Markets & Finance

On the Move:Siemens, Danone, BP


Plus:ENI, Richemont, Inmocaral and other European companies making headlines Tuesday

From Standard & Poor's European MarketScope

United Kingdom

YELL was down £1.17 to £4.96. Goldman Sachs downgraded the company to neutral from buy and lowered its twelve month DCF/SOTP-based price target to £4.54 from £6.30.

BP (BP) was unchanged at £5.78. Merrill Lynch said that the company reported adjusted net income 3% below forecast and 2% below the consensus, adding that the DPS was in line. It added that the market may be negative on a headline earnings miss.

AVIVA was up £0.15 to £7.91. Merrill Lynch said volumes as measured by PVNBP were £7.751 billion, 2% ahead of forecasts.

France

DANONE (DA) was down €2.77 to €121.42. The company posted first quarter sales of €3.673 billion, +3.9% (+10% like-for-like); fresh dairy product sales of €2.155 billion; drinks sales of €1.012 billion; biscuit and cereal sales of €506 million. It confirmed 2007 like-for-like sales growth to be 6-8%.

ALCATEL-LUCENT (ALU) was up €0.30 to €9.60. Issuing preliminary and unaudited first quarter results, the company reported 'soft' revenues of about €3.9 billion, down 8% year-over-year at constant fx.

Germany

SOFTWARE AG was down €0.22 to €66.02. The company's first quarter license sales firmly beat forecasts, coming in at €46.9 million in the quarter to the end-March. Maintenance revenues surprised on the downside with a decline of 6% year-over-year to €44.5 million.

SIEMENS (SI) was down €1.72 to €90.15. The company's supervisory board members are considering replacing CEO Klaus Kleinfeld, whose contract expires in September, wrote FTD. One candidate put forward was Linde's CEO, Wolfgang Reitzle.

Nordics

TELIASONERA was down SEK1.50 to SEK61.50. The company delivered a weak first quarter, apart from sales which came in at SEK22.700 billion vs. the consensus at SEK22.512 billion, meanwhile EBITDA came in at SEK7.580 billion vs. the consensus at SEK7.763 billion, EBITDA margin at 33.8% vs. consensus at 34.5%, pretax profit came in at SEK5.932 billion vs. the consensus at SEK6.137 billion and net income at SEK3.890 billion vs. the consensus at SEK4.117 billion.

TELELOGIC was up SEK0.90 to SEK16.40. First quarter revenue grew 25% to SEK388.9 million vs. SEK327.1 million year-over-year, pretax profit increased 36% to SEK47.7 million vs. SEK35 million year-over-year, and EPS increased 25% SEK0.15 vs. SEK0.12 year-over-year.

Spain

INMOCARAL was down €0.58 to €4.30. Spanish property concerns weighed. Shares of Astroc Mediterraneo, predominantly exposed to the Valencia region, extended their decline dragging down with them shares in their real estate peers - the company included.

IBERDROLA was up €0.16 to €37.52. The company has completed the takeover of Scottish Power. Total value of the new co. exceeded €65 billion, according to a statement by company President Ignacio Galan.

Italy

ENI was up €0.01 to €24.50. Il Corriere della Sera wrote that Gazprom has short listed four companies for the construction of a gas liquefaction terminal in the St. Petersburg area. The estimated overall value of the project is between US$1.5 billion-US$2.0 billion. A leading local broker thinks that the company, BP, Petrocanada, and Mitsubishi are in the shortlist.

Switzerland

RICHEMONT was down CHF1.85 to CHF72.30. The company reported sales of €4.83 billion to the year ended March, in line with expectations. Sales were 16% ahead in constant currencies and 12% higher at actual rates.

Netherlands

AKZO NOBEL was up €2.50 to €59.65. The company reported first quarter sales of continuing operations of €2.5 billion, in line with consensus forecasts.

Claudia Perotti, Lydia Carroll, Sara Oscarsson, Isabell Witt, Michael Sanderson, Gaurav Panchal, Julien Manrique, John West, Ben Marino, Emma Stevenson, Pawan Girglani.

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