Benelux Stocks: Barco, CSM, Devgen, TomTom, TNT Shares Move
The following were among the most active stocks in the Benelux markets today. Symbols are in parentheses.
CSM NV (CSM NA) gained 6.6 percent to 24.06 euros, the biggest gain in more than a year. Customers are lining up for production of CSM’s new lactic acid plant in Thailand, Het Financieele Dagblad reported, citing a customer of the company’s Purac division. Production from the plant, which is scheduled to start in the second half of 2011, will sell out rapidly, Synbra Technology manager Jan Noordegraaf was cited as saying.
TomTom NV (TOM2 NA), Europe’s biggest maker of personal navigation devices, gained 3 percent to 6.82 euros, paring yesterday’s 4.7 percent drop. TomTom’s “Black Friday” deals at retailers including Wal-Mart Stores Inc., and Amazon.com Inc., “signal that the push for market share has commenced,” SNS Securities analyst Martijn den Drijver wrote in a note today.
“Garmin Ltd. is also providing such deal but appears to be a little less aggressive,” he said. “This will allow TomTom to gain market share (relatively) more easily.”
TNT NV (TNT NA), Europe’s second-biggest express-delivery company, dropped 1.2 percent to 18.08 euros, a third day of declines. United Parcel Service Inc. is not interested in acquiring TNT’s package unit, Capital magazine reported, citing an interview with UPS’s Chief Executive Officer Scott Davis.
Barco NV (BAR BB) gained 1.9 percent to 44.64 euros, paring four days of declines. The Belgian maker of digital cinema projectors won a contract to supply nine simulator systems to the U.S. Air Force.
Devgen NV (DEVG BB) plunged 27 percent to 5.49 euros, the biggest drop since the shares started trading in 2005, after the Belgian developer of hybrid rice, sorghum, pearl millet and sunflower seeds cut its 2010 revenue forecast.
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