Lufthansa Drops 5%, Ipsen to Acquires Merrimack Pharma

Sarla Buch
09 Jan, 2017
New York City

Deutsche Lufthansa estimated higher fuel costs in fiscal 2017 and didn

[R]4:00 PM Frankfurt – Deutsche Lufthansa estimated higher fuel costs in fiscal 2017 and didn’t offer earnings outlook Dialog Semiconductor said revenues in the fourth-quarter jumped 5%. Ipsen agreed to acquire assets of Merrimack Pharma for $1 billion. William Hill lowered operating profit.[/R]

In London trading, FTSE 100 index gained 26.78 or 0.4% to 7,236.47 and in Frankfurt the DAX index slumped 63.56 or 0.5% to 11,535.26.

In Paris, CAC 40 index dropped 36.24 or 0.7% to 4,873.54.

Deutsche Lufthansa AG declined 5.3% to €11.74 after Germany-based airline group didn’t provide earnings estimate for 2017 and the airline forecasted fuel costs in the year to increase to €5.3 billion compared to €4.9 billion in 2016.

Dialog Semiconductor Plc gained 1.6% to €39.94, the U.K.-based integrated circuits maker said revenues in the fourth-quarter jumped 5% to $365 million.

Dialog estimated preliminary revenues in the year of $1.20 billion and as of December cash and cash equivalents balance of about $697 million.

Ipsen SA fell 0.5% to €71.39 after France-based pharmaceutical products maker agreed to acquire some assets of the U.S.-based Merrimack Pharmaceuticals Inc, including pancreatic cancer drug Onivyde for up to $1 billion.

However, in December, Merrimack had stopped a breast cancer drug trial.

William Hill Plc slipped 1.4% to 293.40 pence after the U.K.-based sports betting services provider said that operating profit in 2016 is estimated at the lower end of expectations, mainly due to unfavorable soccer and horse-racing results in December.