WEBVTT - Aegon Down, Cicor Falls, Berkeley Rises

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

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market. Harnessing the power of Bloomberg Data.

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<v Speaker 3>Let's take a look at some of the stocks on

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<v Speaker 3>the move today in Europe. I'm Stephen Carroll and I'm

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<v Speaker 3>joined by Bloomberg's Breaking News editor at Louise Moon. Louise,

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<v Speaker 3>good morning. Let's start then with Agon, the Dutch insurer,

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<v Speaker 3>confirming its moving headquarters to the US.

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<v Speaker 1>Indeed, has some big news from them this morning.

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<v Speaker 4>So moving their headquarters to the US, that's where they

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<v Speaker 4>already get most of their profit from. And as a

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<v Speaker 4>result of that, they're going to change their name to

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<v Speaker 4>trans America. So they say that they expect that to

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<v Speaker 4>take about two years and will come with costs of

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<v Speaker 4>about three hundred and fifty million euros. That's over the

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<v Speaker 4>next few years as it takes place. So is not

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<v Speaker 4>a total surprise. They had floated this idea. This idea

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<v Speaker 4>had been on the table for quite a while, so

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<v Speaker 4>in August they said they were viewing potentially moving their listing,

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<v Speaker 4>so it's not a total surprise. And then at the

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<v Speaker 4>same time, alongside this, they also said that they would

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<v Speaker 4>lower their focus on Europe and they're also announcing a

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<v Speaker 4>strategic review of their UK business, so that's set to

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<v Speaker 4>take place and complete probably in the first half of

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<v Speaker 4>next year. Shares are dropping on this news, so that

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<v Speaker 4>there was an interesting note from Bloomberg Intelligence kind of

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<v Speaker 4>well explaining the share drop, essentially saying that they need

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<v Speaker 4>more than a name change to improve their performance and

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<v Speaker 4>that the latest targets they've also set today show that,

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<v Speaker 4>you know, challenges that exist, the targets were underwhelming. That

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<v Speaker 4>was also a word used by Morgan Stanley, that these

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<v Speaker 4>targets were underwhelming, and that while the moves to the

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<v Speaker 4>US makes some sense, as I say, it's not new news,

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<v Speaker 4>so more they're saying needs to be done to boost

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<v Speaker 4>the Dutch insurer.

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<v Speaker 3>Okay, so eggone shows, yeah, down eight percent in the

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<v Speaker 3>Netherlands this morning. Let's go to Switch Next and sick

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<v Speaker 3>Or Technologies, the Swiss electronic solutions companies. They're shoes down

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<v Speaker 3>twenty three percent.

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<v Speaker 4>Indeed, Yeah, they were halted at one point this morning

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<v Speaker 4>and trading because they fell so much. They had shares

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<v Speaker 4>had been performing well this year. They've been lifted in

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<v Speaker 4>partly by by a rise in defense spending benefiting on

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<v Speaker 4>the back of that. But the new news this morning

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<v Speaker 4>is that they've cut their guidance. They cited lower than

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<v Speaker 4>expected demand in Germany in particular, and they also cut

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<v Speaker 4>their their profit outlook, so not good news.

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<v Speaker 1>Dragging down their shares this morning.

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<v Speaker 4>It comes they're in the middle of a takeover battle

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<v Speaker 4>for a UK firm called TT Electronics, So they had

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<v Speaker 4>made a bid for TT and then one of TT

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<v Speaker 4>Electronics shareholders is opposing the offer and considering a bid themselves.

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<v Speaker 4>So a lot going on for sick Or Technologies, But

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<v Speaker 4>the main thing that's really being focused on is that

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<v Speaker 4>that cut in guidance that will cut to its outlook,

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<v Speaker 4>really pulling down shares dramatically this morning.

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<v Speaker 3>Okay, and in the UK there's been an update for

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<v Speaker 3>Berkeley Group, the home builder. What have we learned from that?

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<v Speaker 4>Yes, they had their first half results today, so arise

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<v Speaker 4>in profits, a beat forecast, so good news on that front.

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<v Speaker 4>That's even as sales declined in the lead up to

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<v Speaker 4>the budget. Obviously there was a lot of uncertainty, particular

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<v Speaker 4>across the board, but particularly affecting the housing market in

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<v Speaker 4>the lead up to the budget. Berkeley as I say,

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<v Speaker 4>so first half half profits rose.

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<v Speaker 1>That's despite those home sales declining.

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<v Speaker 4>Also despite them citing what they're calling a very challenging

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<v Speaker 4>environment for both regulatory reasons and macroeconomic reasons. They did

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<v Speaker 4>also keep their full year guidance, so are another positive

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<v Speaker 4>and analysts is saying that that I mean they're keeping

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<v Speaker 4>at the same level as they were. It's not as

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<v Speaker 4>an upgrade, but that continuation is a positive because of

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<v Speaker 4>all those worries surrounding particularly the housing sector in the

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<v Speaker 4>lead up to the budget. And they're looking further ahead

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<v Speaker 4>quite an upbeat outlook from Berkeley, so that in terms

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<v Speaker 4>of the longer term, they're particularly citing London as being

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<v Speaker 4>very positive about London. They're seeing an improvement in the

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<v Speaker 4>afordability and much under supply that will benefit them as

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<v Speaker 4>a homebuilder. So shares rising on the back of that

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<v Speaker 4>host of news this morning.

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<v Speaker 2>The Stockmovers Report from Bloomberg Radio. Check back with us

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<v Speaker 2>throughout the day for the latest roundup of companies making

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<v Speaker 2>news on Wall Street and for the latest market moving headlines.

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