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The Stock Movers Report, your roundup of companies making moves in the stock market. Harnessing the power of Bloomberg Data.
Let's take a look at some of the stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg's Breaking News editor at Louise Moon. Louise, good morning. Let's start then with Agon, the Dutch insurer, confirming its moving headquarters to the US.
Indeed, has some big news from them this morning.
So moving their headquarters to the US, that's where they already get most of their profit from. And as a result of that, they're going to change their name to trans America. So they say that they expect that to take about two years and will come with costs of about three hundred and fifty million euros. That's over the next few years as it takes place. So is not
a total surprise. They had floated this idea. This idea had been on the table for quite a while, so in August they said they were viewing potentially moving their listing, so it's not a total surprise. And then at the same time, alongside this, they also said that they would lower their focus on Europe and they're also announcing a strategic review of their UK business, so that's set to take place and complete probably in the first half of
next year. Shares are dropping on this news, so that there was an interesting note from Bloomberg Intelligence kind of well explaining the share drop, essentially saying that they need more than a name change to improve their performance and that the latest targets they've also set today show that,
you know, challenges that exist, the targets were underwhelming. That was also a word used by Morgan Stanley, that these targets were underwhelming, and that while the moves to the US makes some sense, as I say, it's not new news, so more they're saying needs to be done to boost the Dutch insurer.
Okay, so eggone shows, yeah, down eight percent in the Netherlands this morning. Let's go to Switch Next and sick Or Technologies, the Swiss electronic solutions companies. They're shoes down twenty three percent.
Indeed, Yeah, they were halted at one point this morning and trading because they fell so much. They had shares had been performing well this year. They've been lifted in partly by by a rise in defense spending benefiting on the back of that. But the new news this morning is that they've cut their guidance. They cited lower than expected demand in Germany in particular, and they also cut their their profit outlook, so not good news.
Dragging down their shares this morning.
It comes they're in the middle of a takeover battle for a UK firm called TT Electronics, So they had made a bid for TT and then one of TT Electronics shareholders is opposing the offer and considering a bid themselves. So a lot going on for sick Or Technologies, But the main thing that's really being focused on is that that cut in guidance that will cut to its outlook, really pulling down shares dramatically this morning.
Okay, and in the UK there's been an update for Berkeley Group, the home builder. What have we learned from that?
Yes, they had their first half results today, so arise in profits, a beat forecast, so good news on that front. That's even as sales declined in the lead up to the budget. Obviously there was a lot of uncertainty, particular across the board, but particularly affecting the housing market in the lead up to the budget. Berkeley as I say, so first half half profits rose.
That's despite those home sales declining.
Also despite them citing what they're calling a very challenging environment for both regulatory reasons and macroeconomic reasons. They did also keep their full year guidance, so are another positive and analysts is saying that that I mean they're keeping at the same level as they were. It's not as an upgrade, but that continuation is a positive because of all those worries surrounding particularly the housing sector in the
lead up to the budget. And they're looking further ahead quite an upbeat outlook from Berkeley, so that in terms of the longer term, they're particularly citing London as being very positive about London. They're seeing an improvement in the afordability and much under supply that will benefit them as a homebuilder. So shares rising on the back of that host of news this morning.
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