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Market Update

Altice Plans to Spin-off U.S. Unit, Morrison Holiday Sales Jump

Author: Sarla Buch
Last Update: 11:43 AM EST January 09 2018

4:00 PM Frankfurt Altice plans to spin-off its U.S. business as the cable operator struggles with heavy debt load. Continental AG is said to explore restructuring. Games Workshop net more than doubled on strong sales growth. Safestore net declined. Morrison offered upbeat estimate on holiday sales.

In London trading, FTSE 100 index decreased 23.91 or 0.3% to 7,700.75 and in Frankfurt the DAX index advanced 53.92 or 0.4% to 13,376.87.

In Paris, CAC 40 index increased 19.91 or 0.4% to 5,490.54.

Altice NV soared 9% to 10.30 after the Netherlands-based communications and content provider said its board had approved plans to spin-off its U.S. business from its European operation and lower debt.

Continental AG jumped 6.8% to 254.70 after Bloomberg news reported that Germany-based automobile parts supplier is considering to restructure its operations and may even break companies in two or more businesses.

Games Workshop Group Plc slumped 3.7% to 2,551.50 pence after the U.K.-based toys maker said revenues in the first-half ending in November soared 53.6% from a year ago to 108.9 million.

Net income in the period surged to 31.4 million from 10.9 million in a year ago period and diluted earnings per share jumped to 96.8 pence from 33.9 pence.

The toys maker said total operating profit increased to 38.8 million from 13.8 million in the same period a year ago.

Safestore Holdings Plc increased 1.5% to 484.40 pence after the U.K.-based self-storage facilities provider reported revenues in the year ending in October jumped 12.6% from a year ago to 129.9 million.

Net income in the period declined 10.4% to 78.3 million from 87.4 million in a year ago period and diluted earnings per share slipped to 37.3 pence from 41.7 pence.

Wm Morrison Supermarkets Plc advanced 2.4% to 232.40 pence after the U.K.-based supermarket stores retailer said comparable retail sales ending in the ten-weeks to January 7 increased 2.1%, wholesale sales rose 0.7% and total sales excluding fuel jumped 2.6% compared to the same period a year ago.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc