STOCKS NEWS EUROPE-Swiss Re down on rating disappointment
STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
14:36GMT 26Mar2009-Swiss Re underperforms on rating disappointment
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Shares in Swiss Re (RUKN.VX) fall 4.1 percent to 18.81 Swiss francs, underperforming a 0.2 percent weaker DJ Stoxx European insurance index, as Goldman Sachs says it prefers competitor Munich Re (MUVGn.DE), which trades flat at 95.78 euros.
"Goldman Sachs took Munich Re onto its Pan-Europe Conviction Buy List, while Swiss Re only got a neutral rating," a trader says.
"Some people are locking in short-term profits," a second trader says, noting Swiss Re stock had bounced back from a record low of 11.88 francs on Mar. 9.
Reuters Messaging rm://jason.rhodes.reuters.com@reuters.net
14:24GMT 26Mar2009-REC jumps on plant speculation
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Shares in Norwegian solar energy firm Renewable Energy Corp (REC.OL) jump 13.5 percent but retreat from earlier gains of 20 percent on speculation over a planned start up of an expanded silicon plant by firm by the end of March.
REC declines to comment on the speculation. REC's CEO told Reuters on Monday that REC probably would update the status of its Moses Lake, Washington, plant this month. [ID:nLN381262]
"REC management is as far as I know in the United States now, but their mere presence at Moses Lake shouldn't be enough to lift the stock by 10 or 20 percent," analyst Einar Kilde Evensen at DnB NOR Market says. Some traders say the move was also linked to unwinding of short positions in the stock.
Shares in other European solar companies are mixed as the sector's outlook for 2009 is still unclear. [ID:nLP951538]
Reuters messaging rm://richard.solem.reuters.com@reuters.net
13:46GMT 26March2009-Europe stocks stay weak despite higher Wall St Continued...
