WEBVTT - UniCredit Down, Adidas Slips, ITV Tumbles

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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>Well, let's take a look at some stocks on the

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<v Speaker 3>move today in Europe. I'm Stephen Call and I'm joined

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<v Speaker 3>by Bloomberg's Breaking news editor at Louise Moon. Louise, good morning.

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<v Speaker 3>Let's start then with UniCredit this morning, Italy's second largest bank,

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<v Speaker 3>reporting profits and revenues that beat expectations.

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<v Speaker 1>Indeed, however, despite that it is among the worst performers

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<v Speaker 1>in the stock six hundred banks index. This is their

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<v Speaker 1>third cause results, as you say, higher profit, higher revenue,

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<v Speaker 1>net income. They're key metric beat estimates. But essentially this

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<v Speaker 1>is failing to impress investors. Instead, they're focusing on the

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<v Speaker 1>lower net interest income and the prospect of higher bank

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<v Speaker 1>taxes in Italy. So als are questioning, you know, the

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<v Speaker 1>quality of that beat and saying although these earnings came

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<v Speaker 1>I mean, relatively solid, they weren't really enough to excite

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<v Speaker 1>the market. It's also worth noting they didn't upgrade their guidance.

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<v Speaker 1>Analysts are also noting that that they confirmed it, but

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<v Speaker 1>no upgrade and it kind of you know, take a

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<v Speaker 1>step back at underscores the challenge for the CEO. He's

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<v Speaker 1>streamlined the business a lot since taking over in twenty

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<v Speaker 1>twenty twenty one. That's boosted their share price highly and

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<v Speaker 1>then he kind of went on a takeover spree from there.

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<v Speaker 1>But the most recent efforts that's to buy Banco BPM

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<v Speaker 1>that failed, and so now there's a lot more focus

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<v Speaker 1>and pressure to boost the business itself, to focus on

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<v Speaker 1>execution at UniCredit itself. So solid earnings but failing to

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<v Speaker 1>impress as there's nothing really to tickling onto in terms

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<v Speaker 1>of looking forward.

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<v Speaker 3>Okay, Well, turning next to Addidas slumping after currency rates

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<v Speaker 3>weighed on its third quarter sales figures.

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<v Speaker 1>Indeed, yeah, shares fellow as much as about five and

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<v Speaker 1>a half percent this morning, and they're down about twenty

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<v Speaker 1>percent year to state. So they had the third quarter

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<v Speaker 1>results as well. Revenue fell slightly shive estimates way down,

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<v Speaker 1>as you say, by foreign exchange movements. That was that

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<v Speaker 1>was cited as quite a large headwind. They did, however,

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<v Speaker 1>raise their forecasts that was for operating profit. So even

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<v Speaker 1>though the market is reacting quite negatively, there was still

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<v Speaker 1>some positive some positive news. They raised that forecast, you know,

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<v Speaker 1>citing things like brand momentum. However, that was in line

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<v Speaker 1>with what ALYS had already expected, so that was already

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<v Speaker 1>priced in. That's that's why the market is reacting as

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<v Speaker 1>it is. So Alice is saying they're not really expecting

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<v Speaker 1>major revisions going forward. So yeah, Adidas has essentially been

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<v Speaker 1>having quite a good streak in terms of products for

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<v Speaker 1>the last two years. They revived some of their retro trainers,

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<v Speaker 1>and they're now trying to trying to really maintain that

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<v Speaker 1>momentum going forward.

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<v Speaker 3>Okay, So that's the lead US from addid ass and

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<v Speaker 3>next to ITV falling after Liberty Global sold a roughly

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<v Speaker 3>five percent stake in the media company.

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<v Speaker 1>Indeed, yeah, dragging the firty two fifty far lower this morning,

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<v Speaker 1>and ITV's plummeted to it's lower since April. So Liberty

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<v Speaker 1>Global is its largest stakeholder, and they sold half of

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<v Speaker 1>their stake, so they sort of five percent steak in ITV.

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<v Speaker 1>That was for one hundred and thirty five million pounds,

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<v Speaker 1>so Liberty Global had invested in twenty fifteen. ITV shares

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<v Speaker 1>since then have fallen about seventy percent and so they're

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<v Speaker 1>essentially taking out their their losses. Essentially, they say they're

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<v Speaker 1>divesting as part of their process. You know that they're

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<v Speaker 1>saying they're actively managing their portfolio and prioritizing what they're

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<v Speaker 1>called scale based investments. But it's an interesting one one

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<v Speaker 1>considering ITV's share price movement, and also considering that ITV

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<v Speaker 1>has been the subject of a lot of takeover speculation

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<v Speaker 1>and Liberty was speculated as a possible buyer, but that

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<v Speaker 1>now that they've pared their steak, that obviously seems increasingly unlikely.

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<v Speaker 2>So we'll be watching that the stock mover's report from

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