Accor, AstraZeneca, Bekaert, Bouygues SA, Hermes: European Equity Preview
The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses, and prices are from the previous close.
The Stoxx Europe 600 Index rose 1.7 percent to 271.61. The Stoxx 50 Index advanced 1.5 percent to 2,564.12. The Euro Stoxx 50 Index, a benchmark for nations using the euro, gained 2.2 percent to 2,781.39.
Accor SA (AC FP): The French lodging company said it is selling all 18 of its hotels in Sweden, involving 1,760 rooms. The transaction involves 14 Ibis and 4 Formula 1 hotels, all of which will continue to operate under the same brand names, the company said. Accor has said it plans to sell 2 billion euros ($2.6 billion) in hotel property assets between 2010 and 2013, including up to 650 million euros this year. The shares rose 0.8 percent to 33.30 euros.
AstraZeneca Plc (AZN LN): The drugmaker won a U.K. ruling blocking Slovenian generic-drug maker Krka Group d.d. from joining a lawsuit filed by Rambaxy Laboratories Ltd. over patents for the ulcer treatment Nexium. The stock advanced 1 percent to 3,064 pence.
Bekaert NV (BEKB BB): The world’s largest maker of steel cord used in tires will sell at least 100 million euros of 4.5 percent bonds due December 2018 in a public offering to investors in Belgium and Luxembourg to fund capital spending in emerging markets and repay bank loans. Bekaert rallied 4.5 percent to 79.89 euros.
Bouygues SA (EN FP): France’s second-biggest construction company said third-quarter net income fell 18 percent to 391 million euros. Operating profit rose 2 percent to 700 million euros. The company raised its outlook for 2010 sales to 31 billion euros. The shares rose 1.2 percent to 31.88 euros.
Hermes International SCA (RMS FP): The family shareholders of the luxury accessories maker may discuss ways to allow them to sell stock while preventing rival LVMH Moet Hennessy Louis Vuitton SA from gaining control, according to two people familiar with the plans. Hermes rose 5.3 percent to 166.05 euros.
Neopost SA (NEO FP): The maker of equipment for mailing and shipping was downgraded to “hold” from “buy” at Societe Generale by equity analyst Patrick Jousseaume. The 12-month target price is 71.00 euros. The shares rose 0.7 percent to 68 euros.
Scor SE (SCR FP): The French reinsurer said it has no exposure to countries affected by the European debt crisis. It said it has no assets linked to sovereign risk in Greece, Ireland, Spain and Portugal. The shares rose 0.7 percent to 18.31 euros.
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