Financial Service-Related Stocks Slip, PayPal Falls, Coinbase Drops

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers, we take a look at some of the biggest gainers and decliners or the week:

- Shares of companies that offer financial services like FactSet (FDS), Morningstar (MORN) and S&P Global (SPGI) fell in response to Anthropic unveiling a set of new artificial intelligence agents designed to handle a broader mix of financial services tasks, part of the company’s push to win over Wall Street. The Claude maker is releasing AI agents that it says can draft pitch decks for client meetings, review financial statements and escalate cases for compliance review. The new tools — 10 in total — are aimed at professionals across banking, insurance, asset management and financial technology.

- PayPal (PYPL) plans to cut around 20% of its workforce in the next two to three years, according to a person familiar with the matter, as new Chief Executive Officer Enrique Lores seeks to reduce costs and turn around the payments company. PayPal’s turnaround strategy under Lores was under fresh scrutiny Tuesday, as analysts weighed the potential for the team to take a fresh stab at revamping the firm. Shares fell in trading on Tuesday.

- Coinbase (COIN) will cut around 14% of its workforce, citing a need to manage costs in volatile markets and technological advances in artificial intelligence. The company plans to concentrate remaining staff around AI skills while reducing layers of management, Coinbase Chief Executive Officer Brian Armstrong said in an X post on Tuesday. In this new structure, some teams may consist of just one person, he said, with the responsibilities of engineers, designers and product managers combined into a single role. Shares traded lower on Tuesday.

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