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 have a look at some stocks on the move
Speaker 3: today Here in EUP, I'm Caroline Hepgar with Tom McKenzie.
Speaker 3: We're joined by Bloomberg's Breaking News editor Louise Moon. Good morning, Louise.
Speaker 3: Let's start by thinking about Matt West earnings. A beat
Speaker 3: on operating profit, pretty pretty strong set of results, right,
Speaker 3: what do investors make of it?
Speaker 1: Indeed, yeah, investors are seemingly very happy. She shares a
Speaker 1: sort of fifteen year high this morning on the back
Speaker 1: of that. So as you say, they're third quarter results
Speaker 1: beating estimates across the board really on a number of metrics,
Speaker 1: So taking pretext profit for example, it was thirty percent
Speaker 1: higher than last year, and this is the highest earnings
Speaker 1: in at least a decade. So a strong set of results,
Speaker 1: essentially benefiting from higher interest rates or continued at higher
Speaker 1: interest rates. And there was a on top of that
Speaker 1: quote from the CEO saying they're becoming a much simpler
Speaker 1: bank with tight control of costs, supporting the digital transformation,
Speaker 1: so a bit of a transformation and interest rates benefiting them.
Speaker 1: If you compare it, compare it to Lloyd's for example, yesday,
Speaker 1: we've had we've had a host of banking updates this week.
Speaker 1: If you compared it to Lloyds yesday, it was a
Speaker 1: lot more positive. But obviously it has to be noted
Speaker 1: that Lloyds took a big hit from the motor provision
Speaker 1: Moti finance provision. But if you take a step back
Speaker 1: and look at all the earnings, essentially they're they're kind
Speaker 1: of signaling that Brits or customers are coping well with
Speaker 1: the economic headwinds at the moment. And then we had
Speaker 1: retail Stata this morning that pointed to it to a
Speaker 1: similar kind of trend. And we've got more coming next
Speaker 1: week to got HSBC and Standard Chartered coming next week,
Speaker 1: but so far coming in quite strong.
Speaker 4: And that was really strong this morning and Louise in
Speaker 4: the drug space and the pharmaceutical space, GSK shares dropping
Speaker 4: there about one point six percent right now. What is
Speaker 4: behind the drop and the fall in the stock price
Speaker 4: for GSK, So when you first look at it seems
Speaker 4: like positive news.
Speaker 1: So US regulators have approved GSK's blood cancer drug that's
Speaker 1: called blend Rep, so they can obviously now bring that
Speaker 1: medicine to the US, which is the world's biggest pharmaceutical market.
Speaker 1: That they had pulled the drug in twenty twenty two,
Speaker 1: there were questions about how effective it was, but now
Speaker 1: they can now bring that back to the market, so
Speaker 1: it's quite important milestone. The drug is very critical to
Speaker 1: GSK's revenue ambitions. But as you say, shares are dropping
Speaker 1: that they're dragging the footze hundred this morning in London.
Speaker 1: This is because despite being improved that there are a
Speaker 1: lot of caveats that have come with that approval, So
Speaker 1: the eligibility Paul of who can use it is smaller
Speaker 1: than expected.
Speaker 4: It can now be used for slightly in slightly.
Speaker 1: More advanced scenarios that than had been expected, so there
Speaker 1: are concerns about the potential for sale, so the viability
Speaker 1: of its commercial opportunity. So that's what's really dragging the
Speaker 1: shares this morning, despite that that important milestone being reached.
Speaker 3: Meanwhile, our core shares gaining after the hotelier's a guidance
Speaker 3: was increased.
Speaker 1: Yeah, raised guidance this morning essentially on the back of
Speaker 1: cost savings, so they've been simplifying of their portfolio. There
Speaker 1: was also a host of other positive news alongside their earnings,
Speaker 1: so they issued a new buyback that's one hundred million euros.
Speaker 4: That's for the fourth quarter.
Speaker 1: They also might list their lifestyle brands portfolio that has
Speaker 1: been touted before, but they've confirmed that this morning.
Speaker 4: And this is all with their third quarter earnings.
Speaker 1: They came in line with esmates quite positive comments about
Speaker 1: their current trading. There is still some potential weaknesses there
Speaker 1: in some large markets like Germany and China, but shares
Speaker 1: shot up in France and are now slightly higher than
Speaker 1: a year ago, kind of continuing that positive trajectory.
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