On this episode of Stock Movers:
- Britain’s biggest housebuilder Barratt Redrow Plc saw its annual sales fall short of previous guidance after weaker demand for its London homes, sending its share price plunging. The developer sold 16,565 homes in the year through June 29, despite saying in April it expected to sell between 16,800 and 17,200 units, according to a statement Tuesday. Barratt Redrow said this was mainly due to “fewer international and investor completions than expected” in its London businesses. The company’s share price fell as much as 13% in early trading, the most since September 2022 in the aftermath of former Prime Minister Liz Truss’s mini budget.
- B&M European Value Retail shares plunge as much as 14%, hitting their lowest level on record, after posting weaker topline growth than anticipated in the first quarter despite weak comparatives and favorable weather. Analysts note that this is the first formal update under CEO Tjeerd Jegen, with the focus at today’s call on how he aims to improve growth.
- Orsted climbs as much as 6.4% after Morgan Stanley upgrades the Danish offshore wind developer to overweight from equal-weight, saying in note that an improving risk/reward makes it “worth a fresh look”. Analyst Rob Pulleyn says risks on legacy US projects are now declining, while renewables are “at the turning of the cycle”.
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