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Let's take a look at some of the stocks on the move today here in Europe. I'm Caroline Hepka, and I'm joined by Bloomberg's Breaking News editor Louise Moon Louis caim Oni. Let's start in the gaming world. It looked like Ubisoft was on the decline earlier, but it's turned around.
Why indeed, so this is yeah, as you say, the video game publishers, they're behind names like Assassin's Creed and a lot of others as well. They delayed their third quarter results last week without explanation and released them this morning, so a week later than expected, and within that they said they've been in breach of a loan agreement. So essentially, auditors found that Ubosoft had improperly booked sales from a
partnership and so postponed recognizing revenue from that partnership. Within results, they forced to restate their twenty twenty five financial accounts, and those changes put it in breach of the loan agreement. As I said, so they say that they will address those that issue by early repayment of loans and as you say, so, shares initially found on the news obviously not great news, but then rebounded. It kind of caps
a week of speculation. People didn't know what was going on and essentially a bit of a relief potentially not as bad as expected. So a bit of a change in tone in share movements this morning, but.
Up as it currently stands okay. A Sauce has seen losses also today a symptom maybe of wider consumer jitters. And we had the retail sales because that.
Up for the UK, we did and they weren't positive for the UK, and that's kind of that's being seen across the board also in consumer confidence gauges as well. That will be impacting a Sooce to an extent. But they also kind of have their own problems that they're grappling with. So they had their four year results. Losses were larger than expected, so fifteen percent drop in revenue for the year. They're in the middle of a turnaround. They've they've been making a lot of changes to do
with management, to do with inventory. They've also launched top Shop back on the high street within the past year. So they're saying that, you know, the difficult part is behind them. Losses as I say, have still continued for this for year, but they singled some positivity ahead. Shares slumped. However, there was a great note from Bloomberg Intelligence saying that you know that they're starting off from a week base.
It's a week recovery base for twenty twenty six. For the next year ahead, they've got fewer active customers and they really need to win back shoppers and as you say, part of that, part of that will be the wider economic factors, but they really need to win backshoppers for those sales to recover next year.
Okay, So that on a source now into the oil and gas sector, tallow oil a new record low. What have analysts been saying about this company?
So they raised their debt forecast this morning and saying that they're holding talks with creditors over options for the business. So Tallo essentially you kind of boomed in the late two thousands. They took on a lot of major, major discoveries in Africa, but with that they took on a lot of debts to develop those they're in struggling in recent years sold off some of those African assets. But this new detail is that they're progressing with creditors on
other options. So Alis is saying that it increases the likelihood of refinancing. It could result in significant equity dilution. So shares plunged a record low and actually briefly halted trading this morning on back of that news.
Okay, interesting Sovontana.
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