Assa Abloy, Nordea, Norsk Hydro, Vestas: Nordic Stock Preview

The following companies may have unusual price changes in Nordic trading. Stock symbols are in parentheses and share prices are from the previous close.

The Stoxx Nordic 30 Index, the benchmark measure for the region, fell 1.3 percent to 7,036.08.

The OMX Helsinki 25 Index slipped 1 percent, while the OMX Stockholm 30 Index dropped 0.4 percent. The Copenhagen 20 Index tumbled 1.6 percent and Norway’s OBX Index added 0.6 percent.

Assa Abloy AB (ASSAB SS): The world’s largest lockmaker said third-quarter net income rose to 1.09 billion kronor from 876 million kronor a year earlier. That beat the average analyst expectation of 1.04 billion kronor, according to a Bloomberg survey of 13 analysts. The shares increased 0.3 percent to 171.3 kronor.

Cargotec Oyj (CGCBV FH): The world’s biggest maker of container-lifting gear reported third-quarter net income of 23 million euros ($31.8 million), rebounding from a loss of 1.3 million euros last year. The shares slipped 1.7 percent to 34.03 euros.

Nordea Bank AB (NDA SS): The Nordic’s largest bank said third-quarter net income rose to 709 million euros from 624 million euros a year earlier. Analysts had estimated net income of 555 million euros, according to a survey compiled by Bloomberg. The shares fell 0.2 percent to 73.35 kronor.

Norsk Hydro ASA (NHY NO): Europe’s third-largest maker of aluminum reported a third-quarter net loss of 104 million kroner ($17.6 million), compared with a profit of 1.01 billion kroner a year earlier. Sales rose to 18.4 billion kroner from 16.8 billion kroner. The shares traded flat at 37.35 kroner.

Novo Nordisk A/S (NOVOB DC): The world’s biggest maker of insulin recorded third-quarter net income of 3.59 billion kroner ($664 million), the Bagsvaerd, Denmark-based company said today in a stock-exchange statement.

The average estimate of 13 analysts surveyed by Bloomberg was a net income of 3.29 billion kroner. Novo had net income of 2.76 billion kroner in the third quarter of 2009. The shares decreased 0.8 percent to 539 kroner.

Renewable Energy Corp. ASA (REC NO): The Norwegian maker of solar-energy components reported a third-quarter net loss of 896 million kroner. Analysts had forecast a loss of 167.4 million kroner, according to 12 estimates surveyed by Bloomberg. The shares fell 0.1 percent to 22.12 kroner.

Storebrand ASA (STB NO): Norway’s largest publicly traded insurer reported a third-quarter profit of 587 million kroner, compared with a profit of 812 million kroner a year earlier. The company was estimated to make 609 million kroner, according to survey of eight analysts by Bloomberg. Net premium income fell to 5.149 billion kroner from 5.497 billion kroner a year earlier. The shares retreated 1.1 percent to 39.28 kroner.

Telenor ASA (TEL NO): The Norwegian company raised its full-year organic sales growth outlook to “around 5 percent” from 3 percent to 5 percent previously and its Ebitda margin outlook to 30 percent to 31 percent from “around 28 percent” previously. The shares jumped 2.7 percent to 94.2 kroner.

Tieto Oyj (TIE1V FH): The biggest Nordic provider of computer services reported third-quarter earnings before interest and taxes of 27.7 million euros, missing the 27.9 million-euro mean estimate of 11 analysts surveyed by Bloomberg News. The shares rose 2 percent to 15.15 euros.

Vestas Wind Systems A/S (VWS DC): The world’s largest maker of wind turbines, which yesterday said new wind-turbine orders will decline in 2011, had its price estimate reduced by at least three analysts after the shares dropped 10 percent.

JPMorgan Chase & Co. reduced its target by 22 percent to 180 kroner, Standard & Poor’s Equity Research cut its estimate by 6.7 percent to 236 kroner and Liberum Capital Ltd. lowered its target by 30 percent to 187 kroner, according to Bloomberg data. Shares of Randers, Denmark-based Vestas slumped 10 percent to 179.3 kroner.

To contact the reporter on this story: Adam Ewing in Stockholm at

To contact the editor responsible for this story: David Merritt at

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