1 00:00:02,520 --> 00:00:07,440 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,560 --> 00:00:12,440 Speaker 2: The Stock Movers Report, your roundup of companies making moves 3 00:00:12,480 --> 00:00:15,880 Speaker 2: in the stock market, harnessing the power of Bloomberg Data. 4 00:00:17,960 --> 00:00:19,599 Speaker 3: Well, let's take a look at some stocks on the 5 00:00:19,600 --> 00:00:22,640 Speaker 3: move today in Europe. I'm Stephen Carroll with Anna Edwards, 6 00:00:22,640 --> 00:00:26,120 Speaker 3: and we're joined by Bloomberg's Breaking News editor Louise Moon. Louise, 7 00:00:26,160 --> 00:00:28,400 Speaker 3: good morning. Let's start then with a big fall for 8 00:00:28,440 --> 00:00:29,880 Speaker 3: the carmaker Stilantis. 9 00:00:29,920 --> 00:00:33,760 Speaker 1: What's happened indeed, Yeah, so they've taken charges of about 10 00:00:33,800 --> 00:00:39,560 Speaker 1: twenty two billion euros. Essentially this is linked to Stilantis' 11 00:00:39,720 --> 00:00:42,560 Speaker 1: overhaul of its kind of entire operations. They've been trying 12 00:00:42,560 --> 00:00:48,159 Speaker 1: to overhaul since the CEO joined last June, all in 13 00:00:48,200 --> 00:00:51,319 Speaker 1: the name of kind of regaining market share. So this 14 00:00:51,360 --> 00:00:54,800 Speaker 1: is over one to do with higher costs, but also 15 00:00:55,360 --> 00:00:58,280 Speaker 1: it's all to do with the shift towards electric vehicles 16 00:00:58,280 --> 00:01:02,720 Speaker 1: and essentially more mute sales than they had been expecting 17 00:01:02,800 --> 00:01:06,600 Speaker 1: have kind of forced them to adjust their strategy. Essentially, 18 00:01:06,680 --> 00:01:09,319 Speaker 1: so the CEO this morning was saying they overestimated the 19 00:01:09,319 --> 00:01:13,679 Speaker 1: pace of the energy transition, and then these charge has 20 00:01:13,760 --> 00:01:16,840 Speaker 1: also shown the impact of what he's called port operational execution, 21 00:01:16,959 --> 00:01:19,399 Speaker 1: so they're taking charges of about twenty two billion. A 22 00:01:19,440 --> 00:01:23,520 Speaker 1: lot of that is payments to compensate suppliers and then 23 00:01:23,640 --> 00:01:26,679 Speaker 1: also other costs as well. And as you say, shares 24 00:01:26,720 --> 00:01:29,400 Speaker 1: reacted pretty badly, down fourteen percent this morning in Milan, 25 00:01:29,440 --> 00:01:32,240 Speaker 1: and if you look back even further, they're down forty 26 00:01:32,280 --> 00:01:35,479 Speaker 1: percent over the past year. So a lot of work 27 00:01:36,040 --> 00:01:38,240 Speaker 1: ahead for Slantis and this is quite a bump in 28 00:01:38,240 --> 00:01:40,679 Speaker 1: the rope, particularly on the EV journey. 29 00:01:40,600 --> 00:01:41,520 Speaker 2: We've had Louise. 30 00:01:41,520 --> 00:01:44,160 Speaker 1: We've had a lot of results out from banks this week. 31 00:01:44,200 --> 00:01:46,679 Speaker 1: We've got results from Society General this morning. How we're 32 00:01:46,680 --> 00:01:49,800 Speaker 1: investors digesting the news from there? Yeah, we had their 33 00:01:49,800 --> 00:01:53,760 Speaker 1: fourth quarter results, so one section kind of in particular 34 00:01:53,760 --> 00:01:55,680 Speaker 1: has really been focused on. So the numbers for trading 35 00:01:55,760 --> 00:02:00,000 Speaker 1: units missed estimates, so fixed income securities and currency trade 36 00:02:00,200 --> 00:02:03,520 Speaker 1: that fell thirteen percent. Equities trading also fell by over 37 00:02:03,600 --> 00:02:09,000 Speaker 1: five percent, and analyst had been expecting growth for both 38 00:02:09,040 --> 00:02:12,200 Speaker 1: of those units. So the reaction has been for chares 39 00:02:12,520 --> 00:02:16,400 Speaker 1: to fall on the back of that as obviously dismissed estimate, 40 00:02:16,480 --> 00:02:22,000 Speaker 1: so they dropped around four percent earlier this morning in Paris, 41 00:02:22,760 --> 00:02:24,720 Speaker 1: the CEO has said, you know, there's a lot of 42 00:02:24,720 --> 00:02:27,840 Speaker 1: work to do. He's kind of tried to have a 43 00:02:27,840 --> 00:02:30,360 Speaker 1: bit of positivity, saying they'll do everything they can to 44 00:02:30,440 --> 00:02:33,720 Speaker 1: ensure that there's more positive amendum head. They have seen 45 00:02:34,200 --> 00:02:37,440 Speaker 1: some positive developments more recently, they've grown their four year 46 00:02:37,480 --> 00:02:39,640 Speaker 1: revenue and their four year profit. So he's you know, 47 00:02:39,880 --> 00:02:42,960 Speaker 1: saying that there are some challenges ahead, but but and 48 00:02:43,000 --> 00:02:45,720 Speaker 1: there's still work to do, but that they're gonna make 49 00:02:45,720 --> 00:02:48,880 Speaker 1: sure that positive amentum kind of extends across across the bank. 50 00:02:48,919 --> 00:02:52,240 Speaker 1: But yeah, as I say, Chez still down on that news. 51 00:02:53,000 --> 00:02:55,560 Speaker 3: Another share in the move this morning the Spanish bank 52 00:02:55,680 --> 00:02:58,320 Speaker 3: Sabadell after their CEO departed. 53 00:02:59,480 --> 00:03:03,320 Speaker 1: Yeah, a slightly surprise exit. So the CEO is leaving, 54 00:03:04,000 --> 00:03:08,239 Speaker 1: that's likely to happen around May time at their next AGM, 55 00:03:08,919 --> 00:03:12,520 Speaker 1: and he's being replaced by a man called Mark Armongle. 56 00:03:12,639 --> 00:03:15,880 Speaker 1: So he currently runs TSB, which used to be owned 57 00:03:15,880 --> 00:03:19,680 Speaker 1: by Savadel and was sold to Santander last year. So 58 00:03:19,720 --> 00:03:23,840 Speaker 1: he's going to replace the CEO. It comes that. The 59 00:03:23,880 --> 00:03:25,880 Speaker 1: reason it's kind of a bit of a surprise in 60 00:03:25,960 --> 00:03:29,680 Speaker 1: terms of timing is it's only a few months after 61 00:03:30,040 --> 00:03:34,160 Speaker 1: the outgoing CEO he kind of led the bid to 62 00:03:34,240 --> 00:03:38,320 Speaker 1: fend off BBVA trying to buy Sabadel. So he was 63 00:03:38,360 --> 00:03:42,840 Speaker 1: a key component in convincing investors and shareholders that Sabadel 64 00:03:42,840 --> 00:03:45,000 Speaker 1: would be better off alone, and he achieved that. So 65 00:03:45,080 --> 00:03:47,960 Speaker 1: that was towards the end of last year. So in 66 00:03:48,000 --> 00:03:51,800 Speaker 1: that sense, you know, the timing slight surprise. He said 67 00:03:51,840 --> 00:03:54,200 Speaker 1: that the timing couldn't better if you look back at 68 00:03:54,480 --> 00:03:56,880 Speaker 1: the share price over the past five years or so 69 00:03:56,920 --> 00:03:58,880 Speaker 1: since he joined. He joined in early twenty twenty one, 70 00:03:58,920 --> 00:04:00,960 Speaker 1: shares of really swored under him, so he's saying it's 71 00:04:00,960 --> 00:04:04,200 Speaker 1: a good a good time to you know, exit, exit 72 00:04:04,240 --> 00:04:08,040 Speaker 1: on a high, but potentially not really being taken well 73 00:04:08,080 --> 00:04:11,320 Speaker 1: by investors. Shares fell about six percent this morning. They 74 00:04:11,320 --> 00:04:13,520 Speaker 1: did also have earnings this morning and those you know 75 00:04:13,560 --> 00:04:15,960 Speaker 1: met us saying that to buy back, so so relatively 76 00:04:16,000 --> 00:04:19,000 Speaker 1: inline and positive, but shares falling mostly on on that 77 00:04:19,200 --> 00:04:22,520 Speaker 1: news of a change at the helm. 78 00:04:22,560 --> 00:04:26,600 Speaker 2: The Stock Movers report from Bloomberg Radio. 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