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Now, let's take a look at some stocks on the move today in Europe. I'm met Tia Adebaya with Stephen Carroll, and we're joined by Bloomberg's Breaking News editor Louise Moon. Louise, let's start with the gambling company and Tain. It looks like they might have lost a key player.
They have, indeed, so they're dropping the most on the Footy one hundred this morning, shares down almost five percent last time I checked. That's after one of their major shareholders, the hedge fund Eminence Capital, is shutting down. So this is their third largest shareholder. They own about a six point five percent stake of en Tain and they said that.
So the news came late on Friday.
Obviously, market reacting this morning that they're shutting down after twenty seven years. So they haven't been performing well enough
in recent years to keep operating. CEO citing things like paul returns, the high cost of retaining talent, and other factors as well, and so obviously this poses questions as to what will happen with NTANE and their sake and their CEO, Ricky Sandler, he's been a non executive at NTANE since twenty twenty four early twenty twenty four as well for Ntane, it also comes as the whole the wider gambling industry is also facing a lot of headwinds, namely tax rises imposed by the UK government.
Then most recent results were quite positive.
Online gaming doing well, kind of propping up propping up weaknesses elsewhere.
But shares over the past.
Year or so have been declining and as I say, declining again and further this morning.
Okay, so that's end TANE.
Looking at Sainsbury's shares this morning down over three percent buy one, get one free on downgrades.
Indeed, they've had a double downgrade from Goldman, So now Goldman is rating sainsbury at a cell and they've also been lowered by City so they've lowered their rating to a neutral. So taking them one at a time, well,
it's similar factors. But Goldman for example, citing macro headwinds, saying that the outlook from here is challenging, citing in particular weaker growth in the UK and inflation, and it's a similar story from City also noting Sainsbury's weaker than expected guidance that came last week for twenty twenty seven, also noting inflation and a lot of competition in the space. So now if you look at overall analyst rating, Sainsbury's got six buys, four holds and three cells from analysts.
That's kind of starting to even out across the board there. As I say, they had results last week and shares plunged after that as well. Their guidance, as I noticed, was weaker and expected, and they particularly cited of course the Middle East and the conflict and what the impact that that will have on profits. We're seeing this across retail.
Tesco said similar recently. You know that there's a lot of headwinds there, consumers bending power being impacted, price inflation, a lot of competition among grossers, so therefore they're having to keep prices low to maintain that competitive stance. So there's quite a lot to contend with. And yeah, a double set of downgrades for Sainsbury's.
That's a downgrade for Sainsbury's. But what about four via They are making a major sale.
Yes, they're selling their auto interiors business, so four via a French company. They supply a lot of car big car brands Volkswagen, General Motors BMW, mostly supplying them with technology, so things like systems for automated driving and a lot of other things.
That's what essentially they want to focus on.
So they're selling their auto interiors business, which makes a lot of the interiors for cars, for an enterprier's value of one point eight two billion euros. So it's expected to complete in the second half. Apollo, the privactually firm is buying that. We knew that this could be close, but this is been confirmed and the price is being confirmed this morning. As I say, via trying to kind
of streamline themselves focus on those technology driven activities. You know, it's a higher value add for them, boosting their own growth. So this deal is going to help them cut netdet by at least a billion euros and the CFO is saying that we're in a better situation financially. Shares rows initially and then actually dipped, so a bit of a mixed reaction from markets, but yeah, a big deal for the.
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