|
Frankfurt slides, techs dip
|
 |
November 16, 2000: 12:30 p.m. ET
DaimlerChrysler, Bayer load pain on Dax; techs, telecoms slide
|
LONDON (CNNfn) - European markets closed lower Thursday, with technology and telecom stocks leading declines. Frankfurt's decline was compounded by automaker DaimlerChrysler's skid ahead of possible management changes at its ailing U.S. unit.
Frankfurt's Xetra Dax fell 149.60 points, or 2.15 percent, to 6,811.49, with software maker SAP (FSAP) and chemicals maker Bayer (FBAY) adding to the bechmark's woes.
The blue-chip CAC 40 in Paris dropped 18.72 points, or 0.3 percent, to 6,283.06, with telecom equipment maker Alcatel (PCGE) and chipmaker STMicrolectronics (FSTM) among the leading decliners.
 London's benchmark FTSE 100 was little changed at 6,430.4. Telewest Communications (TWT) rose 6.4 percent after the cable company reported earnings before interest and other items rose 9 percent to £180 million ($256 million) in the first nine months of the year, at the top end of the range of analysts' expectations.
In other markets, the AEX index in Amsterdam slipped 0.6 percent, the MIB30 in Milan also fell 0.75 percent, and the SMI in Zurich nosed up 0.3 percent.
The broader FTSE Eurotop 300 index, a basket of Europe's largest companies, fell 0.4 percent. The computer services and software sub-index fell 3.8 percent while the automotive sector shed 1.1 percent.
In the U.S. Thursday at midday, the Nasdaq composite fell almost 1 percent to 3,134.78, while the blue-chip Dow Jones industrial average dipped 0.2 percent to 10,687.51.
 click here for the biggest movers on the ftse 100 in London
 click here for the biggest movers on the dax 30 in Frankfurt
 click here for the biggest movers on the cac 40 in Paris
In the currency market, the euro slipped slightly to 85.40 U.S. cents from 85.73 cents in late New York trading a day earlier. The European Central Bank's decision not to alter its key interest rate from 4.75 percent left the single Europen currency unmoved.
DaimlerChrysler (FDCX) extended the previous day's 4.6 percent decline, shedding another 1 percent after reports that the German automaker Friday will remove the head of Chrysler, its U.S. business.
Among French auto industry stocks, car parts maker Valeo (PFR) dropped 4.6 percent, tire maker Michelin (PML) skidded 3.3 percent, and auto manufacturer Renault (PRNO) lost 2 percent.
German chemicals and drug company Bayer (FBAY) fell 3.9 percent after saying third-quarter operating profit from continuing operations rose a smaller-than-expected 12 percent to  724 million before one-time items. Bayer reiterated its forecast for growth of at least 10 percent in the full year.
Other drug stocks advanced. Schering (FSCH) rose 4.4 percent in Frankfurt and Franco-German Aventis (PAVE) added 2.3 percent in Paris. AstraZeneca (AZN) climbed 1.6 percent in London.
In the German tech sector, chipmaker Infineon Technologies (FIFX) shed 3.6 percent and its parent, Siemens (FSIE3), fell 3.5 percent. Infineon's rival STMicrolectronics (FSTM) dipped 3.2 percent in Paris.
And Europe's biggest software company, SAP (FSAP), plunged 6.6 percent.
 Deutsche Telekom (FDTE) fell 2.3 percent and its Internet access subsidiary T-Online International (ATOI) tumbled 3.5 percent. Germany's industry regulator told the telecom company to offer flat-rate access to its wires to Internet service providers that want to sell unmetered-use services to clients, ending the favorable terms on which Telekom trades with its majority-owned Internet unit T-Online.
In the French telecom sector, France Telecom (PFTE) shed 2.8 percent, Alcatel (PCGE) slipped 0.7 percent and data network operator Equant (EQU) fell 0.4 percent.
click here for the biggest movers on the techMARK 100 in London
click here for the biggest movers on the Neuer Market in Frankfurt
click here for the biggest movers on the Nouveau Marché in Paris
On the London exchange, telecom operator Cable & Wireless (CW-) rose 2.8 percent. Shares of its 52 percent-owned Australian subsidiary, C&W Optus, gained 5.8 percent earlier Thursday, a day after the company said it is seeking buyers for all or part of its business.
 Telecom equipment and testing company Spirent (SPT) jumped 5.5 percent, rebounding from an early 11 percent drop, after it announced plans to buy privately owned Hekimian Laboratories of the United States for £1.1 billion ($1.6 billion).
On the downside in London, fiber-optic component maker Bookham Technology (BHM) tumbled 8.7 percent, telephone equipment firm Marconi (MNI) slipped 3.1 percent, and Britain's biggest Internet data carrier, Energis (EGS), dropped 2.4 percent.
Information technology consultant Sage Group (SGE) fell 2.6 percent, Misys (MSY) dropped 4.9 percent and CMG (CMG) slipped almost 4.2 percent.
In Paris, banks were having a mixed day. BNP Paribas (PBNP), France's biggest bank by market value, fell 5.8 percent after it said after the market closed Wednesday its nine-month earnings rose 20 percent to 3.4 billion ($2.9 billion), in line with forecasts.
Rival Société Générale (PGLE) rose 3.4 percent after posting a slightly better-than-expected 35 percent increase in nine-month net profit and raised its medium-term forecasts. The bank said it expects full-year profit to grow more than 20 percent, after nine-month profit rose to 2.1 billion, beating the median forecast of 2 billion in a Reuters poll.
-- from staff and wire reports 
|
|
|
|
|
 |
|
