# Telefonica Drops, Galp Falls, Genmab Surges

An episode of [Stock Movers](https://invisiblenetwork.ai/podcast/1803209456), 26 Oct 2026, 3:33.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/deb345cd-6d73-4a24-a6e3-b2a50138dd86/dbd742f6-ac5f-42f9-8774-b4ef009751c7/audio.mp3?utm_source=Podcast&in_playlist=a55c6f22-aa32-4a58-aebd-b2a50138e2b2

Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - Telefonica falls as much as 8.4%, the most in almost a year, after JPMorgan cut the Spanish telco to underweight from neutral and as Brazil-exposed stocks slide following Luiz Inácio Lula da Silva’s surprise runoff election win. - Galp Energia SGPS SA said talks with Spain’s Moeve to combine their fuel stations and refining operations in Portugal and Spain have ended without an agreement, thwarting plans to create a major player in the Iberian energy market. - Genmab shares surge as much as 13%, the most since March 2020, after the drugmaker said a late-stage trial of its experimental treatment for ovarian cancer, Rina-S, met its primary and key secondary endpoints. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios. Podcasts. Radio. News. The Stock Movers Report.
[0:10] Speaker 1: Your roundup of companies making moves in the stock market.
[0:13] Speaker 1: Harnessing the power of Bloomberg data.
[0:16] Speaker 2: Let's have a look at some of the stocks on
[0:17] Speaker 2: the move today in Europe. I'm Caroline Hepka with Stephen
[0:20] Speaker 2: Carroll and we're joined by Bloomberg's UK breaking news editor,
[0:23] Speaker 2: Louise Moon. Good morning. Louise, tell us about the stocks
[0:26] Speaker 2: that are affected by the Brazilian election result because there
[0:30] Speaker 2: are quite a few in Europe with exposure to Latin
[0:33] Speaker 2: America to Brazil.
[0:34] Speaker 3: Indeed, yeah. There's, well, as you say, quite a number
[0:37] Speaker 3: of them. But the main ones that we're looking at
[0:39] Speaker 3: this morning and that seem to be impacted a lot
[0:40] Speaker 3: is Telefónica, Santander and Carforce. They all generate more than 20%
[0:44] Speaker 3: of their revenue.
[0:46] Speaker 1: Brazil.
[0:46] Speaker 3: Obviously, this is on the back of the surprise win
[0:48] Speaker 3: by Lula and then Bolsonaro calling for the vote to
[0:52] Speaker 3: be annulled. So, expectation there that there'll be steep sell-offs
[0:56] Speaker 3: in Brazil. And so, therefore, this is filtering through into Europe. So,
[1:01] Speaker 3: as I say, those three impacted. So, Telefonica shares down 7%,
[1:05] Speaker 3: Santander down 5%, Carrefour only dipping slightly, and then others
[1:09] Speaker 3: as well. So, the likes of AB InBev, they're about 3% lower. So, yeah,
[1:14] Speaker 3: all on the back of this Brazil political news.
[1:19] Speaker 1: Staying with that part of the world as we're thinking
[1:22] Speaker 1: about a story in the energy sector this time, Galp Energy,
[1:25] Speaker 1: are their shares falling on some M & A headlines?
[1:28] Speaker 2: Yeah.
[1:28] Speaker 3: So, they're based in Lisbon. They've been in talks with
[1:31] Speaker 3: a Spanish company, Moeve, to combine their fuel stations and
[1:34] Speaker 3: refining operations. So, that's been since January time. That's ended
[1:37] Speaker 3: without agreement. So, it would have created a major player
[1:42] Speaker 3: in the energy market, would have brought together about 3,500 sites.
[1:45] Speaker 3: But that's not happening anymore. So, that deal has fallen through. Now,
[1:49] Speaker 3: Galp has said, you know, they're painting, I guess, predictably
[1:53] Speaker 3: a positive picture. They're saying it won't impact their existing
[1:56] Speaker 3: operations or their confidence. They've got a lot of confidence
[1:58] Speaker 3: in being a standalone company and their investment strategy is unchanged.
[2:03] Speaker 3: They also had their third quarter results today and they
[2:05] Speaker 3: raised that outlook. They've been benefiting from higher commodity prices today.
[2:08] Speaker 3: And that's boosted their performance. And their share price actually,
[2:11] Speaker 3: so far this year, has been doing pretty well. But
[2:14] Speaker 3: the shares today fallen about 9%. The focus there on
[2:18] Speaker 3: the deal falling through, that's kind of overshadowing any results
[2:21] Speaker 3: or outlook news that has also come through this morning.
[2:24] Speaker 2: Okay. Lastly, the Danish biotech company Genmab, why are they
[2:30] Speaker 2: of note?
[2:31] Speaker 3: They've had a slew of positive cancer treatment updates this morning. So,
[2:36] Speaker 3: their ovarian cancer treatment, they had a late-stage trial and
[2:39] Speaker 3: it met the primary and secondary endpoints. So, positive news there.
[2:42] Speaker 3: They also had a positive update for a treatment for
[2:44] Speaker 3: neck and head cancer. So, all of those came through,
[2:47] Speaker 3: which in itself is positive. And then on the back
[2:49] Speaker 3: of that, at the same time, JP Morgan raised them
[2:53] Speaker 3: to a overweight. And if you actually look at their
[2:55] Speaker 3: analyst ratings, they've got 17 buys and I think only
[2:58] Speaker 3: one hold and one sell. So, very strongly in the
[3:01] Speaker 3: buy category. Shares up on the back of all of that,
[3:04] Speaker 3: about 12% in morning trading. So, really soaring.
[3:08] Speaker 1: The Stock Movers Report from Bloomberg Radio. Check back with
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[3:15] Speaker 1: making news on Wall Street. And for the latest market-moving headlines,
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