Europe Earnings: Future, Novartis, TUI Travel, Tullow Oil

Nigel Thomas
22 Nov, 2013
New York City

Future profit surged but revenue dropped to 9%. Novartis launched its $5 billion share buyback program. TUI Travel plunged after Fredriksen sold his entire stake of 5.4%. Tullow Oil discovered its fifth consecutive oil rift.

[R]3:40 PM Frankfurt – Future profit surged but revenue dropped to 9%. Novartis launched its $5 billion share buyback program. TUI Travel plunged after Fredriksen sold his entire stake of 5.4%. Tullow Oil discovered its fifth consecutive oil rift.[/R]

In London trading, FTSE 100 index rose 0.03% or 2.22 to 6,684 and in Frankfurt the DAX index gained 0.2% or 19.51 to 9,216.

In Paris, CAC 40 index increased 0.6% or 24.65 to 4,279.

Clear Leisure Plc surged 110.2% to 2.84 pence after the U.K.-based investment company received offer from Milan-based building contractor Generali Investimenti Holding to acquire the company’s entire holding of Mediapolis SpA for €20 million in cash or €30 million in cash and asset package.

Future Plc climbed 3.6% to 16.57 pence after the U.K.-based magazines publisher said revenue in the year ending in September dropped 9% to £112.3 million from £123.5 million a year ago.

Profit for the year surged to £4.3 million compared to £0.2 million and diluted earnings per share climbed to 1.3 pence from 0.1 pence a year earlier.

The company said pre-tax profit for the year surged four-fold to £5.8 million from £1.1 million a year ago.

Novartis AG gained 1.5% to 73.45 francs after the Switzerland-based healthcare company launched its share buyback program worth $5 billion and will continue for the next two years.

TUI Travel Plc plunged 6.2% to 365.10 pence after the reports that Norway-based shipping businessman John Fredriksen sold its entire stake of 5.4% of the company at a £3.66 a share valued £234 million and the Fredriksen raising its stake to above 20% in TUI AG, the largest Germany-based tour operator in Europe.

Tullow Oil Plc gained 1.1% to 894.50 pence after the U.K.-based oil and gas explorer said it has made a fifth consecutive oil discovery in its rift basin site onshore Northern Nigeria with an ‘estimated 100 meters of net oil pay in good quality sandstone reservoirs.’

Volkswagen AG slipped 1.1% to €193.45 after the Germany-based automobile maker plans to spend €84.2 billion or $113.2 billion over the next five years on auto production and technology.

Whitbread Plc jumped 2.7% to 3,472 after JP Morgan has upgraded the stock to “overweight” from “neutral” on the back of strong UK macro trend.