European stocks mixed as earnings in focus; DAX down 0.05%
Investing.com
Published Feb 17, 2011 04:43AM ET
During European morning trade, the EURO STOXX 50 climbed 0.12%, France’s CAC 40 added 0.07%, while Germany's DAX was down 0.05%.
Shares in Swiss food giant Nestle climbed 1.34% after it reported 2010 full-year net profit soared by 70% to CHF34.23 billion, as the group saw growth across all categories and regions and improved market share.
Europe’s largest computer-services company Cap Gemini saw shares rally 6.51% after its 2010 full-year profit rose by 57% to EUR280 million on stronger technology demand.
Also Thursday, shares in French spirits group Pernod Ricard tumbled 3.77% after it reported lower-than-expected first half earnings, after it boosted spending on advertising and promotions to drive sales of major brands in emerging markets.
Shares in Europe’s largest banking group BNP Paribas shed 0.76% after it said fourth quarter revenue came in at EUR10.32 billion, falling short of market expectations for revenue of EUR12.02 billion.
In London, the FTSE 100 eased down 0.04%, as shares in Europe’s largest defense contractor BAE Systems tumbled 3.89% after it reported 2010 profit that missed estimates.
The defense firm said revenue in 2010 totaled GBP22.39 million, falling short of expectations for revenue of GBP23.54 million, as results were weighed by weakness at its land armaments unit. The firm lowered its full-year earnings outlook, citing the impact of defense cuts in the UK and U.S.
However, the Royal Bank of Scotland saw shares rally 3.83% after Berenberg Bank and Evolution Group Plc recommended buying the stock.
The outlook for U.S. equity markets, meanwhile, was modestly lower ahead of earnings reports from the largest U.S. utility provider Duke Energy and from upscale department store chain Nordstrom.
The Dow Jones Industrial Average futures pointed to a modest decline of 0.04%, S&P 500 futures indicated a drop of 0.08%, while the Nasdaq 100 futures eased down 0.03%.
Later in the day, the U.S. was to publish official data on consumer price inflation and initial jobless claims.
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Written By: Investing.com
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