AB Foods Falls After Guidance Cut; Porsche to Sell Bugatti Stake; Fortum Climbs
AB Foods falls ~10% after profit guidance cut; Porsche to raise €1bn selling Bugatti stake; Fortum gains on broker upgrades and a 22-year Google power-purchase deal.
Editorial companion
What stands out
AB Foods plunged as much as 10% after cutting profit guidance for its Sugar and Grocery divisions, while Primark results were broadly in line with expectations and Barclays warned plans to offer home delivery lack enough detail to move the needle. Porsche announced it will free up about €1 billion ($1.16 billion) by selling its stake in the venture that owns Bugatti, a tidy one-time boost as the automaker reorients. Fortum jumped after brokers upgraded the stock following a new 22-year power-purchase agreement (PPA) with Google covering up to 50% of capacity at its Loviisa nuclear plant.