Economics
European Stocks Drop After U.S. GDP Report; Saipem Sinks
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European stocks dropped the most this year as Saipem SpA plunged and a report showed that the U.S. economy unexpectedly contracted in the fourth quarter.
Saipem plummeted 34 percent after cutting its earnings forecasts for 2012 and 2013. Swedbank AB jumped the most in 32 months after the lender raised its dividend payout ratio to 75 percent of profit after net income more than quadrupled in the fourth quarter. Nordea Bank AB rose 3.2 percent after reporting quarterly profit that beat analysts’ estimates.