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
00:00:16,520 --> 00:00:17,959
Speaker 3: Let's take a look at some of the stocks on

5
00:00:18,000 --> 00:00:20,160
Speaker 3: the move today in Europe. I'm Stephen Carroll and I'm

6
00:00:20,239 --> 00:00:23,280
Speaker 3: joined by Bloomberg's Breaking News editor at Louise Moon. Louise,

7
00:00:23,320 --> 00:00:27,000
Speaker 3: good morning. Let's start then with Agon, the Dutch insurer,

8
00:00:27,080 --> 00:00:29,400
Speaker 3: confirming its moving headquarters to the US.

9
00:00:29,880 --> 00:00:31,640
Speaker 1: Indeed, has some big news from them this morning.

10
00:00:31,680 --> 00:00:34,040
Speaker 4: So moving their headquarters to the US, that's where they

11
00:00:34,120 --> 00:00:37,280
Speaker 4: already get most of their profit from. And as a

12
00:00:37,320 --> 00:00:39,120
Speaker 4: result of that, they're going to change their name to

13
00:00:39,240 --> 00:00:42,159
Speaker 4: trans America. So they say that they expect that to

14
00:00:42,200 --> 00:00:45,120
Speaker 4: take about two years and will come with costs of

15
00:00:45,120 --> 00:00:49,479
Speaker 4: about three hundred and fifty million euros. That's over the

16
00:00:49,479 --> 00:00:52,280
Speaker 4: next few years as it takes place. So is not

17
00:00:52,320 --> 00:00:55,920
Speaker 4: a total surprise. They had floated this idea. This idea

18
00:00:55,960 --> 00:00:58,080
Speaker 4: had been on the table for quite a while, so

19
00:00:58,080 --> 00:01:02,360
Speaker 4: in August they said they were viewing potentially moving their listing,

20
00:01:02,480 --> 00:01:06,600
Speaker 4: so it's not a total surprise. And then at the

21
00:01:06,600 --> 00:01:09,679
Speaker 4: same time, alongside this, they also said that they would

22
00:01:09,680 --> 00:01:12,920
Speaker 4: lower their focus on Europe and they're also announcing a

23
00:01:13,000 --> 00:01:16,679
Speaker 4: strategic review of their UK business, so that's set to

24
00:01:17,160 --> 00:01:20,600
Speaker 4: take place and complete probably in the first half of

25
00:01:20,720 --> 00:01:26,000
Speaker 4: next year. Shares are dropping on this news, so that

26
00:01:26,040 --> 00:01:28,920
Speaker 4: there was an interesting note from Bloomberg Intelligence kind of

27
00:01:29,200 --> 00:01:32,200
Speaker 4: well explaining the share drop, essentially saying that they need

28
00:01:32,200 --> 00:01:35,280
Speaker 4: more than a name change to improve their performance and

29
00:01:35,319 --> 00:01:38,480
Speaker 4: that the latest targets they've also set today show that,

30
00:01:39,080 --> 00:01:42,679
Speaker 4: you know, challenges that exist, the targets were underwhelming. That

31
00:01:42,800 --> 00:01:45,080
Speaker 4: was also a word used by Morgan Stanley, that these

32
00:01:45,080 --> 00:01:47,680
Speaker 4: targets were underwhelming, and that while the moves to the

33
00:01:47,720 --> 00:01:50,080
Speaker 4: US makes some sense, as I say, it's not new news,

34
00:01:50,160 --> 00:01:53,639
Speaker 4: so more they're saying needs to be done to boost

35
00:01:53,720 --> 00:01:54,840
Speaker 4: the Dutch insurer.

36
00:01:55,880 --> 00:01:58,280
Speaker 3: Okay, so eggone shows, yeah, down eight percent in the

37
00:01:58,360 --> 00:02:01,600
Speaker 3: Netherlands this morning. Let's go to Switch Next and sick

38
00:02:01,720 --> 00:02:05,640
Speaker 3: Or Technologies, the Swiss electronic solutions companies. They're shoes down

39
00:02:05,960 --> 00:02:07,000
Speaker 3: twenty three percent.

40
00:02:07,480 --> 00:02:09,680
Speaker 4: Indeed, Yeah, they were halted at one point this morning

41
00:02:09,720 --> 00:02:13,000
Speaker 4: and trading because they fell so much. They had shares

42
00:02:13,040 --> 00:02:15,920
Speaker 4: had been performing well this year. They've been lifted in

43
00:02:16,000 --> 00:02:19,120
Speaker 4: partly by by a rise in defense spending benefiting on

44
00:02:19,240 --> 00:02:20,880
Speaker 4: the back of that. But the new news this morning

45
00:02:20,880 --> 00:02:24,040
Speaker 4: is that they've cut their guidance. They cited lower than

46
00:02:24,080 --> 00:02:27,360
Speaker 4: expected demand in Germany in particular, and they also cut

47
00:02:27,440 --> 00:02:31,919
Speaker 4: their their profit outlook, so not good news.

48
00:02:31,720 --> 00:02:33,040
Speaker 1: Dragging down their shares this morning.

49
00:02:33,120 --> 00:02:35,800
Speaker 4: It comes they're in the middle of a takeover battle

50
00:02:35,919 --> 00:02:40,079
Speaker 4: for a UK firm called TT Electronics, So they had

51
00:02:40,080 --> 00:02:42,520
Speaker 4: made a bid for TT and then one of TT

52
00:02:42,600 --> 00:02:46,840
Speaker 4: Electronics shareholders is opposing the offer and considering a bid themselves.

53
00:02:47,040 --> 00:02:49,720
Speaker 4: So a lot going on for sick Or Technologies, But

54
00:02:49,840 --> 00:02:51,840
Speaker 4: the main thing that's really being focused on is that

55
00:02:51,840 --> 00:02:54,040
Speaker 4: that cut in guidance that will cut to its outlook,

56
00:02:54,520 --> 00:02:56,919
Speaker 4: really pulling down shares dramatically this morning.

57
00:02:57,639 --> 00:02:59,960
Speaker 3: Okay, and in the UK there's been an update for

58
00:03:00,080 --> 00:03:02,040
Speaker 3: Berkeley Group, the home builder. What have we learned from that?

59
00:03:02,440 --> 00:03:05,120
Speaker 4: Yes, they had their first half results today, so arise

60
00:03:05,160 --> 00:03:07,640
Speaker 4: in profits, a beat forecast, so good news on that front.

61
00:03:07,680 --> 00:03:10,280
Speaker 4: That's even as sales declined in the lead up to

62
00:03:10,280 --> 00:03:13,200
Speaker 4: the budget. Obviously there was a lot of uncertainty, particular

63
00:03:13,919 --> 00:03:16,480
Speaker 4: across the board, but particularly affecting the housing market in

64
00:03:16,480 --> 00:03:19,160
Speaker 4: the lead up to the budget. Berkeley as I say,

65
00:03:19,240 --> 00:03:21,359
Speaker 4: so first half half profits rose.

66
00:03:21,520 --> 00:03:23,880
Speaker 1: That's despite those home sales declining.

67
00:03:24,000 --> 00:03:26,520
Speaker 4: Also despite them citing what they're calling a very challenging

68
00:03:26,919 --> 00:03:32,079
Speaker 4: environment for both regulatory reasons and macroeconomic reasons. They did

69
00:03:32,520 --> 00:03:35,760
Speaker 4: also keep their full year guidance, so are another positive

70
00:03:36,320 --> 00:03:39,520
Speaker 4: and analysts is saying that that I mean they're keeping

71
00:03:39,560 --> 00:03:40,960
Speaker 4: at the same level as they were. It's not as

72
00:03:40,960 --> 00:03:44,200
Speaker 4: an upgrade, but that continuation is a positive because of

73
00:03:44,520 --> 00:03:47,480
Speaker 4: all those worries surrounding particularly the housing sector in the

74
00:03:47,520 --> 00:03:50,120
Speaker 4: lead up to the budget. And they're looking further ahead

75
00:03:50,360 --> 00:03:53,000
Speaker 4: quite an upbeat outlook from Berkeley, so that in terms

76
00:03:53,000 --> 00:03:57,000
Speaker 4: of the longer term, they're particularly citing London as being

77
00:03:57,080 --> 00:03:59,880
Speaker 4: very positive about London. They're seeing an improvement in the

78
00:04:00,000 --> 00:04:04,760
Speaker 4: afordability and much under supply that will benefit them as

79
00:04:04,800 --> 00:04:07,520
Speaker 4: a homebuilder. So shares rising on the back of that

80
00:04:07,560 --> 00:04:08,760
Speaker 4: host of news this morning.

81
00:04:09,760 --> 00:04:14,000
Speaker 2: The Stockmovers Report from Bloomberg Radio. Check back with us

82
00:04:14,040 --> 00:04:16,839
Speaker 2: throughout the day for the latest roundup of companies making

83
00:04:16,920 --> 00:04:20,520
Speaker 2: news on Wall Street and for the latest market moving headlines.

84
00:04:20,720 --> 00:04:24,760
Speaker 2: Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg

85
00:04:24,800 --> 00:04:27,880
Speaker 2: dot com, and on Applecarplay and Android Auto with the

86
00:04:27,880 --> 00:04:29,279
Speaker 2: Bloomberg Business app