Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's look at some of the stocks on the move
Speaker 3: today here in Europe. I'm Caroline Hepki with Lizzie Burton,
Speaker 3: and we're joined by Bluebergs Breaking news editor Louise Moon.
Speaker 3: Good morning. It's been a very dramatic start to the
Speaker 3: day for SAP after their results. How did the most
Speaker 3: valuable software company in Europe get to this point quite
Speaker 3: a serious decline in their share price?
Speaker 1: Indeed, yeah, absolutely plunging in Frankfurt today, falling the most
Speaker 1: in over five years. That's after their fourth quarter results
Speaker 1: and essentially the results of spot concern over how much
Speaker 1: AI is going to disrupt the industry, disrupt the software industry. So,
Speaker 1: SAP's cloud backlog, which essentially reflects the sales over the
Speaker 1: next twelve months that will be booked, grew by sixteen percent.
Speaker 1: Now that's a level that their CEO has previously said
Speaker 1: would be a disappointing level. They had been aiming for
Speaker 1: twenty six percent growth. So just in terms of the
Speaker 1: wilder context, So since for the past few years, since
Speaker 1: about twenty twenty, they've been moving to offer software subscriptions
Speaker 1: in the cloud. That's been very welcomed by investors. Their
Speaker 1: share prices has kind of propelled rallied on that. Now
Speaker 1: there are concerns over how much AI is going to
Speaker 1: impact that industry and disrupt it, and we're seeing that
Speaker 1: in those results today. So as I say, shares really
Speaker 1: plunging in Frankfurt on the back of that. On the contrary, though,
Speaker 1: Minus hitting an all time high, think talk us.
Speaker 3: Through the commodity related against Louise.
Speaker 1: Indeed, Yeah, so European mining shares best performers on the
Speaker 1: stock six hundred today, That is after copper posted their
Speaker 1: biggest one day gain in years, hitting record, So it's
Speaker 1: above fourteen thousand dollars a ton. It's all of this
Speaker 1: kind of metals mania that's going on. A wave in
Speaker 1: particular today, a wave of what's thought to be speculative
Speaker 1: trading in in China surging, resulting in that surgeon copper
Speaker 1: that happened essentially at a time of day when Chinese
Speaker 1: traders would dominate those flows, and they're piling into metals
Speaker 1: across the board. Copper as I say, being one of them,
Speaker 1: and they're piling into this kind of a wave of
Speaker 1: momentum around metals, so propelling European mining shares. So if
Speaker 1: you look at the thirty hundred gainers, for example, the
Speaker 1: majority of them are mining companies. You've got riotinto Glencore,
Speaker 1: Anglo American, Antofagasta, all of them posting strong gains and
Speaker 1: really leading the index both in the UK and across Europe.
Speaker 3: Okay, so that's for miners, but Acados shares not delivering
Speaker 3: this morning. What's behind their slide home? No?
Speaker 1: I mean the latest setback for Acado is so their
Speaker 1: Canadian partner, which is their second largest partner, has decided
Speaker 1: to close one of its automated houses. So that's in Calgary.
Speaker 1: They are going to keep two other ones. They're keeping
Speaker 1: one in Toronto and they're keeping one in Montreal, and
Speaker 1: then another one planned for Vancouver is on pause. This
Speaker 1: is due they say, to slower than expected growth in
Speaker 1: for that one in Calgary. They'd entered an agreement with
Speaker 1: a Cardo last year, sorry, in twenty twenty four. And
Speaker 1: as I say, they're they're the second biggest partner. It
Speaker 1: comes after their biggest partner in the US closed three
Speaker 1: warehouses late last year, and it's just being seen as
Speaker 1: the latest setback. It's raising questions about a Cardo's prospect. Obviously,
Speaker 1: in the UK, Acado is mostly known for their delivery services,
Speaker 1: but they've kind of pitched themselves as being the tesla
Speaker 1: of groceries, so that and this is their very kind
Speaker 1: of expensive robot technology and these automated warehouses, and that's
Speaker 1: what they've pitched their future as being. But there's kind
Speaker 1: of increasing skepticism around this as these customers pull back
Speaker 1: and either pause or close or slow down in terms
Speaker 1: of these automated warehouses. So it's looking increasingly challenging and
Speaker 1: shares are down on the back of this today, down
Speaker 1: down today, But then if you look further back, they're
Speaker 1: still their way. They had. They hit quite a quite
Speaker 1: a peak in twentye twenty one and still very much off.
Speaker 2: The The Stock Movers Report from Bloomberg Radio. Check back
Speaker 2: with us throughout the day for the latest roundup of
Speaker 2: companies making news on Wall Street and for the latest
Speaker 2: market moving headlines. Listen to Bloomberg Radio Live, catch us
Speaker 2: on YouTube, Bloomberg dot com, and on Applecarplay, and Android
Speaker 2: Auto with the Bloomberg Business app.