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But 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 Main and Luis. Good morning. We're going to start with the blockbuster debut. It's the defense firm CSG, and their shares are currently twenty six percent.
Yeah, a real performance for them debuting in Amsterdam this morning. So they're a maker of armored vehicles and munition, so defense company, as you say, chez jumped. That's after they raised three point three billion euros in the IPOs that already valued it at twenty five billion euros. That marked the largest IPO ever globally for a pure play defense firm, and the largest in Amsterdam for a decade. So it
was a big deal. And let's to say that under score the defense theme and the demand in the sector that we've been seeing as countries pile more money into the sector over the past year longer, as well as tight IPO availability. So this is kind of one of the few that's been happening in Europe over the past year or so. The CEO. We had an interview with the CEO Bloomberg did, and he said he wasn't surprised about the demand. He said the interest was great and
that wasn't a surprise to him. That's why they only did three days of order taking, which is quite a short period of time for an IPO. Interestingly, he's only thirty three and he raised two point five billion euros, which he says he's going to invest by his family office. So a good day for him, a good day for CST, and a good day for the Amsterdam Stock Exchange.
Yeah. Indeed, staying with the defense theme, though slightly less partsitive storytell around Babcock. Their shaws are currently down one point six percent. What's going on?
Yeah, So they've had a CEO change. So David Lockwood, he's retiring at the end of the year. That will be after five years with Babcock. He's going to be succeeded by a man called Harry Holt who's currently with the company. He's head of their nuclear unit. Alissa are essentially saying that people liked Lockwood shares when he first came in and shares kind of initially struggled, but then since then they've been on quite a strong trajectory. He
had quite a strong affinity with investors. They welcomed a lot of his achievements. So that is dragging the share price this morning. It's not all negative that they do see Holt still as a good appointment. He's meant to be known to investors. He's done well in the unit that he's been in charge of, in charge of that nuclear unit, so he's been seen as quite a sensible appointment and someone that should continue Babcock on its trajectory that it's been on on it with its successful kind
of strategy. But I think it seems like the love for Lockwood is overshadowing that and also overshadowing Babcock had positive results this morning, they said they're on course to me expectations, they could even beat them. But this change is dragging that share byce down.
Okay, well no, so let's turn then to Ericsson, another company saying its shares jump up eight point three percent of the moment.
Yes, they had their fourth quarter earnings beat forecasts. Earnings up about twenty four percent year on year, and they also proposed their first ever buy back. This is all on the back of efforts to cut costs and boost their margins in what has been quite a sluggish telecoms markets. This obviously ericson the telecoms firm based in Sweden, it's not the only one that's been struggling. It's across the whole market. That's on the back of kind of weak demand.
That had been quite an anticipation of spending on upgrades to five gene networks, but that kind of failed to materialize. So they've been cutting costs. They've cut about five thousand jobs already last year, and the CEO told Bloomberg that he'll continue cutting costs at the same rate this year. So this is this is benefit benefiting their numbers and fishing their share price this morning. They've also on top of that, they've tried to kind of find ways to
capitalize on the boom and AI. Yeah, so shares reacting positively to those efforts to boost margins.
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