1 00:00:02,520 --> 00:00:08,720 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News, The. 2 00:00:08,720 --> 00:00:12,560 Speaker 2: Stock Movers Report, your roundup of companies making moves in 3 00:00:12,600 --> 00:00:15,880 Speaker 2: the stock market, harnessing the power of Bloomberg Data. 4 00:00:16,760 --> 00:00:18,160 Speaker 3: Time now to take a look at some of the 5 00:00:18,200 --> 00:00:20,720 Speaker 3: stocks on the move today in Europe. I'm Stephen Carroll 6 00:00:20,800 --> 00:00:24,120 Speaker 3: and I'm joined by Bloomberg's Breaking News editor Louise Moon. Louise, 7 00:00:24,160 --> 00:00:27,520 Speaker 3: good morning. Let's start with W H Smith sheristown six 8 00:00:27,640 --> 00:00:30,120 Speaker 3: over six percent in London. What's going wrong? So? 9 00:00:30,320 --> 00:00:33,600 Speaker 1: WH Smith had confirmed this morning that they're under investigation 10 00:00:33,880 --> 00:00:37,480 Speaker 1: by the FCA, so that's obviously the financial regulator here 11 00:00:37,720 --> 00:00:40,960 Speaker 1: in London. So this is all This is an ongoing 12 00:00:41,440 --> 00:00:44,320 Speaker 1: saga that's been happening for the last few months over 13 00:00:44,440 --> 00:00:47,280 Speaker 1: a accounting era for W Smith and that the accounting 14 00:00:47,280 --> 00:00:51,320 Speaker 1: era was focused in America. So W Smith set out 15 00:00:51,400 --> 00:00:56,800 Speaker 1: their own findings. They had a probe that Deloitte implemented. 16 00:00:56,840 --> 00:00:59,680 Speaker 1: They set up those findings in November and essentially one 17 00:00:59,720 --> 00:01:01,520 Speaker 1: of the reasons that Deloitte found was that there was 18 00:01:01,520 --> 00:01:04,000 Speaker 1: a lack of oversight for W. Brick Smith that led 19 00:01:04,040 --> 00:01:08,080 Speaker 1: to the CEO resigning, their stock also slumping, and so 20 00:01:08,680 --> 00:01:12,240 Speaker 1: today it's been announced that the financial regulator is looking 21 00:01:12,280 --> 00:01:14,680 Speaker 1: into this, so that was kind of a key bit 22 00:01:14,720 --> 00:01:16,360 Speaker 1: of news it's really been focused on. But also on 23 00:01:16,360 --> 00:01:18,080 Speaker 1: top of that, and as a result of all of this, 24 00:01:18,440 --> 00:01:20,880 Speaker 1: they've also cut their dividend for the first time since 25 00:01:20,920 --> 00:01:25,200 Speaker 1: the pandemic. And these results were already delayed. They've been 26 00:01:25,240 --> 00:01:28,280 Speaker 1: pushed back twice and in that time w Smith has 27 00:01:28,480 --> 00:01:31,960 Speaker 1: lowered its outlook twice. So unsurprisingly, as you say that 28 00:01:32,000 --> 00:01:34,880 Speaker 1: the stock is tumbling this morning and it's not recovering 29 00:01:35,000 --> 00:01:38,679 Speaker 1: from the last few months, you know, you look back, 30 00:01:38,760 --> 00:01:40,600 Speaker 1: I mean, well the year to date that they're down 31 00:01:41,080 --> 00:01:45,319 Speaker 1: over about forty percent, and then there's the added losses today, 32 00:01:45,600 --> 00:01:47,480 Speaker 1: so it could be heading for its worst year on 33 00:01:47,600 --> 00:01:49,600 Speaker 1: record as a stock. So and this is saying, you know, 34 00:01:49,840 --> 00:01:53,000 Speaker 1: the whole credibility hangs in the balance here, so we 35 00:01:53,160 --> 00:01:56,680 Speaker 1: keep a close eye on the FCA's probe and what 36 00:01:56,720 --> 00:01:59,400 Speaker 1: they find and what that could result in. 37 00:01:59,760 --> 00:02:01,480 Speaker 3: Yeah, and want to watch, as you say, let's go 38 00:02:01,560 --> 00:02:05,000 Speaker 3: to Spain next, BBVA announcing it's largest ever share buyback. 39 00:02:05,760 --> 00:02:07,600 Speaker 1: Yeah, a slight slightly different story. They're a bit more 40 00:02:07,600 --> 00:02:10,520 Speaker 1: of a positive one. So they're announcing just under four 41 00:02:10,560 --> 00:02:13,200 Speaker 1: billion euros buy back. Yeah, large as ever, as you say, 42 00:02:13,960 --> 00:02:16,000 Speaker 1: that's going to be in two stages and run for 43 00:02:16,080 --> 00:02:19,280 Speaker 1: about a year, about twelve months, so the first stage 44 00:02:19,280 --> 00:02:21,799 Speaker 1: will start on Monday. That's worth about one point five 45 00:02:21,840 --> 00:02:27,440 Speaker 1: billion euros. This was quite expected. This large power was 46 00:02:27,520 --> 00:02:30,240 Speaker 1: quite expected. So shares are hire but only just slightly 47 00:02:30,280 --> 00:02:33,280 Speaker 1: ticking into the green. And the reason it's expected. It 48 00:02:33,360 --> 00:02:39,120 Speaker 1: all comes after bbva's failed bid for Sabadults that collapse 49 00:02:39,200 --> 00:02:42,440 Speaker 1: in October, which was quite a big setback for the CEO. 50 00:02:42,760 --> 00:02:43,880 Speaker 1: He'd been working on that for about a year and 51 00:02:43,919 --> 00:02:45,520 Speaker 1: a half and at the time they said that they 52 00:02:45,520 --> 00:02:49,320 Speaker 1: would carry out what they called significant a significant share 53 00:02:49,360 --> 00:02:52,920 Speaker 1: buyback instead. So this is part of their strategy to 54 00:02:53,080 --> 00:02:55,400 Speaker 1: kind of draw a line under that failed bid and 55 00:02:55,520 --> 00:02:58,480 Speaker 1: move forward. So this was quite expected. Estimates had ranged 56 00:02:58,840 --> 00:03:02,440 Speaker 1: up to about six billion. But yeah, so announcing their 57 00:03:02,520 --> 00:03:05,880 Speaker 1: largest ever buy back this morning and shares ticking higher 58 00:03:06,000 --> 00:03:06,280 Speaker 1: on that. 59 00:03:06,960 --> 00:03:08,880 Speaker 3: Okay, And you're also looking at shars and the French 60 00:03:08,880 --> 00:03:11,919 Speaker 3: pharmaceutical firm Ibsen as well, they're lower this morning. What's 61 00:03:11,960 --> 00:03:13,400 Speaker 3: going on they are? 62 00:03:13,480 --> 00:03:17,440 Speaker 1: So just a quick one on them. Their midstage trial 63 00:03:17,520 --> 00:03:20,840 Speaker 1: for one of their experimental drugs failed essentially, so this 64 00:03:20,960 --> 00:03:23,320 Speaker 1: was for. This was an oral drug for a very 65 00:03:23,560 --> 00:03:26,320 Speaker 1: rare bone disease, and it didn't meet the primary endpoints. 66 00:03:26,360 --> 00:03:28,919 Speaker 1: The study gone on for five years and it's now 67 00:03:28,960 --> 00:03:31,480 Speaker 1: going to be closed. So Alyss saying, you know, the 68 00:03:31,560 --> 00:03:34,760 Speaker 1: hopes are dashed of developing this treatment. And I was 69 00:03:34,800 --> 00:03:37,520 Speaker 1: just reading a good note from Bloombone Intelligence saying that 70 00:03:37,560 --> 00:03:39,600 Speaker 1: this is disappointing. It was one of the few tools 71 00:03:39,640 --> 00:03:43,200 Speaker 1: that Ibsen had to offset a lot of competition, and 72 00:03:43,440 --> 00:03:47,120 Speaker 1: that this failure to develop this drug now highlights how 73 00:03:47,160 --> 00:03:50,480 Speaker 1: important it is for them to go ahead with M 74 00:03:50,520 --> 00:03:53,200 Speaker 1: and A to boost their growth. So, as you say, 75 00:03:53,240 --> 00:03:56,560 Speaker 1: shares are falling quite heavily on the back of that. 76 00:03:58,160 --> 00:04:02,200 Speaker 2: The Stock Mover's report from Bloomberg Radio. Check back with 77 00:04:02,280 --> 00:04:04,840 Speaker 2: us throughout the day for the latest roundup of companies 78 00:04:04,920 --> 00:04:08,040 Speaker 2: making news on Wall Street and for the latest market 79 00:04:08,040 --> 00:04:12,520 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 80 00:04:12,600 --> 00:04:16,120 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 81 00:04:16,160 --> 00:04:17,640 Speaker 2: the Bloomberg Business app.