WEBVTT - Puma Surges, Dr Martens Slides, Credit Agricole Up 

0:00:02.520 --> 0:00:08.720
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The.

0:00:08.720 --> 0:00:12.560
<v Speaker 2>Stock Movers Report, your roundup of companies making moves in

0:00:12.600 --> 0:00:15.880
<v Speaker 2>the stock market, harnessing the power of Bloomberg Data.

0:00:16.560 --> 0:00:18.280
<v Speaker 3>Let's look at the stocks on the move today here

0:00:18.320 --> 0:00:21.120
<v Speaker 3>in Europe. I'm Caroline Hepkit with Stephen Caroll, and we're

0:00:21.160 --> 0:00:25.000
<v Speaker 3>joined by Bloomberg's Breaking News editor Louise Moon. So let's

0:00:25.000 --> 0:00:30.400
<v Speaker 3>think about boomer a leap then for the ath leisure brand,

0:00:30.480 --> 0:00:33.240
<v Speaker 3>the software, sorry, the shoemaking brand.

0:00:33.360 --> 0:00:35.240
<v Speaker 1>What has put us spring in their step?

0:00:35.720 --> 0:00:38.400
<v Speaker 4>Yes, so shares rose about twenty one percent this morning.

0:00:38.479 --> 0:00:40.280
<v Speaker 4>Then they paired some of those games, but they're still up.

0:00:40.320 --> 0:00:42.080
<v Speaker 4>Last time we looked about eight percent, So big games

0:00:42.120 --> 0:00:47.160
<v Speaker 4>this morning after Anta, a Chinese sports shoe sportswear giant,

0:00:47.200 --> 0:00:49.559
<v Speaker 4>agreed to buy in about twenty nine percent Steak and

0:00:49.600 --> 0:00:51.960
<v Speaker 4>that's for one point five billion euros.

0:00:52.000 --> 0:00:54.880
<v Speaker 1>The going to become its bigger shareholder. And let's say

0:00:54.960 --> 0:00:55.319
<v Speaker 1>this is.

0:00:55.280 --> 0:00:59.520
<v Speaker 4>A boost to Puma's management's turnaround efforts. It's not thought

0:00:59.600 --> 0:01:03.120
<v Speaker 4>that Anti will change those efforts as they.

0:01:03.120 --> 0:01:04.200
<v Speaker 1>Become the biggest shareholder.

0:01:04.600 --> 0:01:07.280
<v Speaker 4>The offer price, or the price they did that a

0:01:07.520 --> 0:01:10.600
<v Speaker 4>was a sixty two percent premium to Puma's closing price yesterday,

0:01:10.640 --> 0:01:14.760
<v Speaker 4>So a good price on that front. And then for Anta,

0:01:14.880 --> 0:01:20.480
<v Speaker 4>it's adding to their global expansion, their multi brand growth strategy.

0:01:20.520 --> 0:01:21.559
<v Speaker 1>They already own FeelA.

0:01:21.600 --> 0:01:25.080
<v Speaker 4>They're the largest shareholder of the company behind Salomon, so

0:01:25.160 --> 0:01:28.400
<v Speaker 4>they're a big global giants. They actually have a really

0:01:28.400 --> 0:01:32.080
<v Speaker 4>fascinating story behind them. So years ago, when I was

0:01:32.120 --> 0:01:33.880
<v Speaker 4>based in Hong Kong, I went on a reporting trip

0:01:33.920 --> 0:01:36.399
<v Speaker 4>to a place called Jindyang in China. It's on the

0:01:36.400 --> 0:01:40.119
<v Speaker 4>south East coast and it's called China's shoe capital, and

0:01:40.440 --> 0:01:43.920
<v Speaker 4>that's where ants from and that's where three of China's

0:01:43.920 --> 0:01:46.640
<v Speaker 4>biggest sports where giants all stem from.

0:01:46.760 --> 0:01:49.880
<v Speaker 1>So it will stem from this one place. You walk around, it's.

0:01:49.720 --> 0:01:52.080
<v Speaker 4>Blocks and blocks and blocks of shoe vendors, everything you

0:01:52.120 --> 0:01:54.840
<v Speaker 4>could possibly need to make shoes. And there's these three

0:01:54.920 --> 0:01:57.160
<v Speaker 4>huge companies that have now become global giants all step

0:01:57.160 --> 0:01:58.880
<v Speaker 4>for this place. I think two of the founders went

0:01:58.920 --> 0:02:01.840
<v Speaker 4>to school together. It's a really fascinating story and all

0:02:01.880 --> 0:02:04.200
<v Speaker 4>steming from this place. So anyway, so and they're the

0:02:04.200 --> 0:02:06.360
<v Speaker 4>company that are going to be buying buying Puma, so

0:02:06.560 --> 0:02:08.400
<v Speaker 4>shares really rising on that news.

0:02:08.680 --> 0:02:10.400
<v Speaker 1>Oh, I love the shoe story behind that. We're going

0:02:10.440 --> 0:02:12.440
<v Speaker 1>to stay with shoes though and talk about Doctor Martin's

0:02:12.480 --> 0:02:15.120
<v Speaker 1>next what's going on there? Not such a positive story

0:02:15.120 --> 0:02:15.440
<v Speaker 1>for them.

0:02:15.520 --> 0:02:18.800
<v Speaker 4>Shares down over ten percent, back to levels seen in

0:02:19.120 --> 0:02:22.040
<v Speaker 4>mid last year, mid twenty twenty five. That's after third

0:02:22.080 --> 0:02:26.720
<v Speaker 4>quarter results, so revenue was weaker then expected, and the

0:02:26.760 --> 0:02:28.400
<v Speaker 4>timing wise of this, it's meant to be kind of

0:02:28.400 --> 0:02:31.400
<v Speaker 4>their peak trading season obviously over the Christmas period, so

0:02:31.720 --> 0:02:36.520
<v Speaker 4>weaker then expected, and yeah, just a lot worse than

0:02:36.520 --> 0:02:38.679
<v Speaker 4>than should have been thought. They said that Europe still

0:02:38.720 --> 0:02:42.040
<v Speaker 4>remains a challenging region. That's their biggest region. America performed

0:02:42.080 --> 0:02:46.520
<v Speaker 4>a bit better, and it all comes as they're pivoting.

0:02:46.560 --> 0:02:47.680
<v Speaker 1>They're calling it the year of Pivot.

0:02:47.720 --> 0:02:50.440
<v Speaker 4>It's a bit of a restructuring their strategy of trying

0:02:50.440 --> 0:02:54.079
<v Speaker 4>to prioritize profitability and being disciplined when it comes to promotions.

0:02:54.960 --> 0:02:58.079
<v Speaker 4>So it's a bit of a turnaround storry for Doc Martins,

0:02:58.480 --> 0:03:00.239
<v Speaker 4>and their third quarter didn't perform.

0:03:00.400 --> 0:03:01.320
<v Speaker 1>As well as expected.

0:03:01.360 --> 0:03:04.560
<v Speaker 4>They do say they're on track to meet pretext profits

0:03:04.600 --> 0:03:06.480
<v Speaker 4>for the full year, but if you compare that to

0:03:06.480 --> 0:03:09.200
<v Speaker 4>the air before, it's still quite broadly flat, so not

0:03:09.480 --> 0:03:11.080
<v Speaker 4>much positive news to go on there.

0:03:11.200 --> 0:03:17.520
<v Speaker 3>Okay, and then lastly to Credit Agricole, they are looking

0:03:17.960 --> 0:03:19.040
<v Speaker 3>stronger this morning.

0:03:19.240 --> 0:03:22.040
<v Speaker 4>Why they are they' one of the top performers among

0:03:22.120 --> 0:03:26.160
<v Speaker 4>banks in Europe. That's after an upgrade from ODO. They

0:03:26.240 --> 0:03:30.720
<v Speaker 4>raise their recommendation from mutual to outperform. The analyst there

0:03:30.800 --> 0:03:33.240
<v Speaker 4>is saying that the net income vestments that they have

0:03:33.280 --> 0:03:38.040
<v Speaker 4>are higher than consensus and saying that the bank's underperformance

0:03:38.720 --> 0:03:40.760
<v Speaker 4>over the past year or so has left it trading

0:03:40.800 --> 0:03:43.640
<v Speaker 4>up multiples that it doesn't think reflects the quality of

0:03:43.680 --> 0:03:47.320
<v Speaker 4>its fundamentals essentially. So if you look if you are

0:03:47.360 --> 0:03:50.600
<v Speaker 4>to compare Credit CaAl with the wider Banks stock six

0:03:50.720 --> 0:03:53.160
<v Speaker 4>hundred banks index, so it shares are up twenty six

0:03:53.200 --> 0:03:55.720
<v Speaker 4>percent in the last twelve months, but the wide index

0:03:55.760 --> 0:03:58.560
<v Speaker 4>is up sixty one percent, so it is underperforming there

0:03:58.560 --> 0:04:00.680
<v Speaker 4>and that's what the analyst was really focusing on.

0:04:00.960 --> 0:04:01.680
<v Speaker 1>In their note.

0:04:02.320 --> 0:04:04.800
<v Speaker 4>And shares are rising this morning, there is about two

0:04:04.840 --> 0:04:06.960
<v Speaker 4>percent on the back of this, so adding to kind

0:04:06.960 --> 0:04:10.240
<v Speaker 4>of recent gains, and if you look back, the shares

0:04:10.600 --> 0:04:13.640
<v Speaker 4>are now at the higher since two thousand and eight,

0:04:14.640 --> 0:04:17.520
<v Speaker 4>so a bit of a boost for them today.

0:04:17.560 --> 0:04:19.640
<v Speaker 1>And then just take a look at the analyst ratings.

0:04:19.640 --> 0:04:21.600
<v Speaker 4>They've got eight by seven holes and five cells, so

0:04:21.640 --> 0:04:24.239
<v Speaker 4>it's adding to that positive story.

0:04:25.440 --> 0:04:29.480
<v Speaker 2>The Stock Movers report from Bloomberg Radio. Check back with

0:04:29.560 --> 0:04:32.159
<v Speaker 2>us throughout the day for the latest roundup of companies

0:04:32.200 --> 0:04:35.320
<v Speaker 2>making news on Wall Street and for the latest market

0:04:35.320 --> 0:04:39.799
<v Speaker 2>moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

0:04:39.920 --> 0:04:43.400
<v Speaker 2>Bloomberg dot com, and on Applecarplay and Android Auto with

0:04:43.480 --> 0:04:44.960
<v Speaker 2>the Bloomberg Business app.