Schneider Electric Falls, Wickes Up, Ocado Gains

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0:08 The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.

0:16 Let's take a look at some stocks on the move today in Europe. I'm James Wilcock with Stephen Carroll, and we're joined in the London studio by Bloomberg reporter Josh Gorn-Warner. Josh, let's start with Snyder Electric falling today after it launched a capital increase.

0:29 Yeah.

0:29 So, the French conglomerate is down about 3% to 4% this morning. It's trading at its lowest level since April. This € 6 billion capital increase is designed to help fund the acquisition of U.S.-based firm PTC that was announced earlier this month. It's issuing about 25 million new shares. It's about 4.3% of its share capital prior to this issue.

0:51 And the subscription price is about € 240 a share. The stock remains above that price this morning, trading at about € 244. Just as a reminder, the PTC deal is the biggest acquisition in the company's history. And these funds will go toward paying the $ 22 billion.

1:09 Plus price tag.

1:11 PTC is being targeted mostly for its engineering software. And CEO Oliver Bloom has said the deal will create a more complete software and AI powerhouse.

1:21 So, a big deal requiring a capital increase there.

1:24 Okay.

1:24 So, that's Schneider Electric. To the retail sector now. Wix reporting some positive third quarter results.

1:30 Yes, the DIY retailer is up over 4% after reporting faster growth in the third quarter.

1:36 Like-for-like growth was up 4%.

1:37 That accelerated from 1% in the second quarter and just 0.3% in the first. So we can see a steady step up in growth throughout the year. Importantly, the company has continued to outperform the broader market and price increases have finally started to contribute to the growth following a long period of deflation. Retail was the key driver as people opt to do their own DIY, but consumers remain still a bit more cautious on big ticket purchases that require design installations such as kitchens and bathrooms. Shares are at a six-month high this morning, although still down about 5% year-to-date.

2:12 While you're going to stick with your U.K. shopping spree, you're looking at Ocado, which has got an analyst upgrade.

2:17 Yes.

2:18 So, shares are getting a boost after JPMorgan hiked its price target to the highest level of any broker that covers the stock tracked by us here at Bloomberg. Shares are up over 5% and trading at a 13-month high. JPMorgan hiked the target to about 460p from 290p. And just for some context, that is about 45% higher than yesterday's closing share price. Analysts are saying that its grocery joint venture with Marks & Spencers is growing at a faster pace than rivals and that the risk attached to the other part of the business that builds highly automated centers for other companies is also de-risked.

2:54 So, being taken very well this morning.

2:57 Also, some good commentary on its financial footing, which will also be good news considering the.

3:02 Fears about the leverage in the past.

3:05 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.