On the Move: Corus, DCX, Michelin
From Standard & Poor's European MarketScope
CORUS (CGA) was down £0.08 to £4.71. The company said it agreed to be taken over by India's Tata Steel for £4.55/share, valuing the steelmaker at £4.3 billion, which will create the world's fifth-largest steelmaker.
MICHELIN was up €0.90 to €62.55. Morgan Stanley raised its target to €69 from €55. it said the company is clearly taking tangible steps to accelerate cost cutting efforts, setting the stage for the margin expansion that investors have waited many years to occur.
AXA (AXA) was up €0.30 to €30.73. The company acquired Gerflor for about €310 million and plans to build up the company through acquisitions.
DEUTSCHE BANK (DB) was down €0.32 to €97.42. The company's results are due out on Nov. 1. HVB forecasted quarterly net income of €1.03 billion, down 16% from last quarter, mainly due to a seasonally induced revenue contraction in investment banking.
DAIMLERCHRYSLER (DCX) was up €0.05 to €41.55. The company's Chrysler unit has launched an initiative to cut US$1,000 in costs for each vehicle produced in an effort to return to profitability, wrote the WSJ.
DEUTSCHE BOERSE was up €1.61 to €125.67. Paris-based Euronext said it will cut clearing fees by an average of 15% on its cash markets to increase transparency and become more competitive.
MEDIOBANCA was up €0.46 to €18.04. Property developer Luigi Zunino has increased his stake in the company to 3% from 2%, impressed by the work carried out by the company's top management.
SBM OFFSHORE was up €0.32 to €23.26. Kempen noted that Petrobras is soon to award the Chinook/Cascade FPSO contract for which the company is competing with Bluewater. The broker said the company enjoys the best market conditions ever seen and more importantly, the company is more competitive than ever.
SAAB was up SEK11.00 to SEK206.00. With the figures in line with expectations, the company's nine months report showed sales of SEK13.716 billion, vs. SEK12.458 billion last time. Net income came in at SEK979 million, vs. SEK631 million. EPS was at SEK8.73 vs. SEk5.63.
TIETOENATOR was down €0.74 to €22.86. Third quarter net sales rose 5% to €397 million, vs. €379 million for the same period a year ago. Organic growth was 2% in the third quarter. Operating profit came in at €31.4 million, vs. €36.1 million and the consensus estimate of €33.7 million, and the operating margin excluding capital gains was 7.9%, vs. 9.1% last time.
IBERIA was up €0.06 to €2.33. The company's shares gained amid market talk that British Airways (BAB), which holds 10% of the company, could make an offer at €2.89/share, sources said.
ACCIONA was up €3.45 to €130.55. The company has reportedly said that it could sell its shares in Endesa to E.On (EON) as part of the bid launched by the German group. However, the company said this is simply a legal clause and that its intention is not to sell.
SYNGENTA was down CHF1.20 to CHF197.60. Third-quarter sales fell short of expectations -- rising 1% to US$1.411 billion.