WEBVTT - Fresnillo Plunges, Pandora Jumps, Auction Tech Drops

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News, The.

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<v Speaker 2>Stock Movers Report, 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>Well, let's take a look at some stocks on the

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<v Speaker 1>move today in Europe. I'm Stephen Carroll and I'm joined

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<v Speaker 1>by Bloomberg reporter Chloe Melet. Chloe, good morning. Let's start

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<v Speaker 1>then with Fresnello, the gold and silver miner being hit

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<v Speaker 1>by the precious metal seal off.

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<v Speaker 3>Yeah.

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<v Speaker 4>Absolutely, We've got used to seeing miners in the green

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<v Speaker 4>for the last few weeks, but now there's quite a

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<v Speaker 4>dramatic reversal and we are seeing those miners down the

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<v Speaker 4>kind of across the.

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<v Speaker 3>Board this morning.

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<v Speaker 4>And as you mentioned Fresno, the golden silver minor, where

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<v Speaker 4>we're also seeing in Deva Mining, glen Core, Anglo American

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<v Speaker 4>all down this morning, and that is because a copper, gold,

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<v Speaker 4>silver prices are all falling, reversing the massive rally that

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<v Speaker 4>we had seen at the beginning of the year. And

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<v Speaker 4>the cell off pretty started on Friday when Trump named

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<v Speaker 4>Kevin Walsh as the next Vecha that this was seen

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<v Speaker 4>as quite a hawkish pick, and that boosted the dollar

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<v Speaker 4>and then led those commodity prices lower to really tumble

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<v Speaker 4>from their record highs.

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<v Speaker 3>And there's because wash getting the.

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<v Speaker 4>Job essentially raises expectations of a title monetary policy and

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<v Speaker 4>that is not necessarily favorable to commodities. And for example, gold,

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<v Speaker 4>we saw the biggest plunge in more than a decade

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<v Speaker 4>on Friday, so a really massive sell off that continues today,

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<v Speaker 4>and that is having an impact on miners, of.

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<v Speaker 3>Course, and this FED pick was really the trigger.

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<v Speaker 4>But then the volatility of the market in the run

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<v Speaker 4>up to that made extreme moves and prices very likely,

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<v Speaker 4>and then it did end up happening. And now the

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<v Speaker 4>direction of the market from here will really be determined

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<v Speaker 4>by whether Chinese investors by the dip or not, so

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<v Speaker 4>that will be really going to be the focus now.

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<v Speaker 3>But in the meantime, we are seeing those miners in

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<v Speaker 3>the end. Yeah.

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<v Speaker 1>Indeed, for I look currently down by five point nine

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<v Speaker 1>percent in the opposite direction. Now we've got Pandora shares

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<v Speaker 1>up eight point three percent in co and Hagen this morning.

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<v Speaker 3>A big job for the juiler. Yeah, So for every

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<v Speaker 3>loser there is a winner.

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<v Speaker 4>And the fact that silver prices are down, it's actually

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<v Speaker 4>great news for a company like Pandora, which of.

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<v Speaker 3>Course makes jewelry.

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<v Speaker 4>The price of silver was actually a big concern before

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<v Speaker 4>that this massive sell off, and on Friday we even

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<v Speaker 4>saw Pandora being downgraded by SEB analysts because of that,

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<v Speaker 4>with the analyst saying that the company was really taking

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<v Speaker 4>a beating from the really high silver prices and then

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<v Speaker 4>also the slowdown in the US market. But then chares

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<v Speaker 4>actually rose on Friday because that downgrade was actually overshadowed

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<v Speaker 4>by the massive sell off in precious metals, and that

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<v Speaker 4>is continuing today and we're seeing Pandora shares really strong

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<v Speaker 4>this morning because of that silver sell off, and that

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<v Speaker 4>puts Pandora in quite good shape ahead of results later

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<v Speaker 4>this week.

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<v Speaker 3>Of course, the numbers may still be a little bit muted.

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<v Speaker 4>We have we had preliminary numbers that indicated that sales

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<v Speaker 4>growth was perhaps missing the guidance range.

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<v Speaker 3>But the outlook might get a little.

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<v Speaker 4>Brighter at least for now because because of those lower

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<v Speaker 4>silver prices.

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<v Speaker 1>Chloe, one of my favorite parts of this segment is

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<v Speaker 1>where we get to talk about companies that we don't

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<v Speaker 1>talk about very often. This morning, it's auction Technology down

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<v Speaker 1>eight point seven percent, they accorded to the DAS function

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<v Speaker 1>on the terminal operates an online curated marketplaces and propriety

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<v Speaker 1>auction platform technology.

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<v Speaker 3>Why are the shares down?

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<v Speaker 4>Yeah, So it's an auction marketplace that essentially connects bidders, collectors, businesses.

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<v Speaker 4>And it fell this morning because fitzwal To Capital said

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<v Speaker 4>that it will not make another bid for the firm

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<v Speaker 4>after its offer was rejected last week. So this kind

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<v Speaker 4>of this all started earlier this year when Auction Technology

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<v Speaker 4>as saying that it had rejected eleven unsolicited proposal from

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<v Speaker 4>fitzwal To Capital and had rejected the latest offer because

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<v Speaker 4>it fundamentally undervalued the company. And then Fitzwalter was then

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<v Speaker 4>considering another off, an improved one, and then Auction Technology

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<v Speaker 4>rejected that one too, saying that it still undervalues the company.

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<v Speaker 4>And so now Fitzwalter is walking away completely and we're

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<v Speaker 4>seeing investors be quite disappointed with that, and the shares

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<v Speaker 4>falling very sharply for Auction Technology today.

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