Bloomberg News

BP, Michelin, PPR, Solarhybrid, Xstrata: European Equity Preview

October 27, 2011

Oct. 27 (Bloomberg) -- The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses.

The Stoxx Europe 600 Index gained 0.2 percent to 240.80. The Stoxx 50 Index rose 0.3 percent to 2,289.10. The Euro Stoxx 50 Index, a benchmark measure for nations using the euro, slid 0.4 percent to 2,335.06.

Banco Bilbao Vizcaya Argentaria SA (BBVA SM): Spain’s second-largest lender was cut to “sell” from “hold” at Standard & Poor’s, which cited a 12-month price estimate of 5.80 euros. The shares dropped 1.3 percent to 6.23 euros.

Barco NV (BAR BB): The Belgian maker of digital cinema projectors said it won a contract to supply as many as 3,000 projectors to Mexico’s Operadora Cinepolis SA. The shares jumped 7 percent to 40.64 euros.

BP Plc (BP/ LN): The oil company responsible for the largest U.S. marine oil spill won its first U.S. permit to drill a new oil well in the Gulf of Mexico’s deep waters, clearing the way for the London-based company to resume exploration after last year’s accident. The shares rose 0.8 percent to 461 pence.

Jazztel Plc (JAZ SM): The Spanish phone company reported third-quarter net income of 10.2 million euros, almost double the year-earlier period’s profit. The shares fell 0.1 percent to 4.14 euros.

Michelin & Cie. (ML FP): The world’s second-largest tiremaker said third-quarter revenue rose 11 percent, spurred by a rebound in demand from U.S. automakers and strong sales of winter tires in Europe. The French company expects the tire market to grow at least 4 percent in 2012. The shares rose 0.5 percent to 52.28 euros.

Nexity SA (NXI FP): The French property developer said nine-month revenue fell to 1.77 billion euros from 1.85 billion euros a year earlier. The shares gained 0.3 percent to 21.56 euros.

PPR SA (PP FP): The French owner of the Gucci luxury-goods brand and online retailer Redcats reported third-quarter sales that beat analysts’ estimates and said it expects to report an improved full-year financial performance. The shares fell 0.5 percent to 110.50 euros.

Repsol YPF SA (REP SM): Spain’s biggest oil company fired Luis Del Rivero as vice chairman and replaced him with Juan Abello, the Madrid-based company said in e-mailed statement today. The shares lost 0.6 percent to 21.76 euros.

Solarhybrid AG (SHL GY): The photovoltaic maker is aiming to trim construction costs for the world’s biggest solar project near Blythe, California, Die Welt reported, citing Chief Financial Officer Albert Klein. The shares climbed 7.3 percent to 8.25 euros.

Xstrata Plc (XTA LN): A shaft at the world’s fourth-largest copper producer’s Mototolo platinum mine venture with Anglo American Platinum Plc in South Africa reopened “early this week” after being shut on government orders for “a couple of days” following a fatal accident, spokesman Songezo Zibi said. The Swiss company lost 1.1 percent to 1,003 pence.

--Editor: Jeff Sutherland

To contact the reporter on this story: Kaitlyn Kiernan in New York at kkiernan2@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net


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