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Let's take a look at some of the stocks on the move today here in Europe. I'm Caroline Hepget with Lizzie Burden. I were joined by a Blueberg reporta clom Lay. Good morning. Let's start with vest with Vistory rather, which is a UK home builder issuing a profit warning.
Yeah, yet another one. So it's been quite a tough
day for Vistry this morning. It's said that it had to take measures to try and reduce their and generate cash, and so that includes things like discounts on home sales, but also delaying the building of some sites as well, and so it said that all of those measures would hurt profit more than expected in the short term, and so that echoes what we've heard from Berkeley, another house builder already, when in April it actually revised its outlook as well and said that profit would also be weaker
than anticipated. And that's because of the inflationary pressures triggered by the Iran war, which means that we could see fewer interest rate cuts and therefore higher more get rate ridges for longer And the other problem is also that high energy prices mean higher prices for raw materials, so
housebuilders are essentially getting squeezed from all sides. And if we add the political instability that we're seeing in the UK right now with Starmer trying and really struggling to hold onto his job, that creates even more uncertainty in the housing market. And so that spells some really bad news for those housebuilders and we've seen that with Vivistry this morning.
Al KOI, you take me to the UK.
One stock that's doing well is into Tech. Why it's warming up to the idea of getting bought and getting bought by EQT, so it said this morning and was leaning towards recommending a fourth and final takeover offer from the private equity firm EQT, and this then offered that values into Tech at nine point two billion pounds and so Intertech, which is the product testing firm, obviously rejected three different bids from EQT, saying that they had undervalued
the company. But it's outcome under more and more pressure recently from some of its biggest shareholders to engage with EQT, and so we've seen that happening now. Before the takeover Saga started, Into Tech had announced a strategic review. It's been struggling actually quite a bit since the end of the pandemic, given that demand for its testing services was obviously very important during that time, but never really quite recovered. But it is now pausing that review and that paves
the way for being taken private. That's perhaps a wind for shareholders, but it does mean that yet another exit from the London Stock Exchange that that's probably not good use for that stock exchange. Yeah.
Absolutely, And just lastly on Siemens, what's the latest for them.
Yeah, they would buy back as much as six billion euros of shares after a big surgeon orders, really benefiting from demand for factory software for smart building infrastructure. But at the same time it did say we really cautious on the outlook because of the war and the impact of the war on both supply chains and also inflation.
And so we've seen some weakness in the shares this morning because of this cautious outlook, but also because some analysts have said that they had actually expected a higher number for that buyback, even though it came earlier than expected, and so we're seeing a little bit of weakness for Semas.
This morning 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.