Bloomberg News

Credit Suisse, Glaxo, Sanofi, Xstrata: European Equity Preview

November 15, 2011

Nov. 15 (Bloomberg) -- The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses.

The Stoxx Europe 600 Index fell 1 percent to 238.47. The Stoxx 50 Index lost 0.8 percent to 2,272.35. The Euro Stoxx 50 Index, a benchmark measure for nations using the euro, dropped 1.6 percent to 2,288.32.

Credit Suisse Group AG (CSGN VX): The second-biggest Swiss bank may have its long-term credit rating cut by Moody’s Investors Service after the investment banking unit posted a loss and income at the wealth-management division fell. The ratings company put Credit Suisse AG’s Aa1 rating and Credit Suisse Group AG’s Aa2 rating on review for a downgrade, Moody’s said in a statement today. The shares fell 1.1 percent to 22.31 francs.

E.ON AG (EOAN GY): Germany’s largest utility has taken steps to sue the country’s government over compensation for plans to speed the phasing out nuclear power generation after the Fukushima disaster in Japan, Reuters reported, citing a company spokesman. The shares sank 2.5 percent to 17.35 euros.

GlaxoSmithKline Plc (GSK LN): The U.K.’s largest drugmaker is assessing final bids in the sale of its non-prescription drug unit, the Wall Street Journal and Reuters reported, citing people familiar with the situation. The shares lost 0.1 percent to 1,394 pence.

Sanofi (SAN FP): France’s biggest drugmaker’s Multaq, approved to treat patients whose hearts intermittently race with quick and inefficient contractions, doubled the risk of death in those with a permanent form of the erratic rhythm, a study found. The shares dropped 0.3 percent to 49.51 euros.

Xstrata Plc (XTA LN): The world’s fourth-largest copper producer said a strike that started Oct. 24 at its ferrochrome operations in South Africa is having a “limited” impact on output, and the company and a labor union may reach an agreement today. The shares erased 1.8 percent to 1,012 pence.

--Editor: Stephen Kleege

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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