WEBVTT - Asos Falls, Ubisoft Rallies, Tullow Oil Slumps 

0:00:02.520 --> 0:00:07.360
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

0:00:08.560 --> 0:00:12.440
<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

0:00:12.480 --> 0:00:15.880
<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

0:00:17.079 --> 0:00:18.640
<v Speaker 3>Let's take a look at some of the stocks on

0:00:18.640 --> 0:00:21.160
<v Speaker 3>the move today here in Europe. I'm Caroline Hepka, and

0:00:21.280 --> 0:00:25.360
<v Speaker 3>I'm joined by Bloomberg's Breaking News editor Louise Moon Louis

0:00:25.360 --> 0:00:28.840
<v Speaker 3>caim Oni. Let's start in the gaming world. It looked

0:00:28.920 --> 0:00:32.160
<v Speaker 3>like Ubisoft was on the decline earlier, but it's turned around.

0:00:32.240 --> 0:00:34.760
<v Speaker 1>Why indeed, so this is yeah, as you say, the

0:00:34.840 --> 0:00:38.000
<v Speaker 1>video game publishers, they're behind names like Assassin's Creed and

0:00:38.120 --> 0:00:41.400
<v Speaker 1>a lot of others as well. They delayed their third

0:00:41.479 --> 0:00:45.680
<v Speaker 1>quarter results last week without explanation and released them this morning,

0:00:45.720 --> 0:00:47.919
<v Speaker 1>so a week later than expected, and within that they

0:00:47.920 --> 0:00:50.560
<v Speaker 1>said they've been in breach of a loan agreement. So essentially,

0:00:50.680 --> 0:00:54.720
<v Speaker 1>auditors found that Ubosoft had improperly booked sales from a

0:00:54.760 --> 0:00:59.400
<v Speaker 1>partnership and so postponed recognizing revenue from that partnership. Within results,

0:00:59.440 --> 0:01:03.240
<v Speaker 1>they forced to restate their twenty twenty five financial accounts,

0:01:03.280 --> 0:01:05.199
<v Speaker 1>and those changes put it in breach of the loan agreement.

0:01:05.240 --> 0:01:06.920
<v Speaker 1>As I said, so they say that they will address

0:01:07.360 --> 0:01:11.440
<v Speaker 1>those that issue by early repayment of loans and as

0:01:11.480 --> 0:01:13.520
<v Speaker 1>you say, so, shares initially found on the news obviously

0:01:13.560 --> 0:01:16.720
<v Speaker 1>not great news, but then rebounded. It kind of caps

0:01:16.760 --> 0:01:19.240
<v Speaker 1>a week of speculation. People didn't know what was going

0:01:19.240 --> 0:01:22.720
<v Speaker 1>on and essentially a bit of a relief potentially not

0:01:22.720 --> 0:01:25.360
<v Speaker 1>as bad as expected. So a bit of a change

0:01:25.360 --> 0:01:27.560
<v Speaker 1>in tone in share movements this morning, but.

0:01:27.600 --> 0:01:32.160
<v Speaker 3>Up as it currently stands okay. A Sauce has seen

0:01:32.280 --> 0:01:36.440
<v Speaker 3>losses also today a symptom maybe of wider consumer jitters.

0:01:36.440 --> 0:01:38.039
<v Speaker 3>And we had the retail sales because that.

0:01:38.040 --> 0:01:40.800
<v Speaker 1>Up for the UK, we did and they weren't positive

0:01:40.800 --> 0:01:43.520
<v Speaker 1>for the UK, and that's kind of that's being seen

0:01:43.560 --> 0:01:46.120
<v Speaker 1>across the board also in consumer confidence gauges as well.

0:01:46.360 --> 0:01:49.080
<v Speaker 1>That will be impacting a Sooce to an extent. But

0:01:49.080 --> 0:01:51.840
<v Speaker 1>they also kind of have their own problems that they're

0:01:51.840 --> 0:01:54.279
<v Speaker 1>grappling with. So they had their four year results. Losses

0:01:54.280 --> 0:01:56.960
<v Speaker 1>were larger than expected, so fifteen percent drop in revenue

0:01:56.960 --> 0:01:59.120
<v Speaker 1>for the year. They're in the middle of a turnaround.

0:01:59.200 --> 0:02:02.120
<v Speaker 1>They've they've been making a lot of changes to do

0:02:02.200 --> 0:02:05.520
<v Speaker 1>with management, to do with inventory. They've also launched top

0:02:05.520 --> 0:02:07.880
<v Speaker 1>Shop back on the high street within the past year.

0:02:09.360 --> 0:02:11.440
<v Speaker 1>So they're saying that, you know, the difficult part is

0:02:11.480 --> 0:02:14.880
<v Speaker 1>behind them. Losses as I say, have still continued for

0:02:14.880 --> 0:02:19.680
<v Speaker 1>this for year, but they singled some positivity ahead. Shares slumped. However,

0:02:20.080 --> 0:02:22.959
<v Speaker 1>there was a great note from Bloomberg Intelligence saying that

0:02:24.080 --> 0:02:26.120
<v Speaker 1>you know that they're starting off from a week base.

0:02:26.160 --> 0:02:28.240
<v Speaker 1>It's a week recovery base for twenty twenty six. For

0:02:28.240 --> 0:02:30.600
<v Speaker 1>the next year ahead, they've got fewer active customers and

0:02:30.639 --> 0:02:33.280
<v Speaker 1>they really need to win back shoppers and as you say,

0:02:33.320 --> 0:02:35.560
<v Speaker 1>part of that, part of that will be the wider

0:02:35.560 --> 0:02:37.840
<v Speaker 1>economic factors, but they really need to win backshoppers for

0:02:37.919 --> 0:02:39.399
<v Speaker 1>those sales to recover next year.

0:02:39.960 --> 0:02:44.240
<v Speaker 3>Okay, So that on a source now into the oil

0:02:44.280 --> 0:02:47.880
<v Speaker 3>and gas sector, tallow oil a new record low. What

0:02:47.960 --> 0:02:50.320
<v Speaker 3>have analysts been saying about this company?

0:02:50.680 --> 0:02:55.280
<v Speaker 1>So they raised their debt forecast this morning and saying

0:02:55.320 --> 0:02:59.120
<v Speaker 1>that they're holding talks with creditors over options for the business.

0:02:59.160 --> 0:03:01.320
<v Speaker 1>So Tallo essentially you kind of boomed in the late

0:03:01.360 --> 0:03:03.400
<v Speaker 1>two thousands. They took on a lot of major, major

0:03:03.440 --> 0:03:05.920
<v Speaker 1>discoveries in Africa, but with that they took on a

0:03:05.919 --> 0:03:08.720
<v Speaker 1>lot of debts to develop those they're in struggling in

0:03:08.760 --> 0:03:11.760
<v Speaker 1>recent years sold off some of those African assets. But

0:03:11.800 --> 0:03:15.240
<v Speaker 1>this new detail is that they're progressing with creditors on

0:03:15.639 --> 0:03:18.440
<v Speaker 1>other options. So Alis is saying that it increases the

0:03:18.480 --> 0:03:22.120
<v Speaker 1>likelihood of refinancing. It could result in significant equity dilution.

0:03:22.240 --> 0:03:25.799
<v Speaker 1>So shares plunged a record low and actually briefly halted

0:03:25.840 --> 0:03:27.400
<v Speaker 1>trading this morning on back of that news.

0:03:28.240 --> 0:03:30.680
<v Speaker 3>Okay, interesting Sovontana.

0:03:30.000 --> 0:03:35.680
<v Speaker 2>Or the stock Movers Report from Bloomberg Radio. Check back

0:03:35.680 --> 0:03:37.920
<v Speaker 2>with us throughout the day for the latest roundup of

0:03:37.960 --> 0:03:41.240
<v Speaker 2>companies making news on Wall Street and for the latest

0:03:41.280 --> 0:03:45.480
<v Speaker 2>market moving headlines. Listen to Bloomberg Radio Live. Catch us

0:03:45.520 --> 0:03:49.240
<v Speaker 2>on YouTube, Bloomberg dot com, and on Applecarplay and Android

0:03:49.280 --> 0:03:51.280
<v Speaker 2>Auto with the Bloomberg Business app.