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: Let's have a look at some of these stocks on
Speaker 3: the move today here in Europe. I'm Caroline Hepge with
Speaker 3: Lizzie Burton and we're joined by Blue Bay.
Speaker 1: We port at Chlo Malay.
Speaker 3: Let's start by the big decliner this morning, Ferrari. They
Speaker 3: want to go green, but investors not giving them the
Speaker 3: go ahead. Why not?
Speaker 4: Yeah, absolutely a huge drop for Ferrari this morning because
Speaker 4: they've unveiled, as you said, their first fully electric car
Speaker 4: and it.
Speaker 1: Seems that it's not what investors wanted.
Speaker 4: At Also, shares felt quite significantly this morning on the back.
Speaker 1: Of the announcement.
Speaker 4: This launch comes after Ferrari actually last year detailed some
Speaker 4: long term targets and that those disappointed investors and they
Speaker 4: really raised questions around how Ferrari is going to balance
Speaker 4: this new electric strategy with the a very loud combustion
Speaker 4: engine sports cars that everyone of course associates with that brand.
Speaker 4: So I guess the key question here is it really
Speaker 4: a Ferrari if it's quiet and so beyond that as well,
Speaker 4: there's also the look of the car.
Speaker 1: Which is apparently not to everyone's taste.
Speaker 4: So one analyst said that it looks like a mix
Speaker 4: between a Honda called EV and a Tesla three.
Speaker 1: And he did not mean that as a compliment.
Speaker 4: It seems he said, we are lost in translation with
Speaker 4: Ferrari's new strategy trying to emulate Apple design. And so
Speaker 4: this seems to be kind of departing from what investors
Speaker 4: want from a Ferrari car. But now Ferrari has to
Speaker 4: show that this EV model can fit within this model
Speaker 4: of having a limited supply to increase that exclusivity, the
Speaker 4: high pricing and the emotional appeal. But it seems that
Speaker 4: the emotional appeal appeal part of that equation is missing.
Speaker 1: And so we're seeing that huge job this morning on
Speaker 1: the back of that. Okay, we need the sound of
Speaker 1: Ferrari to make it a Ferrari. That's my conclusion.
Speaker 3: Let's also talk about King Fisher because they seem to
Speaker 3: be real assuring investors this marnite.
Speaker 1: Yeah, absolutely so.
Speaker 4: Kingfisher, the owner of B and Q here in the UK,
Speaker 4: record it in France. So they had a very reassuring update,
Speaker 4: as you say, Lizzie, So expectations going into the update
Speaker 4: this morning were quite low because of this kind of
Speaker 4: weak consumer confidence that we've been talking about in Europe,
Speaker 4: and investors and analysts were thinking that maybe not a
Speaker 4: lot of people would be keen to spend money on
Speaker 4: home renovation projects, on DIY projects. But it seems that
Speaker 4: demand is actually holding up a little better than expected.
Speaker 4: So sales were down, but they were not down by
Speaker 4: as much as had been expected. And actually one part
Speaker 4: of the business that did really well was screw Fix,
Speaker 4: and that is because of its exposure to more kind
Speaker 4: of indoor projects trade also exposure compared to be in
Speaker 4: Q which has a lot more exposure to outdoor projects,
Speaker 4: and that was actually also impacted not only by a
Speaker 4: slightly weak consumer confidence, but also by the bad weather
Speaker 4: that we've had over the recent months, although we wouldn't
Speaker 4: know that today and in the UK overall demand actually
Speaker 4: held it better than in France where it's a bit weaker.
Speaker 4: But given the weakness in the stock recently, this update,
Speaker 4: although it is not absolutely incredible, it was still seen
Speaker 4: as reassuring, as encouraging, and so we're seeing chares up
Speaker 4: quite strongly this morning.
Speaker 3: Okay, so that on King Fisher and di Y. What
Speaker 3: about in the banking sector Julius Bear.
Speaker 1: Yeah, so up this morning us.
Speaker 4: But after the big drop last week following its trading updates.
Speaker 4: So the update had disappointed investors because of client inflows
Speaker 4: starting to slow quite a bit. But on Friday evening
Speaker 4: before the long weekend, we had a City analyst upgrading
Speaker 4: Julius Bair to a by rating, saying that the recent
Speaker 4: de rating in the stock created actually an opportunity.
Speaker 1: For investors to step in.
Speaker 4: They said that, you know, while they acknowledged that the
Speaker 4: update was quite disappointing, not much had actually changed in
Speaker 4: terms of the plan going forward. That was still on
Speaker 4: track and it will be a lot clearer by the
Speaker 4: end of the year, according to those analysts, seeing a
Speaker 4: big rebound in the chesty.
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