Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Well, let's take a look at some stocks on the
Speaker 3: move today in Europe. I'm Stephen Carroll with Anna Edwards,
Speaker 3: and we're joined by Bloomberg's Breaking News editor Louise Moon. Louise,
Speaker 3: good morning. Let's start then with a big fall for
Speaker 3: the carmaker Stilantis.
Speaker 1: What's happened indeed, Yeah, so they've taken charges of about
Speaker 1: twenty two billion euros. Essentially this is linked to Stilantis'
Speaker 1: overhaul of its kind of entire operations. They've been trying
Speaker 1: to overhaul since the CEO joined last June, all in
Speaker 1: the name of kind of regaining market share. So this
Speaker 1: is over one to do with higher costs, but also
Speaker 1: it's all to do with the shift towards electric vehicles
Speaker 1: and essentially more mute sales than they had been expecting
Speaker 1: have kind of forced them to adjust their strategy. Essentially,
Speaker 1: so the CEO this morning was saying they overestimated the
Speaker 1: pace of the energy transition, and then these charge has
Speaker 1: also shown the impact of what he's called port operational execution,
Speaker 1: so they're taking charges of about twenty two billion. A
Speaker 1: lot of that is payments to compensate suppliers and then
Speaker 1: also other costs as well. And as you say, shares
Speaker 1: reacted pretty badly, down fourteen percent this morning in Milan,
Speaker 1: and if you look back even further, they're down forty
Speaker 1: percent over the past year. So a lot of work
Speaker 1: ahead for Slantis and this is quite a bump in
Speaker 1: the rope, particularly on the EV journey.
Speaker 2: We've had Louise.
Speaker 1: We've had a lot of results out from banks this week.
Speaker 1: We've got results from Society General this morning. How we're
Speaker 1: investors digesting the news from there? Yeah, we had their
Speaker 1: fourth quarter results, so one section kind of in particular
Speaker 1: has really been focused on. So the numbers for trading
Speaker 1: units missed estimates, so fixed income securities and currency trade
Speaker 1: that fell thirteen percent. Equities trading also fell by over
Speaker 1: five percent, and analyst had been expecting growth for both
Speaker 1: of those units. So the reaction has been for chares
Speaker 1: to fall on the back of that as obviously dismissed estimate,
Speaker 1: so they dropped around four percent earlier this morning in Paris,
Speaker 1: the CEO has said, you know, there's a lot of
Speaker 1: work to do. He's kind of tried to have a
Speaker 1: bit of positivity, saying they'll do everything they can to
Speaker 1: ensure that there's more positive amendum head. They have seen
Speaker 1: some positive developments more recently, they've grown their four year
Speaker 1: revenue and their four year profit. So he's you know,
Speaker 1: saying that there are some challenges ahead, but but and
Speaker 1: there's still work to do, but that they're gonna make
Speaker 1: sure that positive amentum kind of extends across across the bank.
Speaker 1: But yeah, as I say, Chez still down on that news.
Speaker 3: Another share in the move this morning the Spanish bank
Speaker 3: Sabadell after their CEO departed.
Speaker 1: Yeah, a slightly surprise exit. So the CEO is leaving,
Speaker 1: that's likely to happen around May time at their next AGM,
Speaker 1: and he's being replaced by a man called Mark Armongle.
Speaker 1: So he currently runs TSB, which used to be owned
Speaker 1: by Savadel and was sold to Santander last year. So
Speaker 1: he's going to replace the CEO. It comes that. The
Speaker 1: reason it's kind of a bit of a surprise in
Speaker 1: terms of timing is it's only a few months after
Speaker 1: the outgoing CEO he kind of led the bid to
Speaker 1: fend off BBVA trying to buy Sabadel. So he was
Speaker 1: a key component in convincing investors and shareholders that Sabadel
Speaker 1: would be better off alone, and he achieved that. So
Speaker 1: that was towards the end of last year. So in
Speaker 1: that sense, you know, the timing slight surprise. He said
Speaker 1: that the timing couldn't better if you look back at
Speaker 1: the share price over the past five years or so
Speaker 1: since he joined. He joined in early twenty twenty one,
Speaker 1: shares of really swored under him, so he's saying it's
Speaker 1: a good a good time to you know, exit, exit
Speaker 1: on a high, but potentially not really being taken well
Speaker 1: by investors. Shares fell about six percent this morning. They
Speaker 1: did also have earnings this morning and those you know
Speaker 1: met us saying that to buy back, so so relatively
Speaker 1: inline and positive, but shares falling mostly on on that
Speaker 1: news of a change at the helm.
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