1 00:00:02,520 --> 00:00:07,440 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 00:00:16,440 --> 00:00:18,040 Speaker 3: Let's take a look at some stocks on the move 5 00:00:18,079 --> 00:00:20,200 Speaker 3: today in Europe. I'm Stephen Carroll and I'm joined by 6 00:00:20,200 --> 00:00:23,560 Speaker 3: Bloomberg's Breaking News editor Louise Moon. Louise, good morning. Let's 7 00:00:23,600 --> 00:00:26,520 Speaker 3: start with BP today announcing a major shakeup at the top. 8 00:00:27,280 --> 00:00:31,840 Speaker 1: Indeed, yeah, announcing a new CEO, which was quite an 9 00:00:31,920 --> 00:00:36,320 Speaker 1: unexpected bit of news this morning. So they are replacing 10 00:00:37,200 --> 00:00:39,839 Speaker 1: the old CEO after just two years and bringing in 11 00:00:39,880 --> 00:00:44,199 Speaker 1: a lady called Meg O'Neil. So she's coming from Australia's 12 00:00:44,280 --> 00:00:47,640 Speaker 1: Woodside Energy. She's been there for four years and before 13 00:00:47,680 --> 00:00:51,360 Speaker 1: that she spent about two decades at Exon in the US, 14 00:00:51,760 --> 00:00:54,240 Speaker 1: so it marks quite a few firsts. She's the first 15 00:00:54,520 --> 00:00:59,960 Speaker 1: female CEO across major oil companies. She's also BP's first 16 00:01:00,080 --> 00:01:05,240 Speaker 1: outsider who's been appointed as their top boss, and she's 17 00:01:05,280 --> 00:01:09,360 Speaker 1: being seen as well. Essentially, BB's come under a lot 18 00:01:09,360 --> 00:01:12,440 Speaker 1: of pressure in the past few years from activist investor Elliott. 19 00:01:12,440 --> 00:01:15,960 Speaker 1: They're pushing for a huge turnaround and focusing on a 20 00:01:15,959 --> 00:01:18,679 Speaker 1: focus on their core on oil and gas, which their 21 00:01:18,680 --> 00:01:22,680 Speaker 1: previous CEO has been doing. He has kind of been 22 00:01:22,680 --> 00:01:25,680 Speaker 1: pushing for a major reset. But Analyss is saying that, 23 00:01:26,400 --> 00:01:30,520 Speaker 1: you know that there's room for more aggression, that there 24 00:01:30,520 --> 00:01:33,520 Speaker 1: could be a lot more of an aggressive push towards 25 00:01:33,560 --> 00:01:37,840 Speaker 1: this turnaround. And she's being seen as having quite a 26 00:01:37,920 --> 00:01:40,760 Speaker 1: what one analyst called a hands on track record in 27 00:01:40,880 --> 00:01:44,679 Speaker 1: engineering and operations. So it's signaling that that focus will 28 00:01:45,080 --> 00:01:47,400 Speaker 1: come to the fore and it will be a real 29 00:01:47,440 --> 00:01:52,160 Speaker 1: focus on oil and gas. So potentially some good news there, 30 00:01:52,200 --> 00:01:55,520 Speaker 1: although shares shares aren't reacting too much but did dip 31 00:01:55,640 --> 00:01:58,120 Speaker 1: slightly that there's a bit of worry about you know 32 00:01:58,160 --> 00:01:59,960 Speaker 1: that this could bring a bit of near term turbulance 33 00:02:00,160 --> 00:02:04,400 Speaker 1: for any kind of major push towards that turnaround really 34 00:02:04,440 --> 00:02:06,840 Speaker 1: happens and comes about. So there's a slight bit of 35 00:02:07,520 --> 00:02:10,760 Speaker 1: transition risk, as people are saying. But yeah, a real 36 00:02:10,960 --> 00:02:14,720 Speaker 1: big shake up at BP, and you know they also 37 00:02:14,720 --> 00:02:16,440 Speaker 1: had a new chair in July, so it's a lot 38 00:02:16,480 --> 00:02:18,520 Speaker 1: of change at the top, and you would think that 39 00:02:18,720 --> 00:02:22,680 Speaker 1: Elliott would now be expecting a real change to happen. 40 00:02:23,040 --> 00:02:24,799 Speaker 3: Yeah, indeed, chair is just up by half of one 41 00:02:24,840 --> 00:02:27,519 Speaker 3: percent for BP this morning in London, but so much 42 00:02:27,560 --> 00:02:29,799 Speaker 3: going on. As you say, Louise, let's turn into Whitbread 43 00:02:29,840 --> 00:02:32,040 Speaker 3: next there shows up over six percent. What's going on? 44 00:02:32,480 --> 00:02:34,720 Speaker 1: Yeah, So Whitbread the the hotel operators is obviously they're 45 00:02:34,720 --> 00:02:38,639 Speaker 1: the owner of premit In among other hotel chains. As 46 00:02:38,680 --> 00:02:40,359 Speaker 1: you say that, they're gaining this morning the biggest game 47 00:02:40,360 --> 00:02:42,800 Speaker 1: on the foot of one hundred. This is after a 48 00:02:42,800 --> 00:02:45,800 Speaker 1: activist firm. So in a similar light to BP, an 49 00:02:45,840 --> 00:02:50,080 Speaker 1: activist firm has accumulated just over a six percent stakes. 50 00:02:50,120 --> 00:02:53,680 Speaker 1: This is Corvec's management and they're calling for a review 51 00:02:53,919 --> 00:02:58,320 Speaker 1: of Whitbread. In particular, Whitbread's laid out a five year 52 00:02:58,360 --> 00:03:01,600 Speaker 1: billions three point five billion pound investment plan. They're calling 53 00:03:01,639 --> 00:03:04,240 Speaker 1: for a strategic review of that, and they're saying that 54 00:03:04,280 --> 00:03:06,800 Speaker 1: the current market price of Whtbread reflects a discount to 55 00:03:06,840 --> 00:03:10,560 Speaker 1: their fundamental value. And they also want representation on whipbress board. 56 00:03:10,639 --> 00:03:14,480 Speaker 1: So pushing for that change, which is sending shares higher, 57 00:03:14,520 --> 00:03:16,760 Speaker 1: so potentially a bit of welcome news or being being 58 00:03:16,800 --> 00:03:17,840 Speaker 1: welcomed by the market. 59 00:03:19,120 --> 00:03:21,440 Speaker 3: Okay, So that's yeah, exactly, as we're seeing those shares 60 00:03:21,480 --> 00:03:24,760 Speaker 3: higher this morning, you've also been looking, asked Ryan Mattal 61 00:03:24,880 --> 00:03:26,360 Speaker 3: after an update from the company. 62 00:03:26,960 --> 00:03:29,400 Speaker 1: Yeah, the shares a little change on the update, obviously, 63 00:03:29,480 --> 00:03:32,440 Speaker 1: Ryemetel's always one that's interesting to talk about, and we're 64 00:03:32,440 --> 00:03:34,200 Speaker 1: talking about you look at their share rally of the 65 00:03:34,240 --> 00:03:37,320 Speaker 1: past year that it's rallied about one hundred and fifty percent, 66 00:03:38,040 --> 00:03:40,600 Speaker 1: So little change today, but it's still far higher than 67 00:03:40,640 --> 00:03:42,800 Speaker 1: they were a year ago. They had a update, they 68 00:03:42,840 --> 00:03:45,360 Speaker 1: adjusted their fo your outlooks, so they're seeing they're now 69 00:03:45,400 --> 00:03:50,360 Speaker 1: expecting higher sales and a higher operating margin. A list 70 00:03:50,400 --> 00:03:54,760 Speaker 1: are saying, you know, this is quite reassuring. And alongside 71 00:03:54,760 --> 00:03:57,640 Speaker 1: that update, rhyme Hotel also said that they're aiming to 72 00:03:57,720 --> 00:04:01,800 Speaker 1: divest one of their units, that's all the remaining civil businesses, 73 00:04:01,840 --> 00:04:04,280 Speaker 1: and negotiating with two bids for their power systems units. 74 00:04:04,320 --> 00:04:07,440 Speaker 1: So a bit of change in terms of their business 75 00:04:07,560 --> 00:04:12,040 Speaker 1: units and adjusting the outlook higher on two counts. So 76 00:04:12,520 --> 00:04:16,400 Speaker 1: seen as a reassuring as I say, shares a not 77 00:04:16,560 --> 00:04:19,080 Speaker 1: majorly change, given this is not you know, kind of 78 00:04:19,120 --> 00:04:22,560 Speaker 1: a major boost to the stock that's already seen a 79 00:04:22,600 --> 00:04:23,200 Speaker 1: lot of games. 80 00:04:24,320 --> 00:04:28,360 Speaker 2: The stock movers report from Bloomberg Radio check back with 81 00:04:28,440 --> 00:04:31,039 Speaker 2: us throughout the day. For the latest roundup of companies 82 00:04:31,080 --> 00:04:34,159 Speaker 2: making news on Wall Street, and for the latest market 83 00:04:34,200 --> 00:04:38,679 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 84 00:04:38,760 --> 00:04:42,279 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 85 00:04:42,360 --> 00:04:43,839 Speaker 2: the Bloomberg Business app.