November 3, 2008 / 8:32 AM / 10 years ago

STOCKS NEWS EUROPE-Gambling co Codere up on potential sale

STOCKS NEWS Reuters Results diary

Stocks on the move [HOT-RTRS] Real-time Equity News [E] [WEU/EQUITY]

08:26GMT 03Nov2008-Gambling group Codere up on potential sale


Shares in Spanish gaming group Codere (CDRE.MC) jump 8.7 percent to 10.0 euros on hopes for a potential sale by its core shareholders after they failed to make a final payment on their stake acquisition last Friday.

“We continue to think that a sale process will occur and Codere will raise interest, being a defensive stock,” Ibersecurities analysts say in a note.

Ibersecurities estimates valuations of between 13.50 and 21.0 euros per share for the company. For more please double click on [ID:nLV315669]

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08:21GMT 03Nov2008-UCB gains on U.S. Toviaz drug approval


Shares in UCB (UCB.BR) gain 5 percent after U.S. regulators approve Belgian drugmaker’s over-active bladder drug Toviaz, which is being distributed by Pfizer (PFE.N).

Morgan Stanley analysts say the green light comes six months earlier than expected and is a “major milestone”, securing around 10 to 15 percent of future medium term earnings for UCB.

“Given UCB’s leverage and debt repayment timings, this approval is a significant catalyst securing important future cash flows,” the brokerage says. “Combined with the recent approval of Vimpat (epilepsy) in the U.S., UCB’s risk profile has been lowered considerably.” For more double click on [ID:nN31361136]

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07:54GMT 3Nov2008-Commerzbank seen lower on Q3 loss


Shares in Commerzbank (CBKG.DE) are indicated down 1.4 percent at brokerage Lang & Schwarz before the German market opens as Germany’s second-largest bank says it will take a 8.2 billion euro capital injection from the German state and reports a third-quarter loss of 285 million euros.

“Commerzbank is one of the banks that was embroiled in talk that it would take advantage of the government aid package,” says market analyst Heino Ruland at Renell Investment Bank. Ruland says the market had already speculated that the bank might take the aid.

“The question now is how things will run with the integration of Dresdner Bank (ALVG.DE) if the German government is lolling around in the bank,” says a second trader.

For more double click on [ID:nL3543865]

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07:24GMT 03Nov2008-European stock futures up after U.S., Asia shares gain


Futures for major European stock indexes rise, after U.S. shares gained on Friday and Asian equities rose on Monday, as investors hope recent measures to help the financial sector and more potential interest-rate cuts could calm market jitters.

Futures for the DJ Eurostoxx 50 STXEc1 add 1.2 percent, for Germany’s DAX FDXc1 add 0.7 percent and for France’s CAC FCEc1 rise 0.9 percent.

The European Central Bank and the Bank of England are expected to lower interest rates this week, following recent rate cuts by China, India, Japan and the United States.

Major U.S. stocks indexes rose by 1.3-1.6 percent on Friday, while Europe's FTSEurofirst 300 .FTEU3 registered a 2.8 percent gain.

Major European companies reporting:

Q3 Linde (LING.DE)

Q3 StatoilHydro STL.OL

Q2 Ryanair (RYA.L)

Q3 Corporacion Financiera Alba (ALB.MC)

Q3 Nobel Biocare NOBN.VX

Major U.S. companies reporting:

Q3 MasterCard Incorporated (MA.N)

Q3 Viacom VIAb.N

Q1 Automatic Data Processing (ADP.O)

Q3 Albany International (AIN.N)

Q3 Allegheny Energy AYE.N

Q3 American Tower (AMT.N)

Q3 Andarko Petroleum (APC.N)

Q3 Goodyear Tire & Rubber GT.N

Q3 Pitney Bowes (PBI.N)

Macroeconomic events:

0850 FR CDAF Manufacturing PMI

0855 DE Manufacturing PMI

0900 EZ MarkitManufacturing PMI

0900 GB Halifax survy

0930 GB CIPS Manufacturing PMI

1500 US ISM Manufacturing

U.S. North American car sales

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