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The Stock Movers report, your roundup of companies making moves in the stock market. Harnessing the power of Bloomberg Data.
Let's take a look at thumb stocks on the mood today in Europe. I'm James Wulcock with Karen Hetcker and we are joined by Bloomberg reporter Clomelly Chloe.
Has Evoke hit the jackpot today? It has.
I knew that you would have a great fun So after quite a long time struggling, Evoke has.
Finally agreed on a takeover.
So it's agreed to be bought by Bali's Introlot, which is a joint venture that is majority owned by the US casino operator Bullies. And so this is a deal that values Evoke at two and forty three million pounds and it marks the end of a very long period of troubles for Evoke. So it has been dealing with a very heavy debt burden since the acquisition of the betting website William Hill, and as of April it's also
now facing much higher gambling taxes in the UK. And so gambling was one of the big sectors that was targeted by Rachel Reeves in her budget in November, because it's a.
Fairly easy target.
You know, people do tend to agree that it can be a helpful industry and so could do with more taxes. Interestingly, Bingo has actually had taxes lowered because it's considered safer, just a little bit a little.
Infout, little market.
But of course forever that mentioned much higher costs, and so it had those taxes increasing in April, and then it would have had taxes increasing even further next April. And so it had said that it was closing a lot of betting shops across the UK because it was really struggling because of those tax hikes.
So it has been looking to sell since.
Late last year, and so now it's finally happened and we're seeing shares really sedge on the back of that.
Yeah, it was really interesting. We spoke on Bloomberg Radio to Ripes and Reeves, the CEO of Bali's inch Loot, talking about this deal and actually his kind of high hopes for this, I mean the cost of this business and the valuation of the business that they bought much
less than it was at only a year ago. He was also defending the whole kind of business structure around gambling and gaming that you know some in the UK government have been highly critical of, right, So that's one massive m and a deal that's very interesting ASML meanwhile interesting obviously given the air I say we're seeing globally.
Yeah, absolutely.
So we're seeing essentially a continuation today of the weakness that we had yesterday in all of this AI related stock. So what triggered that yesterday was of course the very disappointing outlook from Broadcom in the US, which led all of these chip makers, chip equipment manufacturers lower in Asia and in Europe and in the US.
And then it's the same today.
Really we've seen ASML, Infini and B Semiconductor, all of those names in the red. So we're seeing the enthusiasm around the AI trade waning a little bit, and it's really a global story. The cospians Korea, which is considered a really a bell weather for this AI story, fell
about five percent. We're seeing futures on the NEST that one hundred dropping one percent, and so that indicates a third day of losses for that index, and so we're seeing investors really rotating out of those hardware stocks.
Maybe more into software to an extent.
The good news for Europe is that it's a region that is a lot less exposed to tech as a whole, but the few tech stocks that.
It does have are struggling quite a bit on the back of that.
So we've been talking about London Tech Week starting next week a lot. Today on the show Interesting, you picked out raspberry Pie, this big British success story in sort of computing. It's hitting all time high today.
Why Yeah, great day for raspberry Pie and continuing on really a good trajectory of a really good year for that company. So it's a company that makes small, low cost computers and it's doing really really well. So I actually went on Redder because that's where a lot of tech enthusiasts are to just kind of see what they're saying about those computers.
And ready, that's been your day to day.
Yeah, that's what I've been doing this morning.
So they're really rare about them and saying that you know, they're cheap, they're versatile. So this is a product that is seeing a lot of demand. And so Raspberry Pie said that Nix this year would be well ahead of expectations, and so shares rose very strongly and as you said, James,
hitting an all time high. The one big challenge that the company is facing is a supply crunch for memory chips, which is obviously a big question mark for that whole sector, but it seems that raspberry Pie is actually navigating that quite well, with one analyst saying that the company was delivering a masterclass in navigating supply issues, so really doing very very well.
Raspberry Pie.
The Stock Movers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.