On the Move: Atos, Prudential, Nokia
From Standard & Poor's European MarketScope
PRUDENTIAL (PUK) was up £0.05 to £6.35. The company said that for the nine months to Sept. 30 total group Insurance APE sales were £1.803 billion, +11%; total UK APE sales were £664 million, -4%.
ATOS was up €4.79 to €43.12. Blackstone, manager of the biggest buyout fund, is in talks to buy the company, City A.M newspaper wrote. it said Blackstone may agree to pay between €3.4 billion and €3.6 billion (€54 per share). Subsequently, Credit Suisse upgraded the company to neutral from underperform.
MICHELIN was up €1.20 to €60.90. The company plans to speed up its plan to raise sales, expand in Asia and improve productivity, the CEO said.
SAP (SAP) was down €3.60 to €161.00. The company's third quarter license sales came in ahead of expectations, rising 17% to €691 million. Pro-forma operating profit for the period, excluding charges relating to acquisitions and stock options, also rose a better-than-expected 17%, to €606 million.
EPCOS was down €0.36 to €12.27. UBS is placing a large block of shares, the company said without revealing on whose behalf the shares are being placed, nor how many are being sold.
ALLIANZ (AZ) was down €0.49 to €143.13. Merck Finck noted that a US appeals court affirmed a previous jury's decision forcing some insurance companies to treat the Sept. 11 attacks as two separate events but allowed others to treat it as a single event depending on the wording of their policies.
FIAT (FIA) was up €0.34 to €13.87. A local broker indicated that the company is not likely to spin-off its Iveco truck unit, following Wednesday's market speculation, and its share price rally.
PARMALAT was up €0.02 to €2.87. The calendar for the litigation, against Bank of America (BAC) and Citigroup (C) in the US, has been delayed for two months as various documents filed have not been properly examined, reported the Italian press.
ABN AMRO (ABN) was up €0.05 to €23.31. The company announced that it will acquire 24.6 million shares or 0.95% of Capitalia from Pirelli S.p.A., which is selling its 1.92% holding in Capitalia.
NOKIA (NOK) was down €0.78 to €15.16. Third quarter net sales came in at €10.1 billion, beating the consensus forecast of €9.903 billion. But quarterly EPS of €0.21 was a touch below what analysts had predicted.
BANCO POPULAR was up €0.23 to €13.28. Goldman downgraded the company to sell from neutral and upped its target to €13 from €11.63. it prefers global Spanish banks over the domestic ones.
SANTANDER was up €0.14 to €13.29. Goldman upgraded the company to buy from neutral and added it to its conviction buy list. The company raised its target price to €16.24 vs. €12.30.
NESTLE was down CHF15.50 to CHF422.25. The company's nine months sales rose to CHF72.2 billion from CHF66.2 billion a year ago, as expected, with organic growth 6.1% for the period, also matching expectations.