1 00:00:02,520 --> 00:00:09,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The. 2 00:00:08,880 --> 00:00:13,160 Speaker 2: Stock Movers podcast, your roundup of companies making moves in 3 00:00:13,200 --> 00:00:16,480 Speaker 2: the stock market, harnessing the power of Bloomberg Data. 4 00:00:17,800 --> 00:00:19,520 Speaker 3: Let's have a look at some of the stocks on 5 00:00:19,560 --> 00:00:21,919 Speaker 3: the move today here in Europe. I'm Caroline Hepga and 6 00:00:22,079 --> 00:00:25,520 Speaker 3: I'm joined Barb Bloomberg's equity supporter Cloone. Are they good morning, Clare? 7 00:00:26,040 --> 00:00:29,960 Speaker 3: Should we start off with Reno then not good this 8 00:00:30,040 --> 00:00:32,440 Speaker 3: morning in terms of the reaction to what they said 9 00:00:32,520 --> 00:00:33,000 Speaker 3: last night. 10 00:00:33,200 --> 00:00:36,800 Speaker 4: Yeah, absolutely not a great morning from another this morning. 11 00:00:37,600 --> 00:00:40,919 Speaker 4: So last night it cut its margin outlook and as 12 00:00:41,159 --> 00:00:44,040 Speaker 4: as well as its free cash flow outlook. It said 13 00:00:44,080 --> 00:00:47,360 Speaker 4: that that was due to general trade tensions, a tough 14 00:00:47,520 --> 00:00:50,480 Speaker 4: car market in general as well in Europe, but also 15 00:00:50,520 --> 00:00:55,400 Speaker 4: a competition from Chinese manufacturers. If that wasn't enough a 16 00:00:55,400 --> 00:00:58,520 Speaker 4: big news, it also announced a new interim CEO to 17 00:00:58,600 --> 00:01:03,040 Speaker 4: replace Luca Demo who left for Caring. So Duncan Minto 18 00:01:03,120 --> 00:01:05,960 Speaker 4: is the new man in charge. He's the finance chief 19 00:01:06,000 --> 00:01:08,679 Speaker 4: and has been at the company since nineteen ninety seven, 20 00:01:09,280 --> 00:01:11,200 Speaker 4: so he might know the company well enough to kind 21 00:01:11,200 --> 00:01:14,120 Speaker 4: of guide it out of that tough spot. But crucially 22 00:01:14,120 --> 00:01:16,920 Speaker 4: the such for a permanent CEO is still underwear, so 23 00:01:16,920 --> 00:01:20,320 Speaker 4: there's more uncertainty there. And as a result of both 24 00:01:20,360 --> 00:01:23,240 Speaker 4: sets of news, the stock saw the biggest drop since 25 00:01:23,280 --> 00:01:24,080 Speaker 4: the start of. 26 00:01:24,040 --> 00:01:25,240 Speaker 1: The pandemic this morning. 27 00:01:25,360 --> 00:01:27,120 Speaker 4: Just to kind of give a scale to this, it 28 00:01:27,160 --> 00:01:30,600 Speaker 4: was down sixteen percent and as a result, that also 29 00:01:30,680 --> 00:01:33,240 Speaker 4: dragged down the shares of other car makers that are 30 00:01:33,319 --> 00:01:36,920 Speaker 4: vulnerable to the same to the same uncertainties in the market. 31 00:01:37,160 --> 00:01:40,880 Speaker 4: So Stellantis and Volksbagen were also down this morning as 32 00:01:40,880 --> 00:01:43,360 Speaker 4: a result, and that signals may be more pain for 33 00:01:43,400 --> 00:01:45,039 Speaker 4: the car sector going forward. Yeah. 34 00:01:45,080 --> 00:01:48,320 Speaker 3: Absolutely, it's the tariff risks, but it's also the FX 35 00:01:48,520 --> 00:01:54,120 Speaker 3: risks as well. So that from Reno ASML's CEO talking 36 00:01:54,120 --> 00:01:57,960 Speaker 3: about the future growth of the business really badly received 37 00:01:58,080 --> 00:02:01,240 Speaker 3: by the markets and the CFO make comments this morning. 38 00:02:01,320 --> 00:02:02,320 Speaker 1: Yes, absolutely so. 39 00:02:02,440 --> 00:02:05,880 Speaker 4: The CEO christ walked back to the growth forecast for 40 00:02:05,960 --> 00:02:10,639 Speaker 4: next year essentially it's cited. He cited tread tensions in particular, 41 00:02:10,880 --> 00:02:13,080 Speaker 4: and he said that while the company still prepares for 42 00:02:13,120 --> 00:02:16,160 Speaker 4: growth in twenty twenty six, it can't confirm it, and 43 00:02:16,320 --> 00:02:20,000 Speaker 4: the investors reacted quite badly to that. That pushed the 44 00:02:20,120 --> 00:02:23,919 Speaker 4: stock down about eight percent. This morning, and given how 45 00:02:23,960 --> 00:02:27,960 Speaker 4: important ASML is for the industry, it also took. 46 00:02:27,800 --> 00:02:29,480 Speaker 1: Down the rest of the sector. 47 00:02:29,960 --> 00:02:32,760 Speaker 4: We saw a lot of weakness across the board for 48 00:02:32,840 --> 00:02:38,440 Speaker 4: companies like Infinian B Semiconductor, n SC Micro. So this 49 00:02:38,800 --> 00:02:41,359 Speaker 4: is obviously also not helped by the fact that tariffs 50 00:02:41,400 --> 00:02:42,839 Speaker 4: on semi conductors could come soon. 51 00:02:42,919 --> 00:02:44,240 Speaker 1: Trump said that. 52 00:02:44,200 --> 00:02:47,200 Speaker 4: Complicates the picture even further for that industry. 53 00:02:47,880 --> 00:02:51,239 Speaker 3: Okay, we should end on a lighter note, should we should? 54 00:02:51,440 --> 00:02:55,720 Speaker 3: The bling Katti Rishmore Visual said doing quite well because 55 00:02:55,760 --> 00:02:56,640 Speaker 3: of Cartier sales. 56 00:02:56,720 --> 00:03:00,000 Speaker 4: Explained, yes, so Shmore had had quite a good more 57 00:03:00,240 --> 00:03:02,720 Speaker 4: this morning. It was up about two or three percent, 58 00:03:03,240 --> 00:03:04,920 Speaker 4: slightly more positive news there. 59 00:03:05,360 --> 00:03:07,320 Speaker 1: So the sales were better than expected. 60 00:03:07,880 --> 00:03:09,720 Speaker 4: That's off the back of, as you said, strong demand 61 00:03:09,800 --> 00:03:14,040 Speaker 4: for Katti and Vancleief jewelry as well. This is not 62 00:03:14,120 --> 00:03:16,840 Speaker 4: completely out of the ordinary for Ishmore. It has been 63 00:03:16,840 --> 00:03:21,000 Speaker 4: outperforming its luxury piers over the past few months, and 64 00:03:21,040 --> 00:03:24,320 Speaker 4: it seems like there's a continuation of the outperformance at 65 00:03:24,360 --> 00:03:27,480 Speaker 4: the moment. We'll see how the other kind of industry, 66 00:03:27,480 --> 00:03:30,839 Speaker 4: Bell Weather's Alvi Mation Caring, which are reporting a little 67 00:03:30,880 --> 00:03:33,520 Speaker 4: bit later in the season, how they are firing in 68 00:03:33,560 --> 00:03:34,840 Speaker 4: an environment that is. 69 00:03:34,920 --> 00:03:37,320 Speaker 1: Quite tough for luxury as a whole. 70 00:03:37,840 --> 00:03:40,080 Speaker 4: There's been a slow down in demand, especially in China, 71 00:03:40,120 --> 00:03:45,360 Speaker 4: where shoppers are really pulling back on very expensive purchases. 72 00:03:45,400 --> 00:03:47,760 Speaker 4: But what we've seen in what I think is exemplified 73 00:03:47,800 --> 00:03:50,720 Speaker 4: by Eishmon this morning, is that high end luxury tends 74 00:03:50,720 --> 00:03:53,920 Speaker 4: to hold up a little bit better. So quite good 75 00:03:53,960 --> 00:03:56,640 Speaker 4: news from that company. At least one company this morning. 76 00:03:57,960 --> 00:04:02,120 Speaker 2: The Stock Movers podcast from Bloomberg Radio. Check back with 77 00:04:02,200 --> 00:04:04,960 Speaker 2: us throughout the day for the latest roundup of companies 78 00:04:05,000 --> 00:04:08,040 Speaker 2: making news on Wall Street and for the latest market 79 00:04:08,080 --> 00:04:12,440 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 80 00:04:12,480 --> 00:04:15,720 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 81 00:04:15,800 --> 00:04:17,279 Speaker 2: the Bloomberg Business app.