Speaker 1: Bloomberg Audio Studios, Podcasts, radio News, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: All right, let's have a look at some stocks on
Speaker 3: the move today here in EU. I'm Caroline Hepgar with
Speaker 3: Lizzie Burton, and we're joined by our Bloomberg with Project
Speaker 3: Clone Malay. An update from the home builder Vistry today.
Speaker 3: It really does not seem to have please inveses at all.
Speaker 4: Not at all.
Speaker 5: No, so Vistrey is warning of quite a tough year ahead.
Speaker 5: So it already had a profit warning back in May,
Speaker 5: and it came back today with an update that's not
Speaker 5: very reassuring. So it said that it expects a pretext
Speaker 5: loss of about thirty million pounds for the first half
Speaker 5: of the year. We just said that was because of
Speaker 5: measures that it is taking to quickly raise cash.
Speaker 4: And then in addition to that, there's.
Speaker 5: An ongoing review that the CEO has started that could
Speaker 5: hit profit even more. The results of the review will
Speaker 5: be in now in September. But the company did give
Speaker 5: a little bit of a taste of what's to come,
Speaker 5: so it said it would reegotiate contracts and scale back
Speaker 5: land purchases to try and bring down a debt. And
Speaker 5: then in addition to all of this, the CFO is
Speaker 5: also leaving. So it's a lot happening for history. It's
Speaker 5: not very positive. It's obviously been a very difficult time
Speaker 5: for home builders generally lately. Those high energy costs mean
Speaker 5: that there's been a surge in the raw materials raw
Speaker 5: material costs, and then the home buyers, potential home buyers
Speaker 5: are not very confident at the moment because of those
Speaker 5: high morbit rates.
Speaker 3: Yeah, although I do wonder this is the new CEO,
Speaker 3: isn't it, And so you sort of want to also
Speaker 3: if it's kind of kitchen sink as they try to
Speaker 3: turn things around.
Speaker 1: Perhaps yes, maybe Okay, And let's also talk about another
Speaker 1: stock in the airline space. Earlier this week we talked
Speaker 1: a lot about EasyJet. Yes, but it's the summer season,
Speaker 1: so let's talk about Jet too as well.
Speaker 4: Yeah.
Speaker 5: Absolutely so, a big jump for Jetsu this morning of
Speaker 5: the back of quite an encouraging update for the company.
Speaker 4: The results came in line with expectations.
Speaker 5: It said that the bookings for this summer were currently
Speaker 5: ahead of the summer last year that there was really
Speaker 5: growing them on for the package holidays that Jetsu is
Speaker 5: famous for.
Speaker 4: And on the cost side, it seems that it's.
Speaker 5: Doing okay actually with actually good fuel hedges, so the
Speaker 5: same thing that Ryan there is benefiting from. And so
Speaker 5: all of that means that it is able to return
Speaker 5: cash to shareholders with a two hundred and fifty pound buyback.
Speaker 5: So overall, very reassuring update from a company that is
Speaker 5: part of this struggling sector. Of course, you mentioned that
Speaker 5: we've been talking a lot about easy Jet and just
Speaker 5: overall there's been so much talk about those higher fuel costs,
Speaker 5: that low consumer confidence really hitting the airline industry. But
Speaker 5: it's quite interesting to see a budget airline like Jet
Speaker 5: to manage those challenges actually quite well.
Speaker 4: It seems.
Speaker 3: Yeah, absolutely so that on the holiday company Jet to
Speaker 3: Repsol advancing in trading in Madrid.
Speaker 4: What's behind that move? We're seeing all prices.
Speaker 5: Yes, yeah, yeah, So there's a company specific reason and
Speaker 5: then the kind of wider sector reason for reps So the
Speaker 5: company specific reason is that they came out with some
Speaker 5: updates about the refining margin, said that there was a
Speaker 5: very strong refining margin in the second quarter, so echoing
Speaker 5: what we heard from Shell in their production update earlier
Speaker 5: in the week, and then the sector wide reason as
Speaker 5: you mentioned, Caroline, this is about those oil prices rallying
Speaker 5: because of this US around deal looking increasingly fragile, with
Speaker 5: the US striking multiple targets and around after attacks on
Speaker 5: ships in the Strait of Hormus. So this suggests that
Speaker 5: there might be continued disruption to oil flows, and so
Speaker 5: of course that is boosting crude prices. And you know,
Speaker 5: we have seen that volatility be a really great earnings
Speaker 5: boost for those companies in the second quarter, and it
Speaker 5: seems that the third quarter is shaping up to be
Speaker 5: just as volatile. If those strikes continue, that will have
Speaker 5: obviously implications for the oil sector, but a bunch of
Speaker 5: other sectors as well, So I'll be keeping an eye
Speaker 5: on that.
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