Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market. Harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look at some of the stocks on
Speaker 3: the move today in Europe. I'm Stephen Carroll and I'm
Speaker 3: joined by Bloomberg's Breaking News editor at Louise Moon. Louise,
Speaker 3: good morning. Let's start then with Agon, the Dutch insurer,
Speaker 3: confirming its moving headquarters to the US.
Speaker 1: Indeed, has some big news from them this morning.
Speaker 4: So moving their headquarters to the US, that's where they
Speaker 4: already get most of their profit from. And as a
Speaker 4: result of that, they're going to change their name to
Speaker 4: trans America. So they say that they expect that to
Speaker 4: take about two years and will come with costs of
Speaker 4: about three hundred and fifty million euros. That's over the
Speaker 4: next few years as it takes place. So is not
Speaker 4: a total surprise. They had floated this idea. This idea
Speaker 4: had been on the table for quite a while, so
Speaker 4: in August they said they were viewing potentially moving their listing,
Speaker 4: so it's not a total surprise. And then at the
Speaker 4: same time, alongside this, they also said that they would
Speaker 4: lower their focus on Europe and they're also announcing a
Speaker 4: strategic review of their UK business, so that's set to
Speaker 4: take place and complete probably in the first half of
Speaker 4: next year. Shares are dropping on this news, so that
Speaker 4: there was an interesting note from Bloomberg Intelligence kind of
Speaker 4: well explaining the share drop, essentially saying that they need
Speaker 4: more than a name change to improve their performance and
Speaker 4: that the latest targets they've also set today show that,
Speaker 4: you know, challenges that exist, the targets were underwhelming. That
Speaker 4: was also a word used by Morgan Stanley, that these
Speaker 4: targets were underwhelming, and that while the moves to the
Speaker 4: US makes some sense, as I say, it's not new news,
Speaker 4: so more they're saying needs to be done to boost
Speaker 4: the Dutch insurer.
Speaker 3: Okay, so eggone shows, yeah, down eight percent in the
Speaker 3: Netherlands this morning. Let's go to Switch Next and sick
Speaker 3: Or Technologies, the Swiss electronic solutions companies. They're shoes down
Speaker 3: twenty three percent.
Speaker 4: Indeed, Yeah, they were halted at one point this morning
Speaker 4: and trading because they fell so much. They had shares
Speaker 4: had been performing well this year. They've been lifted in
Speaker 4: partly by by a rise in defense spending benefiting on
Speaker 4: the back of that. But the new news this morning
Speaker 4: is that they've cut their guidance. They cited lower than
Speaker 4: expected demand in Germany in particular, and they also cut
Speaker 4: their their profit outlook, so not good news.
Speaker 1: Dragging down their shares this morning.
Speaker 4: It comes they're in the middle of a takeover battle
Speaker 4: for a UK firm called TT Electronics, So they had
Speaker 4: made a bid for TT and then one of TT
Speaker 4: Electronics shareholders is opposing the offer and considering a bid themselves.
Speaker 4: So a lot going on for sick Or Technologies, But
Speaker 4: the main thing that's really being focused on is that
Speaker 4: that cut in guidance that will cut to its outlook,
Speaker 4: really pulling down shares dramatically this morning.
Speaker 3: Okay, and in the UK there's been an update for
Speaker 3: Berkeley Group, the home builder. What have we learned from that?
Speaker 4: Yes, they had their first half results today, so arise
Speaker 4: in profits, a beat forecast, so good news on that front.
Speaker 4: That's even as sales declined in the lead up to
Speaker 4: the budget. Obviously there was a lot of uncertainty, particular
Speaker 4: across the board, but particularly affecting the housing market in
Speaker 4: the lead up to the budget. Berkeley as I say,
Speaker 4: so first half half profits rose.
Speaker 1: That's despite those home sales declining.
Speaker 4: Also despite them citing what they're calling a very challenging
Speaker 4: environment for both regulatory reasons and macroeconomic reasons. They did
Speaker 4: also keep their full year guidance, so are another positive
Speaker 4: and analysts is saying that that I mean they're keeping
Speaker 4: at the same level as they were. It's not as
Speaker 4: an upgrade, but that continuation is a positive because of
Speaker 4: all those worries surrounding particularly the housing sector in the
Speaker 4: lead up to the budget. And they're looking further ahead
Speaker 4: quite an upbeat outlook from Berkeley, so that in terms
Speaker 4: of the longer term, they're particularly citing London as being
Speaker 4: very positive about London. They're seeing an improvement in the
Speaker 4: afordability and much under supply that will benefit them as
Speaker 4: a homebuilder. So shares rising on the back of that
Speaker 4: host of news this morning.
Speaker 2: The Stockmovers Report from Bloomberg Radio. Check back with us
Speaker 2: throughout the day for the latest roundup of companies making
Speaker 2: news on Wall Street and for the latest market moving headlines.
Speaker 2: Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg
Speaker 2: dot com, and on Applecarplay and Android Auto with the
Speaker 2: Bloomberg Business app