Richemont Climbs, Puig Falls, Evonik Downgrade | Stock Movers

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[00:00:02]Bloomberg Audio Studios podcasts, radio, news.

[00:00:08]>> The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.

[00:00:16]>> Let's look at some of the stocks on the move today here in Europe. I'm Caroline Hkut with Lizzie Burton and we're joined by our reporter Chloe Malay. Good morning.

[00:00:24]>> Good morning. So, Rishmore, the results out today. How are investors reacting?

[00:00:30]>> Well, Rishmore really confirmed its status this morning as a as a standout performer in in that luxury sector. So, sales came in better than expected and and that was driven in particular by very good demand for Cartier jewelry.

[00:00:44]And so the reason why Rishim Mo is doing that much better than its peers is is because of that focus on jewelry because it's often seen as a better investment than you know expensive clothes or expensive bags. And so when people really want to splash out then they tend to do it more with maybe a nice necklace, nice bracelet and so that places Rishmore in quite a sharp contrast with what we've heard from other luxury players. So LVMH Caring etc. All of those companies have had a tougher time lately, especially with the war in the Middle East really hitting those cells. And so the assumption now among investors, among analysts, is that the luxury rebound that was hoped for this year might actually be delayed a little bit further. Um is exposed to the Middle East. It gets about 9% of its revenue from the Middle East and Africa and sales did start to slip uh in the last quarter in this region, but the chairman said that it's not going to make or break our balance sheet. So, it seems to be pretty resilient and so that explains a big um big jump in the shares this morning.

[00:01:45]>> And Chloe, no deal for pooch pig. We're debating how to pronounce it in the radio studio, but talk us through how the recent news has affected the share price.

[00:01:54]>> Yeah, I think it's pooch because it's Catalan, isn't it? So there's a huge drop for that company as you mentioned because of its merger talks with Estel which have been going on since March have collapsed and the deal apparently fell apart uh because of the make a part Charlotte Tilbury's uh demands regarding her compensation in that deal. So that was a really major sticking point uh because Tilbury sold her brand to Pooch in 2020 but still holds a minority uh stake. But apart from that, some analysts had already expressed some skepticism about whether that deal would actually end up happening. Um saying that it might be difficult for Esau to integrate more brands at this current time because it's currently managing a turnaround of its own as well. Um but the deal would have created one of the largest uh perfume and skincare companies in the world. It would have been able to compete with a giant like L'Oreal for example. So it is understandable that is quite a bit of disappointment from investors this morning and that explains what we've seen uh the shares for pooch fall the most since uh their IPO in 2024.

[00:02:56]>> Yeah. Okay. Really interesting uh on yeah the demands from one part of the business and what it has meant in terms of uh ivonic some moves there. Tell us about what this business does firstly.

[00:03:09]>> Uh yes ivonic is a specialty chemicals um company. So it supplies and markets like farm and animal nutrition. Um there's a bit of weakness across that chemical sector actually this morning because we had a note from JP Morgan saying that sector blues are expected to return for those European chemical companies and they downgraded Ivonic as part of that alongside other firms as well. So chemical companies have had a pretty good earning season. They were able to to pass on a rising raw materials cost on to customers. They also really benefited from clients stockpiling to avoid shortages uh because those clients had anticipated that there would be supply chain disruptions and and price hikes later.

[00:03:50]So chemicals companies in Europe had really benefited uh from that. But the analysts from JP Morgan are saying that some recent data suggests that actually any near-term tailwinds from the Iran war might actually be lower than expected and might also already already be fading possibly. And so the fact that this boost from the Iran war might actually be more short-lived than originally expected, that's being taken as quite a negative for Ivonic. And so we're seeing that down this morning.

[00:04:20]>> 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.com, and on Apple CarPlay and Android Auto with the Bloomberg Business App.