Cofinimmo, Hugo Boss, TUI May Be Active: Equity Market Preview for Europe
Shares of the following companies may have unusual moves in European trading. Stock symbols are in parentheses.
The Stoxx Europe 600 Index fell 0.8 percent to 267.68. The Stoxx 50 Index declined 0.6 percent to 2,522.67. The Euro Stoxx 50 Index, a benchmark measure for nations using the euro, decreased 0.7 percent to 2,695.29.
Cofinimmo (COFB) SA: Belgium’s biggest real-estate investment fund said it will set up a jointly owned company to build a prison in Leuze-en-Hainaut, Belgium. Cofinimmo will contribute half of the project venture’s equity and buy the remaining stake from its partners upon delivery at the end of 2013. Cofinimmo retreated 0.4 percent to 95.30 euros.
Hugo Boss AG (BOS) (BOS3 GY): The German luxury clothing company raised its full-year forecast after second-quarter profit jumped more than five-fold to 31 million euros ($44 million). It now forecasts an increase in 2011 sales of between 15 and 17 percent after adjustments for currency effects, compared with a previous forecast of 12 percent. Earnings before tax, interest, depreciation and amortization, before special items, are seen rising 25 to 30 percent, compared with an earlier forecast of at least 15 percent. Hugo Boss rose 1.1 percent to 72.14 euros.
TUI AG (TUI1) (TUI1 GY): The German owner of Europe’s largest travel company was downgraded to “sell” from “hold” at Standard & Poor’s by equity analyst Preeti Rambhiya with a 12- month share price estimate of 6.25 euros. The shares fell 1.4 percent to 6.69 euros.
To contact the reporter on this story: Victoria Stilwell in New York at vstilwell@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net
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