Abengoa, EDP, Euronav, Panmure, Tesco: European Equity Preview
The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses.
The Stoxx Europe 600 Index fell 0.5 percent to 265.24. The Stoxx 50 Index slipped 0.5 percent to 2,550.77. The Euro Stoxx 50 Index (SX5E), a benchmark for nations using the euro, dropped 0.5 percent to 2,837.33.
Abengoa SA (ABG/P) : The Spanish engineering company sold $650 million of senior notes due in November 2017 after boosting the size of the transaction, according to a person familiar with the offering. The 8.875 percent notes were priced at 98.095 cents on the dollar to yield 9.25 percent, said the person, who declined to be identified because terms aren’t set. The shares advanced 1.7 percent to 19.89 euros.
Alerion Cleanpower SpA (ARN) : The Milan-based renewable energy developer and operator is looking to sell nine photovoltaic parks with 23 megawatts in total capacity operating across Italy. The shares gained 7.1 percent to 51.4 euro cents.
Autoroutes Paris-Rhin-Rhone (ARR FP): France’s second-largest toll-highway operator said third-quarter toll revenue rose to 1.45 billion euros from 1.38 billion euros. The shares climbed 1.4 percent to 53.99 euros.
Duro Felguera SA (MDF) : The Spanish engineering company trades for the first time without the right to a gross dividend of 8 euro cents per share. The shares increased 0.3 percent to 6.47 euros.
Edenred (EDEN) : The French prepaid service-voucher company that split from hotel group Accor SA in July raised its profit goal after issuing more tickets in Brazil and Venezuela. Earnings before interest and taxes will be 310 million euros to 330 million euros this year, the company said, raising the lower end of the range from 300 million euros. The shares fell 0.9 percent to 15.03 euros.
EDP-Energias de Portugal SA (EDP PL): Portugal’s biggest utility said electricity distribution in Portugal and Spain rose 4.6 percent in the first nine months, according to a regulatory filing. The shares climbed 0.9 percent to 2.72 euros.
Eni SpA (ENI) : Italy’s biggest oil company completed the sale of Padana Energia to Gas Plus SpA (GSP) for 179.1 million euros. Eni lost 0.9 percent to 16.15 euros. Gas Plus gained 1.1 percent to 4.79 euros.
Euronav NV (EURN) : Belgium’s sole publicly traded oil-tanker owner reported a third-quarter net loss of $11.9 million and said its outlook remains “cautious” for the remainder of the year and 2011. The average estimate of four analysts surveyed by Bloomberg was for a quarterly loss of $15.5 million. Euronav declined 2.1 percent to 13.70 euros.
Faurecia SA (EO) : Europe’s largest maker of car interiors said One Equity Partners, a fund unit of JPMorgan Chase & Co., is selling a 13 percent stake in the French company in a share placement to institutional investors. The shares rose 1.9 percent to 19.54 euros.
Fiat SpA (F) : Chrysler Group LLC, the U.S. automaker run by Fiat, said dealers who set up quick-lube services as part of the company’s push to improve customer treatment are doubling their oil-change business in one year. Fiat lost 0.7 percent to 11.64 euros in Milan.
Haulotte Group (PIG) : The maker of lifting platforms for building sites said third-quarter revenue rose to 63.2 million euros from 48.7 million euros a year earlier. The shares fell 0.2 percent to 8.98 euros in Paris.
Home Retail Group Plc (HOME) : The owner of Argos catalog stores is due to report first-half earnings. The British company may report net income of 64.5 million pounds ($101.3 million), according to the average of five estimates compiled by Bloomberg. The shares fell less than 0.1 percent to 219.9 pence.
Iberdrola SA (IBE) : Spain’s largest power producer releases third-quarter earnings. Net income is expected at 517 million euros, according to a Bloomberg survey of analysts’ estimates. Iberdrola shares declined 0.2 percent to 5.86 euros.
Natixis SA (KN) : The investment-banking unit of BPCE SA countersued Goldman Sachs Group Inc. in a dispute over bond transaction protection it sold to the U.S. bank. Natixis shares rose 2.5 percent to 4.51 euros in Paris.
Omega Pharma NV (OME BB): Belgium’s biggest supplier of pharmacy products maintained its forecast that full-year revenue will rise 4 percent after sales growth accelerated to 6 percent in the third quarter, surpassing analysts’ estimates. Omega Pharma retreated 1.3 percent to 30.51 euros.
Panmure Gordon & Co. (PMR) : The 134 year-old U.K. stockbroker said the indicative conditional proposal from Evolution Group Plc was not in the company’s or its shareholders’ interests and it is “well positioned for the future.” The stock dropped 8.1 percent to 28.5 pence.
Pierre & Vacances (VAC) : The French holiday-apartment company said full-year revenue slipped to 1.43 billion euros from 1.45 billion euros the previous year. The shares fell 2.3 percent to 50.10 euros.
Prosegur Compania de Seguridad SA (PSG SM): The Spanish security-services company was downgraded to “hold” from “buy” at Deutsche Bank AG. Its share-price estimate is 47.50 euros. The shares rose 0.4 percent to 47.07 euros.
Sanofi-Aventis SA (SAN) : The drugmaker won a $442 million judgment against Apotex Inc. in U.S. District Court in Manhattan in a lawsuit over the patent for the blood thinner Plavix. Sanofi shares fell 1 percent to 49.90 euros in Paris.
SNS Reaal NV (SR NA): The second-largest Dutch life insurer’s banking unit SNS Bank NV sold 500 million euros ($687 million) of lower tier-two bonds due in October 2020 that pay an annual coupon of 6.25 percent. SNS Reaal dropped 0.7 percent to 3.23 euros.
Stobart Group Ltd. (STOB) : The U.K. provider of road, rail, sea and air freight services is due to report first-half earnings. The shares advanced 0.3 percent to 156.5 pence.
Sword Group (SWP) : The French technology-services company said third-quarter operating profit rose to 9.24 million euros from 7.11 million euros. The shares rose 0.3 percent to 25.60 euros.
TomTom NV (TOM2) : Europe’s biggest maker of portable navigation devices may say third-quarter net income dropped to 29.9 million euros, the average of eight analyst estimates compiled by Bloomberg, from 30.5 million euros a year earlier. TomTom lost 0.8 percent to 6.07 euros in Amsterdam.
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org