On this episode of Stock Movers:
- Hermes declines as much as 3.3% following a downgrade to hold at Jefferies, which currently doesn’t see scope for the French luxury-goods maker to return to peak multiples. Analyst James Grzinic doesn’t model any significant acceleration in growth despite firmer US pricing and reduced availability constraints
- AstraZeneca’s experimental hypertension drug Baxdrostat reduced the blood pressure of patients who have an uncontrolled or treatment-resistant form of the condition, boosting the prospects of the medicine becoming a blockbuster. Astra has identified Baxdrostat as having potential sales of more than $5 billion a year, while Barclays estimates it could bring in about $2 billion a year when taken as a single drug. Shares of AstraZeneca rose as much as 2.1% in early trading in London.
- Brenntag shares fall as much as 5.6%, the most in almost two months, after the German chemicals firm cut its earnings guidance for the year in an unscheduled statement on Friday night. Morgan Stanley says underperformance is to be expected today, even if the profit warning wasn’t totally surprising.
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