STOCKS NEWS EUROPE-Q-Cells dives after REC cuts production
STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
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
13:13GMT 03April2009-Swiss Re outperforms after upgrade
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Swiss Re (RUKN.VX) gains 4.8 percent, outperforming a 2.2 percent rise the DJ Stoxx European insurance index .SXIP, after Chevreux upgrades the stock from sell to outperform.
"The rating from Chevreux has given the stock some support today," a trader says. "It's continuing the big gains from yesterday after it announced job cuts." [ID:nL2111614]
Reuters Messaging rm://jason.rhodes.reuters.com@reuters.net
11:59 GMT 01April2009-Ispen falls over diabetes drug ruling
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Shares in French drug maker Ipsen (IPN.PA) fall over 11 percent after the U.S. Food and Drug Administration (FDA) hands its Danish rival Novo Nordisk (NOVOb.CO) a split ruling on the safety of diabetes medecine, Liraglutide.
Ipsen is developing with Roche (ROG.VX) a similar GLP-1 type of diabetes medicine, the Traspoglutide, which is currently in phase III of its clinical development.
The American advisory panel was split on Thursday (6 pros and 6 cons) on wether the Danish drug could present a potential risk to the thyroid gland.
"The FDA also said they had been observing similar levels of toxicity among other GLP-1 medecines in development phase, without naming any companies. The most advanced projects are those of Amilin and Ipsen-Roche, which explains why the stock is falling," says Sylvain Goyon, a Natixis Securities analyst.
Reuters Messaging rm://michel.rose.reuters.com@reuters.net
11:44GMT 03April2009-British Airways gains on plane sales, job cuts
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Shares in British Airways (BAY.L) gain 8 percent as it reveals that a further 300 employees have taken up its voluntary redundancy scheme, just a day after well-received news that it will sell 11 Boeing (B.N) 757 aeroplanes.
Societe Generale analyst Jonathan Wober says the news was positive despite being flagged by the group earlier in the year, and that the mood surrounding airlines was generally upbeat in the wake of the G20 summit. Air France-KLM (AIRF.PA) is up 6.6 percent and Lufthansa (LHAG.DE) 4 percent.
BA publishes monthly passenger numbers at 1315 GMT on Friday.
Reuters messaging rm://john.bowker.reuters.com@reuters.net
11:39GMT 03April2009-UK small caps gain 0.9 percent midday
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The FTSE Small Cap index .FTSC rises 1 percent in midday deals, while the blue chips .FTSE slip 0.5 percent, and the midcaps .FTMC gain 1.6 percent.
Property company Quintain Estates & Development (QED.L) jumps 26.5 percent, extending strong gains made in the wake of Wednesday's announcement its banking facilities have been renegotiated, and it is making good progres.
Dawson Holdings (DWN.L) falls 8 percent after the print media distributor loses its contract with the Telegraph Media Group which, in the last financial year, generated a revenue of 52 million pounds.
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
11:00 GMT 03April2009-Software AG falls; Sal Oppenheim downgrades
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Shares in Software AG (SOWG.DE) fall 7 percent, making it one of the top decliners among German technology stocks .TECDAX, after Sal Oppenheim downgrades its stance on Germany's second-largest software maker.
The broker cuts its rating to "neutral" from "buy" saying investors should use the opportunity to consolidate profits after the stock has risen 50 percent since end-January.
"In our view, too much optimism entered into consensus estimates for 2009," the brokerage says in a note to clients.
"Take profits after a great re-rating of Software AG. We are missing clear triggers and regard the risk profile to have changed to the negative."
Reuters Messaging rm://tyler.sitte.thomsonreuters.com@reuters.net
1030GMT 03April2009-RBS jumps as open offer deadline looms
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A last minute rush to subscribe to its open offer sees Royal Bank of Scotland (RBS.L) shares rise 8.5 percent, having earlier reached their highest level since mid-January.
"It's the last day for taking up your options to buy at 31.75 pence per share," a trader says. "It's a technical reason rather than anything more suspicious."
Under the terms of a placing and open offer announced on Feb 26, shareholders of RBS have the right to apply for 3 new ordinary shares for every 7 existing shares at 31.75 pence per share.
Shareholders have until 1400 GMT on Friday to subscribe to the offer via Euroclear and until 1000 GMT on Monday to do so via Crest, according to the investor relations department at RBS.
Ahead of its annual general meeting on Friday, RBS also issued a statement warning of more job cuts and calling for an end to "public flogging" of the bank. [ID:nL3113004]
To see details of the share issue click on [ID:nRnsP9208O]
Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
10:20GMT 03April2009-Telit higher after results
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Shares in Italy-based cellular technology provider Telit Communications (TELT.L) jump over 8 percent as the company swings to a full-year 2008 pretax profit from continuing operations of 1.2 million euros, against a loss of 1.3 million euros.
Seymour Pierce keeps its "buy" recommendation on the stock.
"From the statement it would appear that trading conditions continue to be difficult, but we take heart from the outlook comments that suggest that with a growing market share the management is confident that the business will grow in 2009," says the broker in a note.
For more double click on [ID:nRn1C0829Q]
Reuters Messaging rm://tricia.wright.reuters.com@reuters.net
09:45 03Apr2009 - UniCredit up as foundations meet
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Shares in UniCredit (CRDI.MI) rise 4.8 percent as shareholder foundations meet to discuss a single slate of candidates for the Italian bank's board.
A single candidates list would show an end to differences between CariVerona and other foundations over a capital raising at the bank.
"Today there's the meeting of the shareholder foundations, barring surprises there will be an accord on a candidates' list. But given how the markets are these days, there could be some speculation there," a trader says.
A second says: "In a market that's so nervous you don't need much for a jump."
Another trader says short covering is pushing the shares higher.
The gain outpaces a 1.9 rise in the DJ Stoxx banks index .SX7P.
Reuters messaging rm://elisabetta.andreis.reuters.com@reuters.net
