1 00:00:02,520 --> 00:00:07,360 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,560 --> 00:00:12,440 Speaker 2: The Stock Movers Report, your roundup of companies making moves 3 00:00:12,480 --> 00:00:15,880 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:16,640 --> 00:00:18,200 Speaker 3: Let's take a look now at some stocks on the 5 00:00:18,239 --> 00:00:20,599 Speaker 3: move today in Europe. I'm Stephen Carroll and I'm joined 6 00:00:20,600 --> 00:00:23,840 Speaker 3: by Bloomberg's breaking news reporter Chloe Melee for more. Chloe, 7 00:00:23,880 --> 00:00:27,840 Speaker 3: good morning. Let's start with Agon then shares rising this morning. 8 00:00:27,840 --> 00:00:28,400 Speaker 3: What's going on? 9 00:00:28,520 --> 00:00:31,760 Speaker 4: Yeah, quite good day for Egg on the Dutch insurer today. 10 00:00:31,800 --> 00:00:35,800 Speaker 4: So it reported earnings that be expectations by quite a large. 11 00:00:35,680 --> 00:00:36,560 Speaker 1: Margin this morning. 12 00:00:36,640 --> 00:00:39,760 Speaker 4: And it also went from a net loss in last 13 00:00:39,840 --> 00:00:42,640 Speaker 4: year's first half to and their income for this first 14 00:00:42,640 --> 00:00:45,960 Speaker 4: half of six hundred million euros, so quite a reversal there. 15 00:00:46,159 --> 00:00:49,040 Speaker 4: And it also increased its Buyobeck program to four hundred 16 00:00:49,159 --> 00:00:52,080 Speaker 4: million euros. So kind of good news across the board 17 00:00:52,159 --> 00:00:54,760 Speaker 4: for Agon. Another piece of news that we've got today 18 00:00:54,800 --> 00:00:58,000 Speaker 4: from them is the intention to move its legal domicile 19 00:00:58,080 --> 00:01:00,760 Speaker 4: to the US, which was in the in the hope 20 00:01:00,800 --> 00:01:03,320 Speaker 4: to kind of better align with the geographic focus that 21 00:01:03,360 --> 00:01:05,160 Speaker 4: it has on the US. 22 00:01:04,880 --> 00:01:05,480 Speaker 1: At the moment. 23 00:01:06,120 --> 00:01:10,200 Speaker 4: Bloomberg Intelligence said that the move would facilitate comparisons with 24 00:01:10,240 --> 00:01:14,200 Speaker 4: a more appropriate peer group. But it said interestingly that 25 00:01:14,240 --> 00:01:17,959 Speaker 4: a potential challenge there could be that Dutch social values 26 00:01:18,000 --> 00:01:20,880 Speaker 4: are really deeply embedded in a gone in that company 27 00:01:20,880 --> 00:01:23,520 Speaker 4: and that might maybe chafe a little bit with the 28 00:01:23,640 --> 00:01:26,960 Speaker 4: US norms. Really, so we'll know more about this potential 29 00:01:26,959 --> 00:01:29,400 Speaker 4: pivot in December and the Capital markets day. 30 00:01:29,440 --> 00:01:30,800 Speaker 1: But in the meantime, the. 31 00:01:30,760 --> 00:01:34,520 Speaker 4: First half results really was really well received by the market. 32 00:01:34,959 --> 00:01:36,600 Speaker 3: Yeah, and d chair is currently up six and a 33 00:01:36,640 --> 00:01:39,720 Speaker 3: half percent in Amsterdam. However, what's gone on with w 34 00:01:39,920 --> 00:01:42,880 Speaker 3: H smith sales adown sales down, shared it down thirty 35 00:01:42,920 --> 00:01:43,559 Speaker 3: six percent? 36 00:01:43,880 --> 00:01:46,200 Speaker 1: Yeah, yeah, major and major drop this morning. 37 00:01:46,240 --> 00:01:48,560 Speaker 4: So yeah, the latest thirty six percent biggest drop on 38 00:01:48,760 --> 00:01:51,960 Speaker 4: record for wh Smith and that is because it lowered 39 00:01:52,000 --> 00:01:54,760 Speaker 4: its profit outlook for North America and that was due 40 00:01:54,800 --> 00:01:57,560 Speaker 4: to an accounting error. So it said that a financial 41 00:01:57,560 --> 00:02:01,880 Speaker 4: review found an overstatement of about thirty million pounds in 42 00:02:02,080 --> 00:02:05,440 Speaker 4: expected trading profit for the year that ended that will 43 00:02:05,520 --> 00:02:07,240 Speaker 4: end on August thirty first. 44 00:02:07,880 --> 00:02:09,720 Speaker 1: The revision then brings w H. 45 00:02:09,800 --> 00:02:13,600 Speaker 4: Smith's forecast down from fifty five million pounds to twenty 46 00:02:13,639 --> 00:02:15,000 Speaker 4: five million pounds in North America. 47 00:02:15,080 --> 00:02:16,799 Speaker 1: This is a major major drop. 48 00:02:17,280 --> 00:02:20,240 Speaker 4: This is particularly significant given that the company's strategy has 49 00:02:20,320 --> 00:02:24,720 Speaker 4: been focused on expanding in North American, especially in travel retail, 50 00:02:24,800 --> 00:02:27,600 Speaker 4: and so and Lissa are quite quite shocked by it, 51 00:02:27,639 --> 00:02:30,480 Speaker 4: and Lissa Goodbody said that the scale of that overstatement 52 00:02:30,600 --> 00:02:32,840 Speaker 4: was quite shocking and that seems to be kind of 53 00:02:32,840 --> 00:02:37,120 Speaker 4: the overall sentiment there. B I said that the part 54 00:02:37,120 --> 00:02:39,400 Speaker 4: of the revision is kind of unexplained as well, because 55 00:02:39,440 --> 00:02:43,840 Speaker 4: not all of it came from the understatement, this accounting understatement. 56 00:02:44,080 --> 00:02:47,720 Speaker 4: It also noted that there's risk from a consumer pullback 57 00:02:47,760 --> 00:02:50,120 Speaker 4: in travel retail as well, so it's not just the 58 00:02:50,160 --> 00:02:53,200 Speaker 4: accounting eraror but this accounting era was a massive one. 59 00:02:53,440 --> 00:02:55,799 Speaker 3: Okay, yeah, I mean a huge move in the share 60 00:02:55,840 --> 00:02:58,320 Speaker 3: price as a result as well. Let's go to Denmark next, 61 00:02:58,400 --> 00:03:00,840 Speaker 3: and novonicis what the needs from them. 62 00:03:00,840 --> 00:03:04,840 Speaker 4: So no vnicas it makes enzymes the for a bunch 63 00:03:04,840 --> 00:03:08,400 Speaker 4: of sectors of pharmaceutical sector, but also consumer and in 64 00:03:08,400 --> 00:03:09,920 Speaker 4: industrial end markets. 65 00:03:09,919 --> 00:03:11,280 Speaker 1: So enzymes that are used in. 66 00:03:11,280 --> 00:03:15,600 Speaker 4: Detergents, food, beer, whatever you name it, they make enzymes 67 00:03:15,600 --> 00:03:19,079 Speaker 4: for it. And the shares are down because they well, 68 00:03:19,080 --> 00:03:21,880 Speaker 4: they actually narrowed their guidance for the for the high 69 00:03:21,960 --> 00:03:23,960 Speaker 4: end of the ranger that should have been positive. But 70 00:03:24,040 --> 00:03:26,120 Speaker 4: what is driving the shares down is that there is 71 00:03:26,320 --> 00:03:29,160 Speaker 4: some weakness in the cells target for twenty thirty. So 72 00:03:29,160 --> 00:03:32,919 Speaker 4: it released both it's twenty thirty cells targets and its 73 00:03:33,280 --> 00:03:35,600 Speaker 4: results as well, and the City analyst said that the 74 00:03:35,680 --> 00:03:39,000 Speaker 4: new target's disappointed on margin especially, and it said that 75 00:03:39,080 --> 00:03:44,160 Speaker 4: evidence is kind of mounting that the pricing transformation will 76 00:03:44,200 --> 00:03:48,360 Speaker 4: not translate into the strong margin progress that many. 77 00:03:48,400 --> 00:03:49,320 Speaker 1: Had hoped for. 78 00:03:49,920 --> 00:03:52,240 Speaker 4: So there is some weakness then that is driving the 79 00:03:52,280 --> 00:03:53,960 Speaker 4: shares down this morning for that company. 80 00:03:55,240 --> 00:03:59,240 Speaker 2: The Stock Mover's report from Bloomberg Radio. 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