On this episode of Stock Movers:
- Sodexo SA shares plunged the most in almost seven years after the French food services company lowered its revenue guidance, citing slower growth at its US university business. The stock dropped as much as 16% in Paris, the biggest intraday decline since March 2018. Rival catering companies also fell, with London-listed Compass Group Plc sliding as much as 4.1%.
- British warship maker Babcock International Group Plc will rejoin the FTSE 100 index amid a rally in defense stocks as Europe ramps up security spending. The London-based firm will replace Hargreaves Lansdown Plc in the benchmark on Monday, FTSE Russell said in a statement. A spot is opening up in the index because Hargreaves has agreed to a takeover by a group of private equity firms.
- Swiss watch exports’ downward trajectory resumed in February after a one-month respite, with all main markets seeing a decline. Shipments from Switzerland’s third-biggest exporting industry fell 8.2% overall, hampered by slow demand in China, the Federation of the Swiss Watch Industry said Thursday. In total, 102,000 fewer watches were exported. Only watches with an export price below 200 Swiss francs ($228) posted a positive result. Mid-market watches — priced between 500 and 3,000 francs — fell 15.4%, while timepieces above 3,000 francs slipped 7.3%. Precious metal watches held up better than steel watches, despite high gold prices.
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