German stocks - Factors to watch on Feb 24
FRANKFURT, Feb 24 (Reuters) - The DAX top-30 index .GDAXI looked set to open 0.9 percent lower on Tuesday, according to pre-market data from brokers at 0710 GMT.
The following are some of the factors that may move German stocks on Tuesday (share price indications at 0710 GMT):
DEUTSCHE BANK (DBKGn.DE)
Indicated 1.7 percent lower
Casino operator MGM Mirage (MGM.N) and partner Dubai World could be discussing with Deutsche Bank terms under which the partners would secure the final $1.2 billion in financing for their Las Vegas Strip CityCenter project, according to industry sources. Deutsche Bank acquired the under-construction Cosmopolitan Resort & Casino in a foreclosure last year. [ID:nN23366322]
Related news [DBKGn.DE-E]
DEUTSCHE TELEKOM (DTEGn.DE)
Indicated 1.2 percent lower
Magyar Telekom MTEL.BU, a unit of Deutsche Telekom, reported Q4 net income of 12.6 billion forints ($53.97 million), beating expectations, but said profitability this year would decline. [ID:nLN200190]
Related news [DTEGn.DE-E]
BAYER BAYG.DE
Indicated 1.0 percent lower
Bayer partner Onyx Pharmaceuticals (ONXX.O) posted a narrower-than-expected Q4 loss of $30.2 million, or 53 cents per share, compared to a net loss of $11.7 million a year ago, helped by higher sales of cancer drug Nexavar. [ID:nBNG128964]
Related news [BAYG.DE-E]
TUI (TUIGn.DE)
Indicated 0.3 percent lower
The sale of Hapag-Lloyd to a group of Hamburg-based investors is expected to close in the coming days, the Financial Times Deutschland reports without citing sources, adding that TUI would retain a higher stake in the shipper than originally planned. [ID:nLK413455]
Related news [TUIGn.DE-E]
DEMAG CRANES (D9CGn.DE)
Indicated 2.2 percent lower
Demag Cranes appointed Aloysius Rauen as chairman of the management board, replacing Harald Joos who will leave by mutual consent on March 31.
Related news [D9CGn.DE-E]
Q-CELLS (QCEG.DE)
Indicated 3.2 percent higher
Q-Cells reported full-year 2008 EBIT of 205 million euros, in line with expectations, and cut its 2009 sales guidance to 1.7-2.1 billion euros. [ID:nLJ28416] [ID:nLI715488]
Related news [QCEG.DE-E]
SOLON (SOOG.DE)
Indicated 3.3 percent higher
Solon reported full-year 2008 EBIT of 60 million euros, in line with market expectations. [ID:nWEA8632]
Related news [SOOG.DE-E]
ERSOL ES6G.DE
Indicated 0.3 percent lower
Ersol reported full-year 2008 EBIT of 70.7 million euros, in line with expectations. [ID:nLO325060]
Related news [ES6G.DE-E]
DRAEGERWERK (DRWG_p.DE)
Indicated 0.5 percent lower
Draegerwerk reported full-year 2008 EBIT of 130.5 million euros on revenue of 1.86 billion euros, both figures above market expectations. [ID:nWEA8621] [ID:nLH721783]
Related news [DRGW_p.DE-E]
DIC ASSET (DAZG.DE)
Indicated 5.5 percent higher
DIC Asset expects a full-year 2008 group profit of 25 million euros, broadly in line with Reuters Estimates consensus. [ID:nEQtigbylf]
Related news [DAZG.DE-E]
GRAMMER (GMMG.DE)
Indicated 8.7 percent lower
Grammer reported preliminary 2008 EBIT of about 32 million euros, above Reuters Estimates consensus, on revenue of 1.01 billion euros. [ID:nWEA8593]
Related news [GMMG.DE-E]
OVERSEAS STOCK MARKETS
Dow Jones .DJI -3.4 pct, S&P 500 .SPX -3.5 pct, Nasdaq .IXIC -3.7. [ID:nN23365507]
Nikkei .N225 -1.5 pct. [ID:nT365741]
BANKS
Public sector regional lenders are thinking about setting up a joint "bad bank", pooling landesbanks' troubled assets, the Financial Times Deutschland newspaper reported on its Internet site on Monday, citing financial sources. [ID:nLN102621]
Related news [BNK-DE-E]
GERMAN ECONOMIC DATA
Ifo business sentiment for February due at 0900 GMT; seen at 83.0 vs 83.0 in January. ECONDE G7TODAY
GERMAN ECONOMY
The German economy is likely to contract by more than 5 percent in 2009 if a real recovery does not begin in the summer, Deutsche Bank chief economist Norbert Walter said. [ID:nN23370939]
European factors to watch [WATCH/EU]
Diaries [DE/DIA] [WEU/EQUITY]
Reuters TOP NEWS [ID:nTOPNEWS] (Reporting by Peter Starck)
