Qualcomm Names Steve Mollenkopf CEO and President
French Stocks: Dassault, France Telecom, Ipsos, Nexans, Renault
France’s CAC 40 Index gained 19.07, or 0.5 percent, to 3,834.84 at the 5.30 p.m. close in Paris, the measure’s first advance in three days. The SBF 120 Index also increased 0.5 percent.
The following stocks rose or fell in the French equity market today.
Dassault Systemes SA (DSY FP) surged 7.7 percent to 55.88 euros, the highest price since March 2002. The company said third-quarter net income climbed 44 percent, beating analysts’ estimates, as it won customers for its design software and raised its full-year sales forecast.
France Telecom SA (FTE FP) rallied 3.1 percent to 17.20 euros, the highest price since April, as profit topped analysts’ estimates. Europe’s fourth-largest phone company by sales said third-quarter earnings before interest, taxes, depreciation and amortization rose to 4.26 billion euros ($5.93 billion) from 4.21 billion euros a year earlier. Analysts had predicted Ebitda of 4.14 billion euros, according to the average of nine estimates compiled by Bloomberg. Sales climbed 4 percent to 11.61 billion euros.
Ipsen SA (IPN FP) jumped 6.6 percent to 25.74 euros, the biggest gain in a year. The family controlled drugmaker said third-quarter drug sales rose 9.9 percent, while total revenue climbed to 288.2 million euros.
Ipsos SA (IPS FP) gained 2.5 percent to 34.50 euros, the highest price in 10 years. The market-research company said third-quarter sales jumped 28 percent to 283.6 million euros and that full-year sales will exceed 1 billion euros “by far.”
Nexans SA (NEX FP) climbed 1.1 percent to 52.29 euros, the first advance in five days. The world’s biggest cable maker reiterated its forecast of stable full-year sales and 2010 operating profit of 4.5 percent of revenue.
Separately, Nexans said it remains interested in acquiring Draka Holding NV after the Dutch company rejected its proposed 731 million-euro takeover bid.
Renault SA (RNO FP) retreated 2.6 percent to 39.57 euros after France’s second-largest carmaker yesterday posted a 7.6 gain in third-quarter sales because of growth in emerging markets including Russia, Brazil and Argentina.
The numbers were “strong, but guidance disappoints,” Credit Suisse Group AG analyst Arndt Ellinghorst wrote in a report today. The forecast “does not provide any clarity on the profitability of the business.” He maintained his “outperform” recommendation on the shares.
The stock was downgraded to “hold” from “buy” at Societe Generale.
STMicroelectronics NV (STM FP) surged 3.1 percent to 6.33 euros, the highest price since August. Europe’s largest semiconductor maker was raised to “buy” from “hold” at Deutsche Bank AG.
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