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☆ Watches of Switzerland shares plunge 30% after guidance cut
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

An employee arranges a display of Omega SA watches in the window of a Watches of Switzerland Group Plc store on Regent Street in London, UK, on Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc's biggest investors cut its stake in the UK-listed timepiece retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. Photographer: Jose Sarmento Matos/Bloomberg via Getty ImagesWatches of Switzerland shares plummeted 30% on Thursday at 08:46 a.m. London time, after the luxury watch retailer cut its guidance for the 2024 fiscal year. Despite the market panic, analysts at both Jefferies and Investec reiterated their "buy" ratings on Watches of Switzerland stock in flash notes on Thursday. "However, the extent of the adjustments to the guidance range will be painful to navigate in the near term."

Persons: Jose Sarmento Matos, WOSG, —, Brian Duffy, Duffy, Investec Organizations: Omega SA, Switzerland Group, Switzerland Group Plc's, Rolex SA, Bucherer AG, Bloomberg, Getty, Switzerland, U.S, Rolex, Jefferies Locations: London, U.S, Switzerland

☆ Rolex’s deal is ticking time bomb for retailers
▼ + stars: | 2023-08-25 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

In the short term, these concerns look overstated, but Rolex’s move may still have called time on WoS’s business model. In that context, Friday’s slump in WoS shares looks excessive. That’s a modest sum relative to the enterprise value of 4 billion Swiss francs that Vontobel analysts believe Bucherer is worth. The news sparked a sharp sell-off in the UK-listed shares of Watches of Switzerland, a major retailer of Rolex watches. Watches of Switzerland shares were down more than 20% at 0933 GMT on Aug. 25.

Persons: –, WoS, Bucherer, Cartier, ”, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Rolex, Reuters Graphics Reuters, RBC, Piguet, Switzerland, Thomson Locations: Switzerland, London, Swiss

☆ LSEG, Experian shares weigh on UK's FTSE 100
▼ + stars: | 2023-05-17 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

The financial services sector (.FTUB3020) slid 1.1% while the broader FTSE 100 (.FTSE) shed 0.1%. Shares of Experian Plc (EXPN.L) slipped after the credit data firm forecast annual organic revenue to grow between 4% and 6%, while analysts were expecting a 5.8% growth. "In early trade, the market looks to be taking a cautious approach (with Experian's shares)," said Steve Clayton, head of equity funds, Hargreaves Lansdown. Among other movers, Watches of Switzerland Group Plc (WOSG.L) slumped 7.4% on a marginal sales decline in the first quarter. Bucking the sombre mood, Sage Group Plc (SGE.L) rose 3.6% after upgrading its annual organic recurring revenue growth forecast.

☆ Earnings, M&A chatter lift FTSE 100 to record high, Entain tumbles
▼ + stars: | 2023-02-09 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.7% to touch a record high of 7,943.68, while the midcap FTSE 250 index (.FTMC) inched up 0.1%. AstraZeneca (AZN.L) jumped 4.3%, set for its best day in nearly a year, after the drugmaker forecast earnings growth in 2023. Unilever (ULVR.L) rose 0.4% after the consumer goods giant reported quarterly underlying sales growth above expectations. Watches of Switzerland Group (WoS) (WOSG.L) slumped 13.1% after it gave its quarterly trading update. (This story has been corrected to say Watches of Switzerland Group gave quarterly trading update, not full-year in the third bullet and last paragraph.)

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