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 2: take a.
Speaker 1: Look at some of the stocks on the move today
Speaker 1: in Europe.
Speaker 2: Were joined by our Bloomberg reporter Louise Moon. Louise Week.
Speaker 2: That's how the CEO of British retailer B and M
Speaker 2: has described its results.
Speaker 1: Shares is hitting an all time low.
Speaker 2: What's going on there?
Speaker 1: Indeed, Ya, they plunged twenty two percent when markets open
Speaker 1: this morning, so record dropped to a record low, adding
Speaker 1: to losses already this year. They're already down about almost
Speaker 1: forty percent so far this year. And essentially this is
Speaker 1: because of a profit warning this morning. So anelys is
Speaker 1: saying what bn M and now forecasting for the year
Speaker 1: is significantly below guidance, so far below what was previously expected.
Speaker 1: On the back of that, then new CEO is starting
Speaker 1: a new plan that they're doing a bit of a
Speaker 1: revamp of the business. So he joined in July. He's
Speaker 1: been doing a review of the business and as you say,
Speaker 1: he says that things are looking weak in his words,
Speaker 1: and perhaps no surprise that shares is dropping as much
Speaker 1: as they are. The problems he's noted are a wide
Speaker 1: ranging things like too many product ranges, duplication of promotions,
Speaker 1: poor availability on the shelves. He says, they need to
Speaker 1: shop and they're pricing and this new plan is essentially
Speaker 1: him going back what he says, back to basics, and
Speaker 1: he says that could take up to eighteen months to achieve,
Speaker 1: So twelve to eighteen months to achieve that, and the
Speaker 1: core focus is really on growing their UK market, which
Speaker 1: is their core. So back to basics. After a profit
Speaker 1: warning this morning for BNM okay, meanwhile, Shell the all
Speaker 1: giant rebounding. Why so, they had a third quarter update.
Speaker 1: This is ahead of their actual earnings that are coming
Speaker 1: later this month, and one of their biggest profit boosters,
Speaker 1: one of their units that's the biggest contribution to profits,
Speaker 1: has made a come back, essentially, so their energy trading unit,
Speaker 1: that was the key focus. They're saying that gas trading
Speaker 1: was significantly higher and oil trading was higher, and this
Speaker 1: is a turnaround from the previous quarter it was hit
Speaker 1: by they said, it was hit by a geopolitical kind
Speaker 1: of volatility that was hitting the wider market and really
Speaker 1: hit Shell and the energy trading unit, so and Lis
Speaker 1: is saying it's a strong update. They also noted a
Speaker 1: strong free cash flow for Shell as well, so shares
Speaker 1: a rising on the back of that, and it just
Speaker 1: shows that the efforts under Shell CEO are really paying off.
Speaker 1: He's been focusing a lot on cost cutting, improving reliability,
Speaker 1: and sharing a lot of underperforming units. So good work
Speaker 1: from him and this is paying off and showing in
Speaker 1: their share games this morning. Should note that there is
Speaker 1: still some weakness that's come through from this update. So
Speaker 1: they're expecting a six hundred million dollar hit from shelving
Speaker 1: a biofuels project in Rotterdam, so that's one thing, and
Speaker 1: then also continued losses in their chemicals unit. So this
Speaker 1: has been hasn't been performing well over some time and
Speaker 1: they've been played ding to turn it around, but losses
Speaker 1: are continuing there. But overall things are improving, and that's
Speaker 1: kind of des bite a broader weaker market.
Speaker 2: And Louise, what's happening at Hello Fresh all we be
Speaker 2: calling them Hello Rotten.
Speaker 1: We could be soon. So their shares dropping as much
Speaker 1: as seven percent today, so they're lower since about June
Speaker 1: last year, and this is on a public health alert
Speaker 1: in the US, so saying that some of they're ready
Speaker 1: to eat meals that are sold by the company that
Speaker 1: the spinach within them might be contaminated with a type
Speaker 1: of bacteria and this bacteria can cause it will typically
Speaker 1: cause kind of fever like symptoms. This is items that
Speaker 1: are shipped directly to consumers, and HelloFresh notified the US
Speaker 1: Food Safety Department that it could be contaminated, so that
Speaker 1: the department is saying that they do expect more products
Speaker 1: to be identified that could contain this bacteria, so potential
Speaker 1: safety concerns there.
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