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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 Call and I'm joined by Bloomberg's Breaking news editor at Louise Moon. Louise, good morning. Let's start then with UniCredit this morning, Italy's second largest bank, reporting profits and revenues that beat expectations.
Indeed, however, despite that it is among the worst performers in the stock six hundred banks index. This is their third cause results, as you say, higher profit, higher revenue, net income. They're key metric beat estimates. But essentially this is failing to impress investors. Instead, they're focusing on the lower net interest income and the prospect of higher bank
taxes in Italy. So als are questioning, you know, the quality of that beat and saying although these earnings came I mean, relatively solid, they weren't really enough to excite the market. It's also worth noting they didn't upgrade their guidance. Analysts are also noting that that they confirmed it, but no upgrade and it kind of you know, take a step back at underscores the challenge for the CEO. He's streamlined the business a lot since taking over in twenty
twenty twenty one. That's boosted their share price highly and then he kind of went on a takeover spree from there. But the most recent efforts that's to buy Banco BPM that failed, and so now there's a lot more focus and pressure to boost the business itself, to focus on execution at UniCredit itself. So solid earnings but failing to impress as there's nothing really to tickling onto in terms of looking forward.
Okay, Well, turning next to Addidas slumping after currency rates weighed on its third quarter sales figures.
Indeed, yeah, shares fellow as much as about five and a half percent this morning, and they're down about twenty percent year to state. So they had the third quarter results as well. Revenue fell slightly shive estimates way down, as you say, by foreign exchange movements. That was that was cited as quite a large headwind. They did, however, raise their forecasts that was for operating profit. So even though the market is reacting quite negatively, there was still
some positive some positive news. They raised that forecast, you know, citing things like brand momentum. However, that was in line with what ALYS had already expected, so that was already priced in. That's that's why the market is reacting as it is. So Alice is saying they're not really expecting major revisions going forward. So yeah, Adidas has essentially been having quite a good streak in terms of products for
the last two years. They revived some of their retro trainers, and they're now trying to trying to really maintain that momentum going forward.
Okay, So that's the lead US from addid ass and next to ITV falling after Liberty Global sold a roughly five percent stake in the media company.
Indeed, yeah, dragging the firty two fifty far lower this morning, and ITV's plummeted to it's lower since April. So Liberty Global is its largest stakeholder, and they sold half of their stake, so they sort of five percent steak in ITV. That was for one hundred and thirty five million pounds, so Liberty Global had invested in twenty fifteen. ITV shares since then have fallen about seventy percent and so they're essentially taking out their their losses. Essentially, they say they're
divesting as part of their process. You know that they're saying they're actively managing their portfolio and prioritizing what they're called scale based investments. But it's an interesting one one considering ITV's share price movement, and also considering that ITV has been the subject of a lot of takeover speculation and Liberty was speculated as a possible buyer, but that now that they've pared their steak, that obviously seems increasingly unlikely.
So we'll be watching that the stock mover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies, key 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.