WEBVTT - Barrett Redrow Slumps, B&M Plunges, Orsted Climbs 

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

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<v Speaker 2>Stock Movers podcast, your roundup of companies making moves in

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<v Speaker 2>the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 1>Okay, let's get to what's happening in course some of

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<v Speaker 1>the individual names. I'm Tom McKenzie alongside Caroline Heckert. We're

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<v Speaker 1>joined now by our Markets Today reporter Sam umstaed Stam.

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<v Speaker 2>Let's start with one.

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<v Speaker 1>Of the home builders and Barrett red Row, the UK's

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<v Speaker 1>biggest house builder, releasing its earnings this morning. What stood

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<v Speaker 1>out to you?

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<v Speaker 3>So not a particularly good report from Barrett Roder so

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<v Speaker 3>their shares have dropped about ten percent this morning. They're

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<v Speaker 3>actually dragging almost all home builders in London down as well,

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<v Speaker 3>so almost all of them are in the red. There

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<v Speaker 3>are two things that stand out from this. So one

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<v Speaker 3>is quite a bit of weakness in their London market,

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<v Speaker 3>so they said in the last three months in particular,

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<v Speaker 3>affordability issues there not just for domestic potential home buyers

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<v Speaker 3>but also international ones as well, has weighed on their

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<v Speaker 3>sales there. So that kind of hits quite a bit

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<v Speaker 3>of the sector. And then the other thing is, you know,

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<v Speaker 3>the UK government is in the midst of a major

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<v Speaker 3>planning reform push.

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<v Speaker 1>The problem with.

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<v Speaker 3>That is that that does need to be embedded within

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<v Speaker 3>local planning authorities, who at the moment are quite stretched

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<v Speaker 3>as well in terms of what they can and can't

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<v Speaker 3>get to, and that hasn't quite happened yet, so they

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<v Speaker 3>are still facing planning delays what they call adverse planning decisions,

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<v Speaker 3>which is basically when projects get rejected, and so that

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<v Speaker 3>hasn't quite filtered through yet. So some of the boots

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<v Speaker 3>that they were hoping for from the regulation side haven't quite.

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<v Speaker 4>Come in, okay, so still waiting for those. In terms

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<v Speaker 4>of shares in the retailer, B and M also down

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<v Speaker 4>quite significantly today, why yeah.

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<v Speaker 3>Actually touching a record low, down about thirteen percent. This

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<v Speaker 3>is another quite weak trading update from B and M.

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<v Speaker 3>So if we go back to the pandemic being M

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<v Speaker 3>did very well during the pandemic because they stayed open

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<v Speaker 3>because they also sell food, but they mostly sell things

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<v Speaker 3>like garden furniture, so they did extremely well during the pandemic.

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<v Speaker 3>That's come off a little bit, and what's happened over

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<v Speaker 3>the course of the last year or so is the

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<v Speaker 3>FMCG business. So the bit where they sell kind of

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<v Speaker 3>household goods has been hit very hard by the very

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<v Speaker 3>very competitive grocery market in the UK, so they have

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<v Speaker 3>not been able to invest in prices in the same

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<v Speaker 3>way that Tesco and Sainsbury's have. That's hit their sales

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<v Speaker 3>a bit. So although they saw a little bit of

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<v Speaker 3>extra positivity in their like for like sales, it wasn't

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<v Speaker 3>enough to impress analysts this morning, who said that given

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<v Speaker 3>the weather has been much better, and given that there's

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<v Speaker 3>you know, the FMCG business for everyone else is doing

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<v Speaker 3>quite well, they didn't quite meet expectations.

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<v Speaker 4>And for anyone on the letters fast moving consumer goods.

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<v Speaker 1>So yes, indeed, moving on from B and M, we

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<v Speaker 1>are going to focus on what's happening in terms of

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<v Speaker 1>wind turbine makers Danish energy firm or Stared, and analysts

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<v Speaker 1>have been changing their mind on this company.

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<v Speaker 2>Yeah.

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<v Speaker 3>So it faced a lot of challenges over the course

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<v Speaker 3>of the last couple of years, partly through issues with

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<v Speaker 3>supply chains. Literally shipping a turbine takes much longer than

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<v Speaker 3>it does to get a consumer good into a branch

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<v Speaker 3>of B and M, for example, But they faced a

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<v Speaker 3>lot of issues. They fort of regulatory issues, a lot

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<v Speaker 3>of back and forth on the US on how much

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<v Speaker 3>funding is going to go towards green energy. A lot

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<v Speaker 3>of uncertainty there. Morgan Stanley this morning upgrading them and

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<v Speaker 3>saying that they are now worth a look. They've hit

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<v Speaker 3>a level where the risk reward has turned a little

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<v Speaker 3>bit more positive and this is kind of a contrarian

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<v Speaker 3>call within the market, so they're pushing that this morning

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<v Speaker 3>and shares their up about six percent.

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