Bloomberg Audio Studios, podcasts, radio News.
The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's have a look at some of these stocks on the move today here in Europe. I'm Caroline Hepge with Lizzie Burton and we're joined by Blue Bay.
We port at Chlo Malay.
Let's start by the big decliner this morning, Ferrari. They want to go green, but investors not giving them the go ahead. Why not?
Yeah, absolutely a huge drop for Ferrari this morning because they've unveiled, as you said, their first fully electric car and it.
Seems that it's not what investors wanted.
At Also, shares felt quite significantly this morning on the back.
Of the announcement.
This launch comes after Ferrari actually last year detailed some long term targets and that those disappointed investors and they really raised questions around how Ferrari is going to balance this new electric strategy with the a very loud combustion engine sports cars that everyone of course associates with that brand. So I guess the key question here is it really a Ferrari if it's quiet and so beyond that as well, there's also the look of the car.
Which is apparently not to everyone's taste.
So one analyst said that it looks like a mix between a Honda called EV and a Tesla three.
And he did not mean that as a compliment.
It seems he said, we are lost in translation with Ferrari's new strategy trying to emulate Apple design. And so this seems to be kind of departing from what investors want from a Ferrari car. But now Ferrari has to show that this EV model can fit within this model of having a limited supply to increase that exclusivity, the high pricing and the emotional appeal. But it seems that the emotional appeal appeal part of that equation is missing.
And so we're seeing that huge job this morning on the back of that. Okay, we need the sound of Ferrari to make it a Ferrari. That's my conclusion.
Let's also talk about King Fisher because they seem to be real assuring investors this marnite.
Yeah, absolutely so.
Kingfisher, the owner of B and Q here in the UK, record it in France. So they had a very reassuring update, as you say, Lizzie, So expectations going into the update this morning were quite low because of this kind of weak consumer confidence that we've been talking about in Europe, and investors and analysts were thinking that maybe not a lot of people would be keen to spend money on
home renovation projects, on DIY projects. But it seems that demand is actually holding up a little better than expected. So sales were down, but they were not down by
as much as had been expected. And actually one part of the business that did really well was screw Fix, and that is because of its exposure to more kind of indoor projects trade also exposure compared to be in Q which has a lot more exposure to outdoor projects, and that was actually also impacted not only by a slightly weak consumer confidence, but also by the bad weather that we've had over the recent months, although we wouldn't know that today and in the UK overall demand actually
held it better than in France where it's a bit weaker. But given the weakness in the stock recently, this update, although it is not absolutely incredible, it was still seen as reassuring, as encouraging, and so we're seeing chares up quite strongly this morning.
Okay, so that on King Fisher and di Y. What about in the banking sector Julius Bear.
Yeah, so up this morning us.
But after the big drop last week following its trading updates. So the update had disappointed investors because of client inflows starting to slow quite a bit. But on Friday evening before the long weekend, we had a City analyst upgrading Julius Bair to a by rating, saying that the recent de rating in the stock created actually an opportunity.
For investors to step in.
They said that, you know, while they acknowledged that the update was quite disappointing, not much had actually changed in terms of the plan going forward. That was still on track and it will be a lot clearer by the end of the year, according to those analysts, seeing a big rebound in the chesty.
This stockmover's 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.