 44% above their IPO price after a listing raising $787.5 million. The blockchain-based credit company joins a cohort of crypto firms in embracing public markets. Figure’s shares opened at $36 each in New York, above its IPO price of $25 apiece. The opening price gives the company a market value of around $7.6 billion, based on the outstanding shares. A 2021 venture-backed funding round valued the company at $3.2 billion. The company is going public in what’s set to be the US market’s busiest week of the year in terms of IPO volume, according to data compiled by Bloomberg. The forthcoming deals include Cameron and Tyler Winklevoss’ crypto exchange Gemini Space Station Inc., which prices Thursday. “Blockchain is a democratization of financial services,” Mike Cagney, Figure’s co-founder, said in a Bloomberg Television interview Thursday. As for the importance of individual investors in the offering, Cagney said the firm “gave retail one of the largest allocations anyone has ever done.”

- Shares of Centene (CNC) surged today after the insurer said gave upbeat views of its Medicare quality ratings and costs in its Medicaid business, positive signs for the company’s turnaround. The preliminary look at the Medicare quality scores, known as star ratings, was in-line with the company’s expectations, with a slightly higher percentage of members in four-star plans that pay bonuses, Chief Executive Officer Sarah London said Thursday at a Deutsche Bank conference. Centene also said its Medicaid business was seeing cost improvements in the second half, according to a research note from Barclays analysts who called the update “better than feared.”

- Oracle (ORCL) shares dipped today. The database-software company rallied 36% yesterday to hit a record high after they reported stellar cloud demand numbers.

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Episode Transcript

Speaker 1 (00:00):
Bloomberg Audio Studios, Podcasts, radio News.

Speaker 2 (00:08):
The Stock Movers Report, your roundup of companies making moves
in the stock market, harnessing the power of Bloomberg Data.

Speaker 3 (00:16):
I'm Carol Masser along.

Speaker 4 (00:18):
With Tim Stanovich. Let's get to some stocks on the
move on this Thursday with us as Bloomberg News senior
reporter and deputy team leader for US Equities Jess Manton.

Speaker 3 (00:26):
And Jess, we are seeing.

Speaker 4 (00:27):
IPOs in another one today it is and.

Speaker 3 (00:30):
It's really hot on this especially.

Speaker 5 (00:32):
We're keeping a lot of our reporters busy with Bailey
Lipschultz or a key IPO reporter, as well as Georgie
McKay on equities team. So looking at Figure Technology, the
ticker is f IGR. So this is the latest tech
company to benefit from investors newfound appetite like Carol is
talking about for IPO space. So this company is actually
a blockchain lender. And if you're looking at what happened

(00:55):
with today's trades, so it actually began trading on the
NASDAC under that ticker, and it opened at thirty six dollars.
While it's pulled back slightly from that, it's currently trading
around thirty one dollars fifty cents. That's still above word
IPO at twenty five dollars, so that actually gives it
a figure around raising around seven hundred and eighty seven
million here, and it really joins this growing list of unicorns,

(01:17):
which is really important context when we think about the
IPO market the last few years, but then looking ahead
in what it means here, so this buy now, pay later.
The lending company Klarna actually made its stock debut just yesterday,
so it rose nearly fifteen percent from its IPO price.
Then you also have other stable coin providers like Circle
earlier this year, as well as design software platform Figma,

(01:39):
So you'd really have a lot of momentum going right
now as far as what's going on in that type
of space, and particularly in the crypto area as well.

Speaker 1 (01:46):
Yeah, Gem and I the winkle Y crypto exchange. Then
outside of crypto, even more IPOs on the horizon, Blackrock
Coffee legions, and then via the rideshare app. Yes, we
expected ipo too.

Speaker 3 (01:58):
So we have a busy few week this week as well.

Speaker 5 (02:01):
And then of course, actually if you put in context
for this week, this is the busiest week for IPOs
since arm in twenty twenty three, So we have stub
Hub actually coming next week, so that's the ticket resale company.

Speaker 3 (02:11):
Unbelievable.

Speaker 4 (02:12):
But you know you've got to market that's hitting records, right,
So if you want to introduce a new issue, this
is probably.

Speaker 3 (02:17):
The market to do. To the economy too.

Speaker 2 (02:19):
Yeah.

Speaker 3 (02:19):
Yeah. Senteen is another one that you're watching. Yeah, that's moving.
The ticker is CNC, so this is a health insurance.

Speaker 5 (02:26):
Was the top performer in the S and P five
hundred earlier day if you were looking at the MLV function.
Now it's in the top three, behind Synopsis and Warner Brothers.
But actually reaffirmed its annual earnings outlook that it actually
had already issued in July.

Speaker 3 (02:39):
So it did reaffirm that.

Speaker 5 (02:41):
It also gave partisitive views on Medicare star ratings and
said it expects cost improvements in its medicaid business. If
you look at some of its peers like Molina Healthcare MOHS,
the ticker on that up six percent. Also, Elevant's Health
is up two point six percent as well, so you're
seeing its peers moving. But I want to put in
context if you at year to date through yesterday's close,

(03:01):
for centeen, its stock had dropped nearly fifty percent this year,
so still has a long way to go. If you
look on the cell side, the A and R function
of the terminal five buys fifteen holds one cell. Barclay's
strategist Andrew Mock he actually is an equal weight rating
on the stock. He was talking about how that Medicare
update was better than feared, with the company seeing medical
cost improvement in the.

Speaker 3 (03:22):
Second half of the year.

Speaker 5 (03:23):
So you're seeing some bright spots there, but still really
tough year when you were looking at where that year
to date performance was before today's.

Speaker 1 (03:28):
Games, Okay, well, not a tough year for Oracle. I
know this is a big one. Yesterday it was, and
today maybe giving up some of those games.

Speaker 5 (03:36):
Our CL's the ticker down a little over six percent
right now, so on pace for its worst day since
April fourth, from earlier this year. So you were just
alluding to tim the massive run that we saw in
this stock yesterday, so it had really historic rally. It
actually was up thirty six percent on Wednesday, so that
was its best day since nineteen ninety two. So the
context there, it had reported this stellar cloud demand numbers

(03:58):
and then The Wall Street Journal on top of that,
yesterday also had reported that Oracle had struck a three
hundred billion dollar deal with open Ai. But if you're
looking today, actually GP Morgan, the Drivets decks, they actually
had been crunching numbers on the retail investors side of things.
So you actually saw retail investors selling aggressively into Oracles
rally yesterday after buying those shares on Monday and Tuesday,

(04:20):
So you have a bit of a retail story there.
And then of course, if you look beyond that, as
well as some of the other peers that were outperforming
yesterday too. Broadcom AVGOS the ticker symbol, that stock's also
down more than two percent today.

Speaker 3 (04:32):
That had been among some of the big gainers yesterday.

Speaker 5 (04:34):
And then of course I have to point out Vistra
vst is down more than two percent as well. That's
tied to the data centers that had been jumping yesterday,
as well as AMD Advanced micro Devices. But both of
those stocks are also lower on the back of this,
after a lot of them had a tremendous run yesterday.

Speaker 2 (04:50):
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