Markets & Finance

On the Move: Carrefour, Adidas, Endesa


Plus: British Airways, Suez, and other European stocks making headlines Wednesday

United Kingdom

ITV was down £0.01 to £1.10. The company unveiled FY revenue of £2.181bn; underlying PTP £364m, -19%.

BRITISH AIRWAYS was up £0.09 to £5.16. The company said revenue is forecast to increase by 5%-6% based on capacity measured in available seat kilometers up 1.3%, traffic measured in revenue passenger kilometers up 2.4% and yield measured in pence per RPK up 3.4%.

France

CARREFOUR was down €0.26 to €53.64.The company's chairman Luc Vandevelde resigned, the WSJ said on its web site. La Tribune had it that the Company's board would meet today and was expected to oust Luc Vandevelde.

VALLOUREC was down €10.23 to €178.00. The company reported FY06 sales growth of 28.7% y/y, to €5.541bn, with an EBITDA/sales ratio of 30.1%.

SUEZ was up €0.51 to €36.66. The company plans to reorganise its energy division into one entity, Le Soir reported. Under the plan, Electrabel will acquire Tractebel, which holds the Company's gas, international power and engineering activities, and Tractebel's stakes in Distrigaz and Fluxys for between €15bn and €20bn.

Germany:

E.ON was up €1.51 to €98.22. The company reported 2006 adjusted EBIT of € 8.15bn, up 12% y/y and higher than expected. It sees 2007 earnings rising slightly y/y, but voiced uncertainty about 2008.

ADIDAS was down €0.04 to €35.38.The company saw its sales jump 52% y/y in 2006 to €10.08bn, boosted by the football World Cup in Germany and the company's purchase of Reebok in the US.

REPOWER was up €4.01 to €135.01. Shareholders accepted Suzlon's takeover offer with the Indian group reportedly saying it will accelerate growth and improve margins if its US$1.3bn bid succeeds.

Nordics

LUNDBECK was up DKK7.75 to DKK156.75. 4Q sales came in at DKK2.540bn vs. the consensus at DKK2.358bn, adjusted EBIT at DKK435m vs. the DKK414m forecast; PTP was at DKK427m - bang in line with forecasts.

TIETOENATOR was up €0.87 to €21.20. Market talk suggested that Cevian may be eyeing the company.

Spain

ENDESA was up €0.82 to €38.49. Italy's Mediobanca holds a 5.005% stake in the company, according to the CNMV website.

TELEFONICA was up €0.09 to €15.69. According to the FT, the company has abandoned the idea of buying a minority stake in Telecom Italia.

Italy

FIAT was up €0.02 to €17.59. The company's preference and savings shares traded higher, after Il Giornale reported that CEO Sergio Marchionne said he believes preference shares to be an anomaly which must be resolved in the medium- to long-term.

Switzerland

CHARLES VOEGELE was up CHF8.20 to CHF125.30. Shares rose on a hostile bid prospect. In an interview with Handelszeitung, the Company's CEO said he considers a hostile bid by a hedge fund likely after the 2006 loss.

ABB LTD was up CHF0.40 to CHF20.05. The company has reportedly won a €300m contract from Imera Power to develop two electricity cables between Wales and Ireland to link the British and Irish grids.


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