Burberry Surprises, Salzgitter Slumps, Saab Soar
On this episode of Stock Movers:
Burberry’s sales fell less than expected, as the UK fashion brand begins to deliver on its turnaround plan under Chief Executive Officer Joshua Schulman.
Salzgitter slumps as much as 13%, the most since September 2022, after the steelmaker revealed second-quarter Ebitda that came in significantly below consensus expectations. The firm said there is little sign of any real recovery over the second half of the year, and slashed its full-year guidance.
Saab shares soar as much as 13% to hit an all-time high after the defense technology business posted sales above expectations in the second quarter and raised its growth outlook for the full year. The upbeat outlook is also helping to boost other defense names, according to Jefferies.
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