STOCKS NEWS EUROPE-Europe stocks dips, snapping 6-day rally
STOCKS NEWS Reuters Results diary
Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]
08:49GMT 27March2009-Europe stocks dips, snapping 6-day rally
------------------------------------------------------------
European shares are slightly lower in early trade, snapping a six-day rally with insurers and oils the biggest fallers.
The pan-European FTSEurofirst 300 .FTEU3 index of top shares was down 0.1 percent at 744.54 points. The index is down 10.6 percent in 2009, but has risen 15.3 percent since reaching a floor on March 9, and is on track to record a third consecutive weekly gain, for the first time in nearly a year.
Prudential (PRU.L) is down 2.3 percent and Aegon (AEGN.AS) down 4.6 percent.
Reuters Messaging rm://joanne.frearson.reuters.com@reuters.net
08:48GMT 27March2009-Monte Paschi up on dividend, state bond
------------------------------------------------------------
Italy's Banca Monte dei Paschi di Siena (BMPS.MI) shares are up 4.9 percent after its 2008 results statement, helped by an unexpected cash dividend and an application to seek 1.9 billion euros under a government capital-boosting scheme.
An analyst with a Milan bank says the 2008 results are in line with her expectations. The "real positive" is the 8.2 percent rise in net interest income, plus a higher than expected state-backed bond issue, she says.
"The bank will need to proceed with asset disposals to repay the (state-backed) bond in four years," she says.
However, another Milan-based analyst says the 2008 results are "bad". The share is probably reacting to the dividend of 0.013 euro a share, where consensus was for zero, and the bond plan, he says.
Reuters Messaging rm://nigel.tutt.reuters.com@reuters.net
08:44GMT 27March2009-Capgemini sinks after Accenture's warning
--------------------------------------------------------------
Shares in France computer consultancy group Capgemini (CAPP.PA) fall 7.8 percent, the biggest losers on France's CAC 40 .FCHI, after U.S. rival Accenture (ACN.N) lowers its full-year outlook, citing the global economic downturn.
"While this warning clearly shows a deterioration in IT spending, it is also due to recent currency trends ... the profit warning issued by Accenture does not necessarily imply that Capgemini will issue a similar warning in several months time," one trader says.
Capgemini stock is down 14 percent year-to-date, while the DJ Stoxx technology index .SX8P is down 3 percent in 2009.
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
08:40GMT 27March2009-Theolia plunges on profit warning
------------------------------------------------------
French alternative energy firm Theolia (TEO.PA) falls as much as 13 percent in early trade after warning on Thursday that it would post a full year loss of over 240 million euros, blaming decisions taken by its previous management as well as the effects of the crisis.
"This is a much bigger loss than everybody had anticipated," says analyst Jeroen Willard of AEK. "Everybody was expecting the loss to be bigger but this is perhaps five to 10 times higher than they expected."
The group is due to publish results on April 28. It posted a 49 million euro loss last year.
Theolia shares are down 7.8 percent.
The company's shares have lost 28 percent so far in 2009, and fell 85 percent in 2008. As of Thursday's close, the company's market capitalisation stands at 85 million euros.
For more double click on [ID:nL013505]
Reuters Messaging rm://helen.beresford.reuters.com@reuters.net
08:31GMT 27March2009-Dairy Crest up on Yoplait sale, good trade
---------------------------------------------------------------
Shares in Dairy Crest (DCG.L) rise 12 percent after the maker of Cathedral City cheese and Clover spreads sells its 49 percent stake in Yoplait Dairy Crest (YDC) to the Yoplait Group for 63.5 million pounds and says its full-year trading performance should be in line with its expectations. Dairy Crest says it made a profit of 50 million pounds from the sale which has been used to reduce its debt to around 435 million pounds.
"We view the YDC sale as a good piece of business. It reduces debt and removes risk that would have arisen as cover as the sterling-euro exchange rate dropped off. Also, trading is in-line, with food holding up well in a tough environment," say analysts at Citigroup.
For more, click on [ID:nLR689266]
Reuters messaging rm://rhysl.jones.reuters.com@reuters.net
08:30GMT 27March2009-Galapagos jumps on drug trials news
--------------------------------------------------------
Shares in Belgian biotech company Galapagos (GLPG.BR) jump as much as 8 percent after the announcement that it has entered Phase I clinical trials of its rheumatoid arthritis drug, for which it has a partnership with Johnson & Johnson (JNJ.N) unit Janssen Pharmaceutica.
"Clearly positive news, in line with previous communications and expectations," writes KBC Securities analyst Jan De Kerpel, though he cautions there are some challenges for this type of inhibitor treatment. De Kerpel keeps his buy rating and 7.20 euro target price for Galapagos.
Galapagos shares are up 5.3 percent at 6.56 euros, outperforming the DJ Stoxx European Health Care Index .SXDP which is down 0.1 percent.
For more double click on [GLPG.BR]
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
08:20GMT 27March2009-FTSE small caps down 0.2 percent at the open
-----------------------------------------------------------------
The FTSE small cap index .FTSC is 0.2 percent lower in opening trade as the UK market experiences a mixed start to the final trading session of the week, with the FTSE 100 .FTSE flat and the FTSE 250 .FTMC up 0.2 percent.
Pursuit Dynamics (PUDY.L) falls 5.3 percent after the developer of the PDX platform technology says it will cease manufacturing at Brooklands and a number of positions will become redundant.
D1 Oils (DOO.L) rises more than 15 percent as the British biofuels company reports that it is in receipt of a final and binding arbitral award of 4.2 million pounds in relation to a dispute with a US company.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
07:24GMT 27March2009-European stock futures point to higher open
----------------------------------------------------------------
European futures point to a higher opening, extending a six-session winning streak and tracking an overnight rally on Wall Street sparked by rising hopes the U.S. economy might have seen the worst of the recession.
Futures for the Eurostoxx 50 STXEc1 are up 0.5 percent, German DAX futures FDXc1 are up 0.1 percent and French CAC futures FCEc1 are 0.3 percent higher.
The Dow Jones industrial average .DJI jumped 2.3 percent on Thursday, the Standard & Poor's 500 Index .SPX rose 2.3 percent, and the Nasdaq Composite Index .IXIC surged 3.8 percent.
The FTSEurofirst 300 .FTEU3 index of top European shares is down 10.4 percent in 2009, but has gained 15.5 percent since reaching a floor on March 9.
MAJOR MACROECONOMIC DATA: (GMT)
0700 DE Import prc Jan
0930 GB GDP F Q4
1000 EZ Ind N ords Jan
1230 US Consumpn Feb
1230 US Core PCE Feb
1230 US PCE index Feb
1230 US Personal income Feb
1355 US Michigan final March
MAJOR EUROPEAN COMPANIES REPORTING:
Q4 Hellenic Telecommunications (OTEr.AT)
Full Year Banca Carige SpA (CRGI.MI)
MAJOR U.S. COMPANIES REPORTING:
Q1 KB Home (KBH.N)
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
rm://joanne.frearson.thomsonreuters.com@reuters.net
