French Stocks: Arkema, Hermes International, STMicroelectronics
France’s CAC 40 Index lost 7.57, or 0.2 percent, to 3,739.47 at 3:23 p.m. in Paris. The SBF 120 Index declined 0.3 percent to 2,810.36.
The following is a list of companies whose shares either rose or fell in the French capital. Stock symbols are in parentheses.
Arkema SA (AKE FP) jumped 3.5 percent to 52.20 euros after JPMorgan Chase & Co. and Morgan Stanley raised their share-price estimates for the maker of acrylics, citing improved prospects for 2011.
JPMorgan raised its price estimate by 8 percent to 54 euros and Morgan Stanley lifted its target 13 percent to 62 euros.
Hermes International SCA (RMS FP) dropped 8.2 percent to 152.5 euros, snapping a three-day rally. 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 (MC FP) from gaining control, according to two people familiar with the plans. LVMH rose 0.8 percent to 121.2 euros.
STMicroelectronics NV (STM FP) climbed 4.3 percent to 7.27 euros after Exane BNP Paribas upgraded Europe’s largest semiconductor maker to “outperform” from “neutral.”
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