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Well, let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg's Breaking News editor Louise Me and Louise.
Good morning.
The worst performing share in Europe this morning is the French trainmaker Alstom. They're down twenty nine percent currently. What's gone wrong?
Yeah, they even plunged as much as thirty six percent earlier this morning, So huge loss is there for them.
That's after they withdrew their financial guidance for this fiscal year, or some of their financial guidance, I should say, so, for example, they scrap their target for free cash flow, among other things, essentially citing slow progress on some key projects which is hitting their margins, etc. They didn't elaborate on exactly which projects and which regions are hit by these todays, but they're saying that they're slighting that slope
progress they have already it's known that they've been grappling with quite slow progress relating to one of their big projects in the UK, and they've already taken a series of measures over the past few years to shore up debt as a result of that deal. But this is kind of, you know, bringing that problem to the four even more so. Ad R's in the US fell overnight and as you say, shares plunging this morning in Europe.
Yeah, indeed, we're actually staying in France for the next story as well. And a trio of telecoms companies that are making news.
Yes, So we have a consortium led by Buig, which I am Buig, and they're inexclusive talks to buy SFR. So that's part of Alti's France, which is owned by billionaire Patrick Drahies, so it's his telecoms firm. It's France's second second biggest mobile carrier. So you've got a trio of French companies wanting to buy that. Their offerers for just over twenty billion euros, twenty percent higher than they
previously offered. So they previously offered that was rejected as being too low, and then their new price is kind of more in line with what SFR had reportedly been seeking. So you would expect this to be welcomed by them. What it would be is a big consolidation of the telecoms market in France, so cutting the players from four to three. A lot of the companies have been pushing
for this, pushing for these combinations. They're arguing that a lack of scale means that the investment in networks isn't reaching the potential that it could. Essentially, so yes, we've got Buigue, Orange and Iliad and shares actually fell in the two that are listed there this morning, but will be keeping a close eye on if this comes to fruition.
I can tell you that learning how to pronunce week was a very important step in living in France. It is one of those companies that has evolved in lots of different things because other arms have as well, involved in construction. But that's the telecoms company that we're taking a look at this morning. Let's go to Sweden next, and we've gotten news from Eric's and what's going on.
Yes, sticking with telecoms, they had their first quarter results, profits missed estimates, the CEO saying they're in facing and his words, facing increasing input costs, especially in semiconductors, so rising chip costs partly on the rising demand for AI, so costs are rising there, and then kind of wider ongoing weakness in the telecoms market, so been struggling in that week market for a while. They've also warned that the Iram war code post challenges for production, with not
much more detail on that. If you look back at their share price of the past year, shares have been gaining quite a lot over the past year. They've been responding to this week demand by cutting jobs, slashing costs, and that's been welcomed by the market. They also announced
their first ever buy back in January. But these numbers coming through today first quarter profits missing estimates, showing that those troubles are really still will uh really still impacting the company impacting Erickson.
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