Markets & Finance

On the Move: MAN, Alcatel-Lucent, BP


Plus:ABB, Gas Natural, Capitalia, and other European companies making headlines Tuesday

From Standard & Poor's European MarketScope

United Kingdom

BP (BP) was down £0.07 to £5.35. ABN Amro said the numbers were pretty much in-line. However, the broker said production guidance for 2007 is disappointing and capex was higher than expected.

AVIVA was up £0.16 to £8.49. The company said it has had excellent fiscal year performance with total worldwide sales of £31.123 billion, +22%; Worldwide life & pensions sales were £26.213 billion, +18%; UK total sales were £13.962 billion, +35%; International total sales were £17.161 billion, +13%; Investment sales were £4.910 billion, +48%. It is confident of further growth in 2007.

France

CARREFOUR was up €0.05 to €46.35. JP Morgan upgraded the company to neutral from underweight and raised its target to €48 from €43. The broker valued the company's properties at about €25 billion or about60% of its EV.

ALCATEL-LUCENT (ALU) was up €0.05 to €9.91. The company plans to cut as many as 20,000 jobs, more than double a target given by the company, L'Expansion reported on its web site.

Germany

DEUTSCHE TELEKOM (DT) was up €0.02 to €13.68. C&W's stock gained on talk that the company may be interested. Note: C&W has been in the news before, with names such as Vodafone (VOD) and France Telecom doing the rounds.

MAN was down €0.30 to €83.00. The company saw a 57% rise in fourth quarter 2006 operating profit to €354 million, ahead of expectations. Operating earnings for the year as a whole came in at €1.105 billion, with net profit at €472 million.

AIR BERLIN was up €0.06 to €17.21. The January passenger count was up 8.7% with the load factor at 64.9%, up 1.9 percentage points.

Italy

CAPITALIA was up €0.06 to €7.12. Spain's Santander reportedly owns derivatives that give it the option to raise its stake in the company to 5%, sources said citing Il Sole 24 Ore. Santander's chairman confirmed last week that the bank holds about a 2% stake in the company.

Nordics

KEMIRA was down €0.73 to €18.25. The company delivered a lower-than-anticipated rise in underlying fourth quarter operating profit. Operating profit came in at €28.2 million vs. the forecast of €28 million to €36 million. Profits at the company's pulp & paper unit and at its specialty chemicals unit missed expectations, hurt by bad weather dampening demand for de-icing chemicals and hit by the integration costs of Lanxess paper chemicals.

KESKO was down €0.31 to €41.24. The company proposed a dividend of €1.50 per share vs. the €1.47 forecast. The company said it sees first half sales up and sees operating profit at good levels.

Spain

BBVA was up €0.45 to €19.95. The FT's Lex column commented that both the company and Santander are growing faster than there their European peers and that this is not reflected in share prices yet.

GAS NATURAL was up €0.68 to €32.27. Citigroup reinitiated coverage with a hold and €30.50 price target. After the withdrawal of its offer for Endesa, the broker expects a period of reflection before the company makes public its strategy.

Switzerland

ABB (ABB) was up CHF0.15 to CHF22.75. The company is selling stakes in power projects for US$490 million in a move that is part of the company's ongoing divestment of non-core businesses.

ROCHE was unchanged at CHF238.50. UK officials proposed a Tamiflu stockpile increase. According to the FT, UK officials are proposing to increase the country's stockpile of antiviral drugs by up to six times as they reinforce preparations against a future flu pandemic.

Rocio Opazo-Aniotz, Claudia Perotti, Michael Sanderson, Emma Stevenson, Mariella Mongio, Pawan Girglani, Guarav Panchal, Julien Manrique, Isabell Witt, Sara Oscarsson, Ben Marino, John West

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