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Iberdrola, Portugal Telecom, Telenet: European Equity Preview

May 27 (Bloomberg) -- The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses.

The Stoxx Europe 600 Index fell 0.1 percent to 277.14. The Stoxx 50 Index declined less than 0.1 percent to 2,602.01. The Euro Stoxx 50 Index, a benchmark for nations using the euro, lost 0.6 percent to 2,799.82.

Derichebourg SA (DBG FP): The environmental services provider said first-half net income jumped to 48.2 million euros from 6.6 million euros, on a 35 percent increase in sales to 1.89 billion euros. The shares fell 0.1 percent to 6.20 euros.

Fomento de Construcciones & Contratas SA (FCC SM): Eurocis SA and Larranza XXI SL pledged to keep its stake in B-1998 SL, FCC’s biggest shareholder, until at least the end of 2016, the Spanish company said in an e-mailed statement. The shares fell 0.7 percent to 20.73 euros.

Iberdrola SA (IBE SM): Moody’s Investors Service said it changed the rating outlook for the senior unsecured A3 ratings of Iberdrola, its guaranteed subsidiaries and Scottish Power Ltd. and its subsidiaries to stable from negative. The shares climbed 0.3 percent to 6.05 euros.

Portugal Telecom SGPS SA (PTC PL): Portugal’s biggest phone company’s stake in Oi SA, which will combine the units of Telemar Participacoes SA, may be higher than 21.5 percent, Chief Executive Officer Zeinal Bava said in a conference call with analysts. The company expects capital spending in Portugal this year to be “in line” with 2010. The shares advanced 0.5 percent to 8.66 euros.

Telenet Group Holding NV (TNET BB): The Belgian cable operator controlled by John Malone’s Liberty Global Inc. said it opposes an amended draft proposal by Belgian regulators forcing cable operators to provide combined wholesale offerings of broadband Internet access and digital television services to competitors excluding Belgacom SA. Telenet shares declined 0.7 percent to 31.65 euros.

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

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