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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.
But let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg's Breaking News editor Louise Moon. Louise, good morning. Let's start in the UK then with right Move. The property website reporting earnings and shares certainly not making the right move this morning.
Indeed absolutely plunging this morning. They were the biggest faller on the foot seat one hundred. It's a really it's a dramatic look at their share price move. They've been on an absolute tear for years. They've gained huge market share and then if you look today, it kind of falls off a cliffs. They're back to levels last scene in about August last year. So this is partly there's
someone's certainly around the budget. They flagged that, but also, as you say, they're warning on revenue growth likely to be flat in twenty twenty, they're saying growth of about nine percent this year and much the same in twenty twenty six.
So it's about eight percent to ten percent.
They've also delayed their goals for sales growth from twenty twenty eight to twenty thirty, so they've pushed that back as well. And this is all coming as they also unveiled plans to boost AI investments, so a lot more investment into AI potentially could impact their revenue, and analysts are saying, you know, this could be two steps back for three steps.
Forward kind of things.
So, and there's a lot of pressure to explain why now is the time to do that, considering they've been
doing so well. So there's a really interesting note from Bloomberg Intelligence and they're saying that they think that this shows that management think that this kind of historic solid top line trend is becoming tougher to sustain and they need to spend more and invest more to keep that going in the long run, even if this is going to hamper or potentially hamper revenue growth in the short term.
Yeah, really interesting to see how that company is reacting to those broader headwinds. Looking at ITV shares moving en very much the opposite direction. After inning that it's in talks with the owner of sky Comcast or at the sale of its media and entertainment time.
Indeed, shares are soaring on the back of this.
They jumped about twenty percent this morning, so leading the midcaps the foot C two fifty as you say. So Sky is in talks to buy ITV's media and entertainment arms. That would be for they're saying that would be for about one point six billion pounds. So this is the arm that is behind their free to air TV channel and also their streaming platform. So if this deal went through, it would leave ITV with their studios units, so that's the unit that produces a lot of their entertainment shows.
So Britain's got Talent, Love Island, all those guilty pleasures. But as you say, ultimately Comcast the US Chianet would be the owner because they own the Sky, So it would be if it goes through, it be a real shake up in the broadcasting space. It would create a broadcasting giant, and it follows years of ITV being tipped as a potential takeover target.
Their shares have really struggled.
They're about seventy percent off a twenty fifteen peak, and this was kind of those shares that I mean, they plunged even more last month that their larger largest shareholder, Liberty Global, cut their stake in half. They had previously been touted as a buyer. So ITV has been struggling for a long time as the media industry kind of shifts away from traditional broadcasting. So Alice is saying that this is a this is a positive surprise, and if the deal goes through, it would be at quite a
healthy multiple. So as I say, shares reacting positively on the back of that.
And last week to monitor PASCIDCNA, the Italian lender posting better than expected profits in the third quarter.
Indeed, third quarter results, net income better than expected, they increased their guidance for full year profit, and shares reacting positively on the news. They were the best performer on the stock six hundred bank indecks this morning. They're saying that this reflects their recent takeover of Mediobanker that their rival lender, their arrival Italian lender SAT completed in September
and it created Italy's third largest lender by assets. So yes, doing well, strong third quarter results and listen noting those strong revenues, better cost controls and all that positive news, and so The next thing now to be looking for will be in their first quarter next year. They're going to present a new strategy, so how they're going to move forward post that large takeover.
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.