GM Sells Stake in Ally Financial for $900 Million
Banco CAM, Canal Plus, Daimler, Vinci, Volkswagen: Europe Equity Preview
Shares of the following companies may have unusual moves in European trading. Stock symbols are in parentheses.
The Stoxx Europe 600 Index rose 0.7 percent to 230.47. The Stoxx 50 Index climbed 0.7 percent to 2,163.88. The Euro Stoxx 50 Index, a benchmark measure for nations using the euro, increased 0.6 percent to 2,163.40.
Banco CAM (CAM SM): The Spanish savings bank taken over by the Bank of Spain had its Ba1 long-term debt rating put on review for a downgrade by Moody’s Investors Service on concern about its “materially weaker” financial profile revealed in its first-half accounts published earlier this week.
The shares added 1.1 percent to 1.92 euros.
Bankia SA (BKIA SM): The Spanish lender, which completed its initial public offering in July, will join Spain’s IBEX 35 stock index, the bank said in an e-mailed statement.
The shares fell 0.5 percent to 3.69 euros.
Canal Plus SA (AN FP): The broadcast media group said it agreed to buy 60 percent of Bollore Group’s television assets, including the Direct 8 and Direct Star channels, with shares in parent company Vivendi SA. Canal Plus shares fell 0.5 percent to 4.23 euros.
Conergy AG (CGYK GY): The German solar energy group said it plans to cut 100 jobs at its plant in Frankfurt an der Oder, Germany, as it focuses on the production of solar modules and halts production of wafers and cells at the factory because of pricing pressure. The shares fell 3.4 percent to 43.2 euro cents.
Daimler AG (DAI) : The world’s largest truckmaker forecasts that the global truck market will continue to expand this year, growing as much as 35 percent in the U.S. and triple in Europe, Financial Times Deutschland reported, citing an interview with Andreas Renschler, head of Daimler’s trucks unit. The shares dropped 1.9 percent to 33.62 euros.
Vinci SA (DG) : The construction and engineering group said it won a $400 million contract to design and build two tunnels at Codelco’s El Teniente mine in Chile. The shares fell less than 0.1 percent to 34.26 euros.
Volkswagen AG (VOW) : Europe’s largest automaker said its merger with Porsche SE (PAH3 GY) can no longer be completed by the end of the year as originally planned. Volkswagen fell 1.3 percent to 99.7 euros. Porsche lost 1 percent to 43.97 euros.
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