STOCKS NEWS EUROPE-Gamesa rebounds after tax hit

STOCKS NEWS Reuters Results diary

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12:40GMT 17Jan2008-Gamesa rebounds after tax hit

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Wing-turbine manufacturer Gamesa (GAM.MC) gains nearly 5 percent, rebounding
from recent falls and Wednesday's drop after it emerged that the renewable
energy sector could be hit by extra property taxes.

Gamesa has lost 21 percent of its value in the year to date, including 7.5
percent in the past week.

Traders say the rebound is aided by a bullish statement by Gamesa on its
2007 activities, which although containing little new information, highlights
the company's 16 percent global market share and 8,000 megawatts of firm orders
from strategic clients.

Reuters Messaging rm://joe.ortiz.reuters.com@reuters.net

11:38GMT 17Jan2008-GN Store Nord recovers further after Tuesday's dive

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Shares in Danish headset and hearing aid maker GN Store Nord (GN.CO) recover
more lost ground, up 6.6 percent after a profit warning shaved nearly a quarter
of its market value on Tuesday.

"The share was way too bombed out and this is a natural reaction, even
though the company's prospects are not that encouraging," one Danish analyst
says.

Reuters messaging rm://gelu.sulugiuc.reuters.com@reuters.net

11:06GMT 17Jan2008-Alcatel-Lucent stock bounces back after slump

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Shares in telecom gear maker Alcatel-Lucent (ALUA.PA) adds 5.3 percent, the
second-biggest gainers on France's CAC 40 index .FCHI, bouncing back from a
recent slump as the stock rises along with tech shares, traders say.

"It's clearly just a technical rebound, there is nothing fundamental behind
it. It's a beta stock, so everytime the market bounces back, it follows the
crowd," one trader says.

The stock, which has lost 3.8 percent so far this year, is down 58 percent
from its 52-week high, hit by 3 profit warnings issued by the company in 2007.

Reuters messaging rm://blaise.robinson.reuters.com@reuters.net

10:47GMT 17Jan2008-Alstom bounces back on strong sales

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Shares in Alstom (ALSO.PA) rise 5 percent, the biggest gainers on France's
CAC 40 index .FCHI, after the industrial power and transport equipment maker
reports higher-than-expected quarterly sales and reaffirms its forecast for the
year.

"Their fundamentals are solid. It gives us more visibility on the firm's
outlook," one trader says.

At 1045 GMT, the stock is up 5.3 percent, at 135.37 euros, bouncing back
from recent weakness. The stock is still down nearly 8 percent since the start
of the year, and down 18 percent from its 52-week high.

Reuters messaging rm://blaise.robinson.reuters.com@reuters.net

10:21GMT 17Jan2008-Q2 could be potential time to add equity risk -JPMorgan

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JPMorgan says in a report that the second quarter of 2008 could be a
potential time to add risk to equity positions and to reverse its preference for
defensives over cyclicals.

"We note that a number of large markets have already weakened significantly,
such as the 26 percent fall in Japanese equities from the peak. A number of
technical and sentiment indicators are suggesting the market is oversold,"
JPMorgan analysts say.

"Cyclical sectors have lost 15 percent relatively to defensives and credit
spreads are already in recession territory. Also, another 3 percent rall in
Eurozone equities would push the DY gap model into outright "buy" territory."

It also says a swifty response from the Federal Reserve is likely to produce
a bottoming in macro momentum indicators at mid-2008.

However, the broker says the arguments against it include average EPS
contraction need to fall further and to spread beyond financials, and the fall
of 12 percent in S&P 500 .SPX from high in contrast to the typical 21 percent
fall from peak to trough.

Reuters Messaging rm://dominic.lau.reuters.com@reuters.net

08:55GMT 17Jan2008-Tognum rises on back of 2008 EPS forecast

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Shares in German diesel engine maker Tognum (TGMG.DE) rise 3.7 percent after
the company forecasts full-year 2008 earnings per share of over 2 euros, dealers
say.

The company's outlook is in line with the median of analysts' forecasts in
Reuters Estimates and clearly above the low end of the range of forecasts.

For more double click on [ID:nnL17651497]

Reuters Messaging rm://peter.starck.reuters.com@reuters.net

08:54GMT 17Jan2008-Novartis drops as Q4 profits miss forecasts

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Novartis (NOVN.VX) shares drop nearly 4 percent, versus a 0.4 percent fall
in the European drugs sector .SXDP, after its fourth-quarter profits plummet
42 percent and fall far short of forecasts.

"We have to reduce our earnings estimates. This will have a negative impact
on our fair value," says Peter Spengler, analyst at DZ Bank.

For more double click on [ID:nL17126311]

Reuters Messaging rm://sam.cage.reuters.com@reuters.net

08:45GMT 17Jan2008-Deutsche Boerse shares recover on Credit Suisse upgrade

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Shares in Deutsche Boerse (DB1Gn.DE) rise 3.5 percent, recouping some recent
losses, after Credit Suisse adds the stock to its European Focus list, dealers
say.

"Deutsche Boerse is the most attractive way for investors to gain exposure
to capital markets. Like other exchange groups it has limited credit risk and is
highly cash generative. Moreover it is significantly more diversified than any
other exchange group in terms of products," Credit Suisse says in a note.

"We believe there is significant structural growth potential for Deutsche
Boerse's derivatives business, which we expect to generate over 40 percent of
group profits in future years," says Credit Suisse, which rates Deutsche Boerse
shares "outperform" with a target price of 155 euros.

"We are using the recent sell-off in the share price to add Deutsche Boerse
to our Credit Suisse European focus list."

Reuters Messaging rm://peter.starck.reuters.com@reuters.net