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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Well, let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll with Anna Edwards, and we're joined by Bloomberg's Breaking News editor Louise Moon. Louise, good morning. Let's start then with a big fall for the carmaker Stilantis.
What's happened indeed, Yeah, so they've taken charges of about twenty two billion euros. Essentially this is linked to Stilantis' overhaul of its kind of entire operations. They've been trying to overhaul since the CEO joined last June, all in the name of kind of regaining market share. So this is over one to do with higher costs, but also it's all to do with the shift towards electric vehicles and essentially more mute sales than they had been expecting
have kind of forced them to adjust their strategy. Essentially, so the CEO this morning was saying they overestimated the pace of the energy transition, and then these charge has also shown the impact of what he's called port operational execution, so they're taking charges of about twenty two billion. A lot of that is payments to compensate suppliers and then
also other costs as well. And as you say, shares reacted pretty badly, down fourteen percent this morning in Milan, and if you look back even further, they're down forty percent over the past year. So a lot of work ahead for Slantis and this is quite a bump in the rope, particularly on the EV journey.
We've had Louise.
We've had a lot of results out from banks this week. We've got results from Society General this morning. How we're investors digesting the news from there? Yeah, we had their fourth quarter results, so one section kind of in particular has really been focused on. So the numbers for trading units missed estimates, so fixed income securities and currency trade that fell thirteen percent. Equities trading also fell by over five percent, and analyst had been expecting growth for both
of those units. So the reaction has been for chares to fall on the back of that as obviously dismissed estimate, so they dropped around four percent earlier this morning in Paris, the CEO has said, you know, there's a lot of work to do. He's kind of tried to have a bit of positivity, saying they'll do everything they can to ensure that there's more positive amendum head. They have seen some positive developments more recently, they've grown their four year
revenue and their four year profit. So he's you know, saying that there are some challenges ahead, but but and there's still work to do, but that they're gonna make sure that positive amentum kind of extends across across the bank. But yeah, as I say, Chez still down on that news.
Another share in the move this morning the Spanish bank Sabadell after their CEO departed.
Yeah, a slightly surprise exit. So the CEO is leaving, that's likely to happen around May time at their next AGM, and he's being replaced by a man called Mark Armongle. So he currently runs TSB, which used to be owned by Savadel and was sold to Santander last year. So he's going to replace the CEO. It comes that. The reason it's kind of a bit of a surprise in terms of timing is it's only a few months after the outgoing CEO he kind of led the bid to
fend off BBVA trying to buy Sabadel. So he was a key component in convincing investors and shareholders that Sabadel would be better off alone, and he achieved that. So that was towards the end of last year. So in that sense, you know, the timing slight surprise. He said that the timing couldn't better if you look back at the share price over the past five years or so
since he joined. He joined in early twenty twenty one, shares of really swored under him, so he's saying it's a good a good time to you know, exit, exit on a high, but potentially not really being taken well by investors. Shares fell about six percent this morning. They did also have earnings this morning and those you know met us saying that to buy back, so so relatively inline and positive, but shares falling mostly on on that news of a change at the helm.
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