WEBVTT - Greggs Slump, Bytes Sharp Drop, Renewable New Wind

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The.

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<v Speaker 2>Stock Movers podcast, your roundup of companies making moves in

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<v Speaker 2>the stock market, harnessing the power of Bloomberg data.

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<v Speaker 3>Let's get to some of the individual stocks on the move.

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<v Speaker 3>We are joined by Bloomberg's equities reporter Joe Easton and

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<v Speaker 3>Joe how hot does it have to be before you?

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<v Speaker 3>Joe Easton, don't consider a sausage role.

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<v Speaker 1>I think I could eat a sausage row on a

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<v Speaker 1>thirty five degrees I think, But well maybe not maybe

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<v Speaker 1>not quite that. Not everyone. So Greg's plunging today that

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<v Speaker 1>stock is down thirteen percent of the company saying that

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<v Speaker 1>profit may be lower than last year due to the

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<v Speaker 1>soaring temperatures, a sweltering heat that we've had in the UK,

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<v Speaker 1>which is discouraging people from buying all those delicious treats

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<v Speaker 1>like sausage roll, steak, bake, I, Guess donuts and other

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<v Speaker 1>sweet goods as well. So therefore they expect the first

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<v Speaker 1>half operating profit to be lower than the same period

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<v Speaker 1>last year.

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<v Speaker 2>Now kind of.

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<v Speaker 1>Question is that all to do with the weather or

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<v Speaker 1>was there a downturn in consumer sentiment already? But you

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<v Speaker 1>kind of have to agree that a steak bak and

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<v Speaker 1>a hot chocolate is not your immediate priority at the

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<v Speaker 1>moment in this heat. So maybe that is the reason.

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<v Speaker 1>But the stock down very sharply today.

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<v Speaker 4>Yeah, okay, so that's on Breggs. Now. There's also been

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<v Speaker 4>a profit warning that meben too much for investors in

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<v Speaker 4>Bites Technology to digest.

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<v Speaker 1>Yes, taking a bite out of Bytes Technology. That stock

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<v Speaker 1>is down twenty seven percent today. It's the biggest drop

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<v Speaker 1>since the company's IPO around five years ago. So Bytes

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<v Speaker 1>is worth well, it was yesterday worth around a billion

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<v Speaker 1>pounds in terms of the market caps, and not the

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<v Speaker 1>smaller stock on the market. And they are warning of

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<v Speaker 1>the macroeconomic environment environment deteriorating and leading customers to defer

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<v Speaker 1>their buying decisions.

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<v Speaker 3>Now.

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<v Speaker 1>Probably the interesting thing about this one is we're seeing

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<v Speaker 1>a ripple effect across all the UK tech stocks today.

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<v Speaker 1>So Softcat, which is a bigger company, down six percent,

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<v Speaker 1>Computer Center down five percent, Sage falling two percent as well,

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<v Speaker 1>so really hitting the other piers. Bites itself down twenty

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<v Speaker 1>three percent this morning. It's cloud software, its cybersecurity, all

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<v Speaker 1>of those kind of really hot sectors at the moment.

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<v Speaker 1>But that warning of customers slowing their orders hitting the

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<v Speaker 1>UK technology space today.

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<v Speaker 3>Okay, so from one time of technology to another, now, Joe,

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<v Speaker 3>because Danish turbine manufacturer Vestas has had a second wind absolutely.

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<v Speaker 1>And I wrote that pun as well, so I'm going

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<v Speaker 1>to enjoy it. Renewernery stock today up sharply, including Vestas,

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<v Speaker 1>as you mentioned, they're getting that second wind, A stock

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<v Speaker 1>up eight percent. We're also seeing moves in awested nord

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<v Speaker 1>x edp over in Portugal as well. Other news is

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<v Speaker 1>that the latest version of Donald Trump's A Big, Beautiful Bill,

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<v Speaker 1>it's actually stripped out a provision that was going to

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<v Speaker 1>tax companies doing wind and solar projects in the US

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<v Speaker 1>that were using Chinese components in their projects. The latest

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<v Speaker 1>version of the Senate bill that hit last night has

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<v Speaker 1>actually removed that and therefore we're seeing these stocks rallying

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<v Speaker 1>this morning.

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<v Speaker 3>Yeah.

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<v Speaker 4>Interesting, Yes. It also also I think there's an exception

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<v Speaker 4>for the tax breaks that if the solar and wind

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<v Speaker 4>projects that are approved that are kind of eligible start

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<v Speaker 4>within the twelve months from when the bill is signed,

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<v Speaker 4>that they would still get those tax exemptions. So that

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<v Speaker 4>kind of helps the sector.

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<v Speaker 1>So yes, there was the other element to the bill

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<v Speaker 1>as well.

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<v Speaker 4>Yeah, absolutely very good. Joe, Thank you so much for

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<v Speaker 4>being with us this morning. That is Equities Reported Joe Eastern.

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<v Speaker 2>The Stock Movers podcast from Bloomberg Radio. Check back with

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