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STOCKS NEWS EUROPE-HBOS down on Goldman sell recommendation
January 19, 2007 / 10:17 AM / 11 years ago

STOCKS NEWS EUROPE-HBOS down on Goldman sell recommendation

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10:16GMT 19Jan2007-HBOS slips on Goldman sell recommendation

------------------------------------------------------------ Shares in HBOS HBOS.L fall 1.6 percent after Goldman Sachs adds the mortgage lender to its “conviction sell list”.

“We expect HBOS to underperform other less domestically focused UK banks, and UK banks as a whole to underperform European banks, due to a positive outlook for capital markets related businesses and on-going challenges in UK retail banking,” it said.

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10:01GMT 19Jan2007-Telecom Italia CDS rise on Sistema report


The cost of insuring Telecom Italia’s (TLIT.MI) debt against default rises, on a newspaper report that Russian services conglomerate Sistema (SSAq.L) is interested in buying a minority stake from Italy’s Pirelli group.

Russian business daily Kommersant quotes Sistema President Alexander Goncharuk as saying Sistema is “really interested in the company.” For more, click on [ID:nL19264297]

Five-year credit defaults swaps on TI rise 4 basis points to 61 basis points, two traders in London say, with one saying the story has revived fears of a break-up of TI. That price means it costs 61,000 euros a year to insure 10 million euros of its debt against default.

TI shares rise 0.23 percent, standing at 2.3525 euros a share by 0948 GMT.

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08:45GMT 19Jan2007-Infineon leads drop in European tech stocks


German chipmaker Infineon (IFXGn.DE) leads declines in European technology shares after U.S. and Asian technology stocks fall following disappointing forecasts from Apple (AAPL.O) and semiconductor equipment maker Lam Research (LRCX.O).

Infineon shares are down 3.4 percent to 10.7 euros, the biggest decliner in Germany's DAX .GDAXI, while the European technology index .SX8P falls 1.1 percent.

Shares in Nordic IT services firm TietoEnator (TIE1V.HE) continue a decline after the company said on Thursday it missed its 2006 profitability target. The shares are down 1.4 percent to 20.01 euros.

Fellow IT services firms LogicaCMG LOG.L and Business Objects BOBJ.PA fall 1.2 percent and 2.1 percent respectively.

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08:30GMT 19Jan2007-Techs, oils push European shares lower


The FTSEurofirst 300 index .FTEU3 of top European shares inches 0.1 percent lower at 1,508.11 points as disappointing results from IBM (IBM.N) sparks a further sell-off in technology shares and energy stocks fall further as oil prices stay weak at just above $50 a barrel.

Shares in ThyssenKrupp (TKAG.DE) fall 1 percent despite Germany’s largest steelmaker posting forecast-beating pre-tax profits and reaffirming its full-year forecast, but French electrical engineering group Schneider (SCHN.PA) gains 2 percent after posting stronger-than-expected quarterly sales.

For the European stocks report, double click on [.EU]

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06:42GMT 19Jan2007-European shares gear for lower opening


European shares are expected to fall after fresh comments from Federal Reserve officials cast doubt about a U.S. interest rate cut anytime soon, while oil down to $50 a barrel will pressure energy stocks.

Investors await the University of Michigan’s reading of U.S. consumer sentiment at 1500 GMT, while on the microeconomic front earnings from German steel and engineering firm ThyssenKrupp (TKAG.DE) tops the corporate schedule in Europe.

Technology stocks could again bear the brunt of an equity market sell-off after IBM’s (IBM.N) quarterly profits fail to beat some investors’ forecast, adding to worries about the strength of global technology spending.

Spread betters in London are calling the FTSE 100 .FTSE down 5 to 7 points, the CAC 40 .FCHI off 14 to 15 points, and the Dax .GDAXI between 27 and 28 points lower.

For more on this click on [.EU]

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06:40GMT 19Jan2007-Friday’s corporate and economic agenda


Earnings from German steel and engineering firm ThyssenKrupp top the corporate schedule in Europe on Friday, while the University of Michigan’s reading of U.S. consumer sentiment is the key economic release.

Heavyweight U.S. companies reporting on Friday include Citigroup (C.N), General Electric (GE.N) and Motorola MOT.N.

(Double click in the square brackets for details on what analysts are expecting, where available.)

European company news on Friday:

ThyssenKrupp (TKAG.DE) Q1 [ID:nL16538873]

Schneider Electric (SCHN.PA) year sales [ID:nL12824861]

Omega Pharma OMEP.BR year sales

Economic news: (times in GMT)

Italy Nov ind orders (0900)

UK Dec PSNCR (0930)

Australia Q4 import/export prices (0030)

U.S. Jan prelim Uni of Michigan sentiment (1500) [ID:nN17310265]

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