STOCKS NEWS EUROPE-Q-Cells dives after REC cuts production
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13:59GMT 03April2009-Q-Cells dives after REC cuts production
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Shares in Q-Cells (QCEG.DE), the world's largest maker of solar cells, fall 5.3 percent on Frankfurt's technology index .TECDAX, after Norwegian peer Renewable Energy Corporation (REC.OL) -- in which Q-Cells holds a 17.2 percent stake -- says it willcut its solar cell and module production in the second quarter by almost 50 percent.
REC shares, meanwhile, are down 6 percent.
"Bad news for REC is usually bad news for Q-Cells as the company holds a big stake," says Karsten von Blumenthal, analyst at SES Research.
"It will be interesting to see if this is a problem of REC -- which is what I think -- or a more general problem - a more severe lack of demand for modules." For more double click on [ID:nL3127442]
Reuters Messaging rm://christoph.steitz.reuters.com@reuters.net
13:42GMT 03April2009-European shares lower as Wall Street inches up
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European shares stay negative after Wall Street opens slightly higher, following in-line U.S. jobs data.
The FTSEurofirst 300 .FTEU3 index of top European shares is down 0.4 percent at 778.71 points, compared with a high for the day of 785.7 and a low of 773.58.
The U.S. economy lost 663,000 jobs in March, according to government data, compared with Reuters forecasts of 650,000. The unemployment rate is now 8.5 percent, in line with forecasts.
The Dow Jones .DJI, S&P 500 .SPX and Nasdaq Composite .IXIC are up between 0.1 and 0.2 percent.
Reuters Messaging rm://brian.gorman.thomsonreuters.com@reuters.net Continued...
