On this episode of Stock Movers:
- WPP shares drop as much as 15%, to the lowest since 2009, after the advertising agency reduced its organic growth guidance for the year, citing continued macro uncertainty weighing on client spending. The profit warning came about a month after reports that WPP has lost Mars’ $1.7 billion ad portfolio, reflecting continued struggles for the firm to revive growth. Peer Publicis drops 1.6%.
- Meta Plaforms Inc. bought a minority stake in the world’s largest eyewear manufacturer, EssilorLuxottica SA, deepening the US tech giant’s commitment to the fast-growing smart glasses industry, according to people familiar with the matter. Shares of EssilorLuxottica surged the most in three months in Paris, up by 5.5% The growing ties with Meta should be seen as a vote of confidence in the eyewear maker and the opportunity for the smart-glasses category, according to analysts at Bernstein.
- European drugmakers may be active in Wednesday trading after US President Donald Trump yesterday said his administration “will be announcing something very soon on pharmaceuticals.” While any tariffs could be around one year away, the tariffs could be set at “like 200%,” he said. Denmark's NovoNordisk is down 1%.
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