Jan. 4 (Bloomberg) -- German stocks including Porsche AG and DaimlerChrysler AG rose after the U.S. dollar advanced against the euro to its strongest in almost two weeks.

Bayer AG slipped after analysts at Citigroup Smith Barney advised investors to trim their holdings of the stock.

The benchmark DAX Index rose 0.92, or less than 0.1 percent, to 4292.45 as of 11:45 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies also added less than 0.1 percent to 2188.75. DAX March futures rose 0.1 percent to 4312.

Porsche, maker of Boxster and 911-model sports cars, added 6.2 euros, or 1.3 percent, to 484 euros. The company got about a third of its revenue from the U.S. in 2004. DaimlerChrysler, which made almost half its 2003 revenue in the U.S., climbed 31 cents, or 0.9 percent, to 35.99 euros.

Against the euro, the dollar rose to $1.3381 at 10:27 a.m. in London, from $1.3466 late yesterday in New York, according to electronic currency trading system EBS. A stronger dollar increases the value of European companies' sales in the U.S. and makes exports more competitive.

The following stocks are making gains or losses today. Stock symbols are in parentheses after the company names.

Allianz AG (ALV GY), Europe's largest insurer, rose 41 cents, or 0.4 percent, to 97.80 euros after JPMorgan Chase & Co. raised the insurer's share-price forecast 10 percent to 108 euros and maintained the company's ``overweight'' rating.

Bayer, Germany's second-biggest drug and chemicals maker, dropped 37 cents, or 1.5 percent, to 24.73 euros. Shares of Bayer, the maker of Alka-Seltzer stomach remedies and inventor of aspirin, were downgraded to ``sell'' from ``hold'' by Andrew Benson, an analyst at Citigroup.

``We believe Bayer's return on invested capital will not reach its cost of capital,'' wrote Benson in a note to clients.

Return on invested capital is a gauge of how adequately a company uses money invested in its operations. The gauge is used to compare companies based on the competency of their management and the feasibility of their products.

Funkwerk AG (FEW GY), a maker of mobile communications systems, gained 79 cents, or 2.4 percent, to 33.11 euros. The company forecasts annual sales will exceed 400 million euros ($537 million) by 2007, Chief Executive Officer Hans Grundner told Boerse-Online in an interview.

Grenkeleasing AG (GLJ GY), which offers technology-equipment financing, rose 45 cents, or 1.3 percent, to 34.99 euros. The company said its volume of new business rose 19 percent in the fourth quarter to 106 million euros ($143 million) from a year earlier.

Infineon Technologies AG (IFX GY), Europe's second-largest chipmaker, slipped 9 cents, or 1.1 percent, to 8.03 euros, the DAX's biggest decliner. The Philadelphia Semiconductor Index, which includes 18 chip-related stocks including Infineon, dropped 2.1 percent yesterday, its biggest one-day fall since Dec. 7.

S.A.G. Solarstrom AG (SAG GF), a solar-energy company, rose 22 cents, or 4.3 percent, to 5.40 euros on Frankfurt floor trading. The company said it bought the remaining shares of Meteocontrol GmbH, a maker of solar-panel control systems, to expand the functionality of its solar-energy panels.

To contact the reporter on this story: Christopher Fournier in Frankfurt at Cfournier3@bloomberg.net

Last Updated: January 4, 2005 06:11 EST