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Let's take a look and at some of the stocks on the move today in Europe. I'm Jenslcock with Karen Hepker, and we're joined as ever by Bloomberg reporter Clomelli Cloyent. Let's stop. The Remi Quantro drinks maker still rise in this morning following a well received profit beat.
Yeah.
Absolutely, so there's some signs that demand is picking up for Remi Quantro. So it saw very strong growth in the Americas, a region in particular, and that helped to offset some of the weakness in Europe and China, which are also very important markets for that company. And overall
it expects these sales to improve throughout the year. And so given the recent weakness that we've seen for both Remi Quantro and then the broader alcohol sector, the signs of potential recovery that's seen us very encouraging, and so that's why we're seeing a big boost in the shares this morning, very strongly this morning. But there's now other
challenges to think about this. Of course, weaker consumer spending because of the Iran war, especially given that cognac, which is what Hemi Quatro makes, is very much a discretionary purchase, not really a staple, so that could be that could be a problem. And then the broader alcohol sector is also contending with this debate of is it a cyclical or structural downturn that we are seeing at the moment.
Are people drinking less right now because budgets are tight, or is it because there's a kind of a fundamental, irreversible change in alcol consumption that's been driven by things like weight loss, drugs, or health concerns. And so that question is really going to be key for those companies to figure out and to think about as this alcohol consumption continues to decline.
Okay, so that's not remy quatro. Meanwhile, ab efacts it's actually rebounding off to an enormous shop yesterday because of the reaction to a drug tru But now some analysts are weighing in.
Yeah, so ABIVX was having, as you said, a really really bad time earlier, just earlier this week, it had this clinical trial data for a very promising drug. It showed that the drug was very effective for inflammatory bowel disease, but it also had to disclose cancer cases in several patients, and so we don't know whether the drug and the cancer cases are related at all. But the shares had plunged because this is something that was seen as really
complicating the path towards regulatory approval. But as you just said, there's now a big rebound in those shares because stifle analysts came out and said that the selloff was overdone. They said that the evidence supports the view that the cancer cases reflect background incidents in a high risk population rather than an effect of the drug, meaning essentially that
the drug is likely not at fault here. And earlier this week we also had auto analysts saying that Abivax was still a target for M and A. So there's a bit of a reversal incentiment there for the stock and we're seeing a big jump there for abivax.
And finally, Universal Music dipping this morning. Dare I ask what has gone wrong with the Mood Music?
Yeah, so down this morning after Bill Ackman said that he's selling his stick in the company. So this comes just a few days after Universal rejected a takeover bid from Akman's Pershing Square. So the deal that Ackman had proposed was it was back at April, and it was quite a complex one. It involved, you know, change in
stock market listing for the company. It involved a bit of a complicated merger with a separate entity, and so a lot of investors and analysts thought of it as maybe too complex to actually implement, and so Universal then rejected that offer, saying that it undervalued the company, that it was not in the interest of either the shareholders or the artists that Universal actually represents artists like Taylor
Swift or Drake, so very big music artists. But then it's going to be really interesting to kind of keep an eye on that company because the music industry is in a very interesting position. We've had the value of song catalogs really increasing over the last few years, but at the same time, there's now this threat from AI, with a lot of AI tools now available able to create music on their own. So it's going to be an interesting sector beyond even the m and a of it all.
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