Aug. 3 (Bloomberg) -- European stocks including Credit Suisse Group and TeliaSonera AB fell after the companies reported earnings that missed analysts' estimates.

``You have some nervousness when companies don't reach the estimates,'' said Johan Van Geeteruyen, a fund manager at Brussels-based Petercam, which oversees about $9.1 billion.

The Dow Jones Stoxx 600 Index dropped 0.3 percent to 286.52 as of 9:26 a.m. in London. The Stoxx 50 and the Euro Stoxx 50, a benchmark for the 12 countries using the euro, both retreated 0.5 percent. All three measures closed yesterday at three-year highs.

Adidas-Salomon AG, the world's second-largest sporting-goods maker, declined after agreeing to buy Reebok International Ltd. for about 3.1 billion euros ($3.8 billion) to challenge Nike Inc. in the athletic-shoe business.

Credit Suisse, the third-biggest money manager for the rich, declined 1.6 percent to 53.35 Swiss francs. The company said second-quarter net income slid 37 percent to 919 million Swiss francs ($718 million) as private-banking earnings declined and the investment bank had a loss to cover potential legal costs. Profit was lower than the 1.37 billion-franc median estimate of 11 analysts surveyed by Bloomberg News.

TeliaSonera, fell 3.6 percent to 37.9 Swedish kronor. The Nordic region's largest phone company said second-quarter earnings dropped to 2.02 billion kronor ($263 million) on restructuring costs. That was lower than the 3.02 billion kronor predicted by analysts in a SME Direkt survey.

Adidas shares slipped 0.4 percent to 146.99 euros. The company, based in Herzogenaurach, Germany, said it expects to complete the Reebok acquisition in the first half of 2006.

BMW, Wolters Kluwer

Bayerische Motoren Werke AG, the world's largest maker of luxury cars, slid 4.2 percent to 37.96 euros. The Munich-based automaker said profit fell for the second straight quarter because the dollar's drop from a year ago reduced U.S. earnings and raw-material costs rose. Earnings slipped 1.2 percent to 663 million euros, the company said.

Wolters Kluwer NV, Europe's largest tax and legal publisher, dropped 3.9 percent to 15.60 euros. The Amsterdam-based company said second-quarter profit rose 8.2 percent to 66 million euros, less than the 86 million euros predicted by the median estimate of seven analysts surveyed by Bloomberg News.

Rio Tinto, BASF

Rio Tinto Group, the world's third-biggest mining company, rose 1.8 percent to 1,949 pence. The London-based company said first-half earnings advanced 34 percent to a record $2.2 billion, beating analysts' estimates of $1.99 billion.

BASF AG, the largest chemicals maker, gained 1.4 percent to 60.76 euros after raising its full-year profit forecast. The company, based in Ludwigshafen, Germany, said it expects earnings to rise this year, up from a previous prediction of matching last year's level.

Royal Dutch Shell Plc, Europe's second-biggest oil company, slipped 1 percent to 1,780 pence in London. Buyers of the stock today aren't entitled to the first-half dividend.

GlaxoSmithKline Plc and BT Group Plc fell 0.6 percent and 2.5 percent, respectively. The shares also traded without the right to the latest payouts.

Commerzbank AG, Germany's third-largest bank, climbed 3.2 percent to 18.83 euros. The lender reported second-quarter profit of 175 million euros, more than analysts estimated, as a drop in trading income was cushioned by an increase in interest revenue.

Altana AG, a 132-year-old German drugs and chemicals maker controlled by a member of the Quandt family, advanced 5.1 percent to 45.96 euros. The company announced plans to spin off its chemical unit after buying metallic pigments maker Eckart GmbH & Co. for 630 million euros.

Havas SA, the French advertising company chaired by billionaire Vincent Bollore, added 3.2 percent to 4.48 euros. So- called organic revenue, which excludes the effect of disposals and currency movements, rose 3 percent in the second quarter, beating analyst estimates.

U.S. stocks rose yesterday, sending the Standard & Poor's 500 Index and the Nasdaq Composite Index to four-year highs. The S&P 500 climbed 0.7 percent to 1244.12 and the Nasdaq advanced 1 percent to 2218.15, levels not seen since June 2001. The Dow Jones Industrial Average gained 0.6 percent to 10,683.74.

To contact the reporter on this story: Kotaro Miyata in London at kmiyata2@bloomberg.net.

Last Updated: August 3, 2005 04:29 EDT