Europe Movers: Inditex, Michelin, Syngenta, Porsche Automobil

Arthi Gupta
19 Sep, 2012
New York City

Inditex first-half earnings surged 32% to

[R]1:00 PM Frankfurt – Inditex first-half earnings surged 32% to €944 million. Michelin confirmed its fiscal year guidance. Syngenta agreed to acquire U.S.-based Pasteuria Bioscience for $86 million.[/R]

Deutsche Boerse AG slipped 0.1% to €44.94 after the financial marketplace operator reappointed Chief Executive Officer Dr. Reto Francioni for another four-year term ending in October 2016.

Inditex S.A. rose 2.7% to €94.43 after the clothing retailer said first-half net sales climbed 17% to €7.24 billion on comparable store sales rise of 7%.

Net profit attributable to the company increased 32% to €944 million from €717 million.

Michelin SCA dipped 0.3% to €61.66 after the tires manufacturer confirmed its fiscal year outlook with an increase in operating income before non-recurring items and a 3% to 5% decrease in full-year sales volume.

Porsche Automobil Holding SE soared 9% to €47.06 after the car manufacturer won the dismissal of the first two investor suits in Germany in connection with the allegations that the company had lied about its failed Volkswagen AG takeover plan in 2008, according to local media reports in Germany.

Syngenta AG fell 0.03% to Sfr342.30 after the chemicals company agreed to acquire Pasteuria Bioscience, Inc., a US-based biotechnology company, for aggregate payments of $86 million, with additional deferred payments of up to $27 million.

UBS AG dropped 0.9% to Sfr11.90 after the financial services provider plans to cut 80 to 90 jobs in its European investment- banking division, according to a Bloomberg report.

Telenor ASA rose 0.1% to NOK 109.9 after the Norway-based telecommunications provider aims to achieve gross cost savings of NOK 5 billion and an operating cash flow of NOK 28 billion to NOK 30 billion in 2015.