STOCKS NEWS EUROPE-Altran shares fall as Q3 disappoints

Altran (ALTT.PA) shares lose 3 percent after the French technology and R&D consultant posts a worst-than-expected 17.1 percent drop in third-quarter sales to 327 million euros. Analysts eyed sales of 345 million euros, on average.

The company also says it has renegotiated a deal with its bankers to adjust covenants on its medium-term debt and its Chief Executive says the trend in September was towards an upturn in activity tied to the car sector.

"Altran renegotiated its banking covenants. But the size of the third quarter sales decline is larger than what we expected ... Altran continues to suffer more than its rivals abroad and in France and we do not see signs volumes will improve in the short-term," CM-CIC analysts write in a note.

Reuters Messaging rm://dominique.vidalon.com@reuters.net