On this episode of Stock Movers:
- France’s billionaire Pinault family agreed to sell its 29% stake in Puma to China’s Anta Sports Products, paring back its holdings beyond the luxury-goods industry as it focuses on a turnaround at the key Gucci brand. Puma shares jumped as much as 21% in early Frankfurt trading, roughly halving the past year’s decline.
- Dr. Martens shares drop as much as 7.6%, the most since November, after the shoemaker reported a decline in revenue. RBC Capital Markets analyst Piral Dadhania attributed the stock’s negative reaction to “softer than expected revenue momentum through peak trading.”
- Credit Agricole shares rise as much as 2.5%, the second-best performer on the Stoxx 600 Banks Index on Tuesday, after Oddo raises its recommendation on the French lender to outperform from neutral