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