Speaker 1: Bloomberg Audio Studios, Podcasts, radio News, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market. Harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look at some stocks on the move
Speaker 3: today in Europe. I'm Tea anabaio with Stephen Carroll and
Speaker 3: we're joined by Bloomberg's Breaking.
Speaker 4: News editor Louise Mean.
Speaker 3: Louise, We've been talking a lot about Barcleay's results this morning,
Speaker 3: bit of a negative reaction.
Speaker 4: What happened? Indeed, Yes, this is their first quarter results.
Speaker 1: Essentially performance and specifically their trading unit performance didn't match
Speaker 1: up to Wall Street. So Barkleay's is the first major
Speaker 1: UK banks that's reported since the one Iran War outbreak.
Speaker 1: So it's a bit of an indicator into how the
Speaker 1: industry is kind of responding to economic uncertainty and how
Speaker 1: they're doing and essentially showing that the US and Wall
Speaker 1: Street is doing better. So US rivals recently have been
Speaker 1: saying that they've benefited from volatility, their trading desks have
Speaker 1: had some record earnings. Barkley's seemingly struggling to capitalize on
Speaker 1: that on that volatility, so they had a bit of a.
Speaker 4: Mixed bag of results.
Speaker 1: So if you take exit trading, they did pull in
Speaker 1: sixteen percent more than a year ago, and investment banking
Speaker 1: did be expectations, but fixed income was pretty flat. And overall,
Speaker 1: their trading unit has lagged, as I mentioned, lagged those
Speaker 1: US rivals, so the numbers weren't to inspiring essentially. And
Speaker 1: then on top of that, they also noted an over
Speaker 1: two hundred million pound impairment that's related to the collapse
Speaker 1: of MSF mfs is the specialist lender, and then another
Speaker 1: just over one hundred million for the car Loans SAGA.
Speaker 4: So shares fell the worst.
Speaker 1: Performing on the stock six hundred banks index this morning.
Speaker 1: They did they did issue a fresh buyback of five
Speaker 1: hundred million pounds, but that was expected, so it wasn't
Speaker 1: much to boost shares. So, yeah, first quarter performance lagging
Speaker 1: compared to America.
Speaker 2: Okay, and looking at the pharmaceutical sector, no Varitis Stare
Speaker 2: has done two point six percent this morning.
Speaker 4: What's going on?
Speaker 1: Yeah, they actually plunged even more in early trading, so
Speaker 1: they're down over five percent in early trading, and that's
Speaker 1: that wiped out their twenty twenty six games.
Speaker 4: And as you say, now DAN slightly slightly less.
Speaker 1: This is off their first quarter results, profits essentially falling
Speaker 1: more than expected, and sales also fell unexpectedly as well.
Speaker 1: This is as some of their kind of top selling
Speaker 1: legacy medicines were hit really hard. So one of them
Speaker 1: called Intresto, that was once a top seller, sales there
Speaker 1: plunged forty two percent last quarter.
Speaker 4: That was more than expected.
Speaker 1: And it comes with kind of the backdrop of the
Speaker 1: CEO's been trying to reshape novartists into so away from
Speaker 1: those legacy medicines into a make of innovative prescription medicine.
Speaker 4: So this is a bit of a key test as
Speaker 4: to how it.
Speaker 1: Will fare in that push towards those newer drugs. Now,
Speaker 1: on that note, demand did grow for some of those
Speaker 1: newer treatments. So for example, it's got a cancer pills,
Speaker 1: so demand did grow for that and that's expected, as
Speaker 1: I say, to drive that future growth, but a big
Speaker 1: hit from those legacy medicines there. In terms of going forward,
Speaker 1: it said it's on track, it will return to growth
Speaker 1: in the second in the second half and meet guidance
Speaker 1: for the whole year. So it tried to give a
Speaker 1: bit of an upbeat tone there, and they're doing a
Speaker 1: lot of deals to spur growth going forward as well.
Speaker 1: But seems like quite a task ahead. And as I say,
Speaker 1: shares reacting negatively in trading this morning.
Speaker 3: Okay, Louise, it does seem like you're painting quite a
Speaker 3: gleamy picture this morning, and it doesn't seem like things
Speaker 3: were much better for WPP.
Speaker 4: Can that's what happened there?
Speaker 1: No well shares initially rose reading wpp's results this morning,
Speaker 1: it seems like things were kind of steadying.
Speaker 4: So WPP in the middle of a turnaround.
Speaker 1: They've been struggling for quite a long time with a
Speaker 1: whole host of things, including you know, grappling with the
Speaker 1: rise of AI client losses, and their first quarter trading
Speaker 1: indicated that things were starting to maybe level out. So
Speaker 1: it was roughly as expected sales, that is a slight
Speaker 1: improvement on fourth quarter.
Speaker 4: They predicted a better second half, They kept.
Speaker 1: Their guidance for the full year, so it seemed like
Speaker 1: a bit of a glimmer of hope. As I say,
Speaker 1: they've been having a tough time with grappling with all
Speaker 1: of those headwinds. Shares of lost over fifty percent of
Speaker 1: the past year. They were relegated from the foot see
Speaker 1: hundred in December. But then the stock turns slightly lower,
Speaker 1: so analyssa essentially focusing on the fact that, yeah, sales
Speaker 1: are steadying, but they still are declining, and saying that,
Speaker 1: you know, contestant consensus estimates won't.
Speaker 4: Be raised given at maintained guidance, so shares a bit lower.
Speaker 2: Out 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.