European Movers: Barclays, Sanofi, BMW
EXPERIAN was down £0.56 to £4.19... Organic sales growth to slow in second half - Reports first half EBIT of US$454 million, +15%; pretax profit US$285 million; sales US$1.9 billion, +16%; interim DPS US$0.065, +18%. The company says remains on course to deliver fiscal profits in line with previous expectations. The company says organic sales growth slowed in second quarter and expects further slowdown in second half due to the market environment
BARCLAYS was unchanged at £5.33... Net income and pretax profit to exceed previous year - The company says net income and pretax profit for 10M to 31 October has been ahead of record prior year period. The company says Barclays Capital's net income and pretax profit for 10M was £1.9 billion after booking credit, mortgage and leveraged finance related charges and write downs of £0.5 billion net of hedging in third quarter, and an additional £0.8 billion net charges and write downs in October. The company says overall performance reflects the benefit of proactive risk management throughout 2007 and Barclays Capital's diverse revenue base, with strong growth across commodity, equity, currency and interest rate products; and excellent contributions from continental Europe and Asia and good results in the UK markets. the company will go ahead and update the markets further on 27 November.
SABMILLER was down £0.50 to £13.25... first half adj EPS up 22%, sees tougher days ahead - posted first half adjusted earnings of US$1.036 billion, +22%; adjusted pretax profit US$1.773 billion, +15%; EBITA US$2.036 billion, +14%; adjusted EPS US$0.691, +22%. Expects to make progress in the balance of the year but face a more challenging environment.
SANOFI-AVENTIS was down €2.56 to €60.23... L'Oreal selling 1.8% stake in the company through an accelerated bookbuilding, taking its stake down to 8.7%.
CREDIT AGRICOLE was down €0.93 to €23.50... The brokers update targets post-third quarter - the company reported third quarter results after the close yesterday, with net banking income at EUR 4.076 billion,(+6.9%), gross operating income at €1.191 billion (-7.9%) and net income at €954 million (-16.8%). the company said third quarter was adversely affected by the turmoil in the US mortgage market and the overall financial system. Lehman Brothers ups target to €36 from €35, keeps overweight. Citigroup trims target to €27 from €29, keeps hold, to take into account balance sheet impairments. Goldman Sachs cuts target to €32.98 from €33.72, keeps buy. Credit Suisse cuts target to €31.20 from EUR 32.00, keeps neutral, reflecting earnings revisions post-third quarter.
VW was down €1.65 to €171.19... Reportedly recalls 244,000 cars in Japan to fix faulty brake lights. Separately, delivering a message to the company 's workers designed to quell their fears, Porsche said it has no intention of breaking up Europe's biggest car manufacturer or of merging the two companies, according to WSJ.
BMW was up €0.53 to €43.05... To reach 10% US sales growth - the company will have US sales growth of almost 10% in 2008, said Tom Purves, chief of its North America unit, according to Bloomberg.
AEM MILANO was up €0.05 to €2.93... Goldman Sachs adds to conviction buy list - Reduces target to €3.25 from €3.45 to reflect a slight dilution to valuation from the merger with ASM and the marking to market of Edison. The company says the company offers attractive valuation upside, coupled with strong newsflow. Thinks recent rise in oil prices and the easy comparable base vs last year's mild winter should lead to positive fourth quarter07 and first quarter08 results.
TOMTOM was up €2.30 to €57.14... Rumour Garmin to pull out of TA bid - Traders in London note rumours that Garmin will pull out of its €24.50/share bid for Tele Atlas. Last week there had been speculation that Garmin would offer €44/share to top the company 's €30/share bid. However, there is also speculation that the company and Garmin will reach a joint agreement in the takeover of Tele Atlas. the company and Garmin had announced earlier today that they settled their intellectual property dispute out of court.
CARLSBERG was up DKK1.00 to DKK649.00... S&N rejects raised bid - Scottish & Newcastle says it has rejected the £7.50/sh conditional proposal from the company and Heineken arguing it substantially undervalues the unique strengths and market positions of the company. the company and Heineken this morning increased their offer for S&N by £0.30/sh; valuing S&N at an equity value of £7.3 billion and an enterprise value of c.£9.7 billion.
HENNES & MAURITZ was down SEK3.00 to SEK405.50... October sales beats forecasts - the company 's October sales increased 15% year-over-year vs forecasts of 14.6% and October like-for-like sales rose 3% year-over-year vs forecasts of 2.3%.
IBERIA was up €0.14 to €3.63... Indicative offer / Shares suspended - the company says it has received an approach from a consortium led by Gala Capital, with regard to an offer for the company in the region of €3.60-€3.90 per share. the company adds other members of the consortium are Omega Capital and Inver-avante, regional savings banks including BBK, and Juan Jose Hidalgo, the chairman of Air Europa. the company says this does not constitute a binding offer. the company 's shares have been suspended by the CNMV.
KUDELSKI was down CHF1.40 to CHF22.30... Loses a major client in Malaysia, Asia - A trader points out that the company 's competitor NDS has stolen the company 's client Astro Measat, active in Malaysia and other Asian markets. Estimates the client is worth 10% of the company 's group EBIT.