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Let's have a look at some stocks on the move today Here in EUP, I'm Caroline Hepgar with Tom McKenzie. We're joined by Bloomberg's Breaking News editor Louise Moon. Good morning, Louise. Let's start by thinking about Matt West earnings. A beat on operating profit, pretty pretty strong set of results, right, what do investors make of it?
Indeed, yeah, investors are seemingly very happy. She shares a sort of fifteen year high this morning on the back of that. So as you say, they're third quarter results beating estimates across the board really on a number of metrics, So taking pretext profit for example, it was thirty percent higher than last year, and this is the highest earnings in at least a decade. So a strong set of results, essentially benefiting from higher interest rates or continued at higher
interest rates. And there was a on top of that quote from the CEO saying they're becoming a much simpler bank with tight control of costs, supporting the digital transformation, so a bit of a transformation and interest rates benefiting them. If you compare it, compare it to Lloyd's for example, yesday, we've had we've had a host of banking updates this week. If you compared it to Lloyds yesday, it was a
lot more positive. But obviously it has to be noted that Lloyds took a big hit from the motor provision Moti finance provision. But if you take a step back and look at all the earnings, essentially they're they're kind of signaling that Brits or customers are coping well with the economic headwinds at the moment. And then we had retail Stata this morning that pointed to it to a
similar kind of trend. And we've got more coming next week to got HSBC and Standard Chartered coming next week, but so far coming in quite strong.
And that was really strong this morning and Louise in the drug space and the pharmaceutical space, GSK shares dropping there about one point six percent right now. What is behind the drop and the fall in the stock price for GSK, So when you first look at it seems like positive news.
So US regulators have approved GSK's blood cancer drug that's called blend Rep, so they can obviously now bring that medicine to the US, which is the world's biggest pharmaceutical market. That they had pulled the drug in twenty twenty two, there were questions about how effective it was, but now they can now bring that back to the market, so it's quite important milestone. The drug is very critical to
GSK's revenue ambitions. But as you say, shares are dropping that they're dragging the footze hundred this morning in London. This is because despite being improved that there are a lot of caveats that have come with that approval, So the eligibility Paul of who can use it is smaller than expected.
It can now be used for slightly in slightly.
More advanced scenarios that than had been expected, so there are concerns about the potential for sale, so the viability of its commercial opportunity. So that's what's really dragging the shares this morning, despite that that important milestone being reached.
Meanwhile, our core shares gaining after the hotelier's a guidance was increased.
Yeah, raised guidance this morning essentially on the back of cost savings, so they've been simplifying of their portfolio. There was also a host of other positive news alongside their earnings, so they issued a new buyback that's one hundred million euros.
That's for the fourth quarter.
They also might list their lifestyle brands portfolio that has been touted before, but they've confirmed that this morning.
And this is all with their third quarter earnings.
They came in line with esmates quite positive comments about their current trading. There is still some potential weaknesses there in some large markets like Germany and China, but shares shot up in France and are now slightly higher than a year ago, kind of continuing that positive trajectory.
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