| CATEGORY: MARKET REPORT - EUROPE SECTOR: TECHNOLOGY HARDWARE & EQUIPMENT |
European midday: Tech-sector firms lead gains |
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Wed 21 Jul 2010
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LONDON (SHARECAST) - Europes main markets are holding on to gains and are on track to snap a five day losing streak, thanks to strong tech stocks.
The tech sector was lifted by much better than forecast numbers from Apple as iPad sales boomed. Shares in Apple rallied after-hours as third quarter sales rose 61% to $15.7bn, while net income rose 78% to $3.25bn. It was its best quarter ever.
Since its launch in April, Apple has sold 3.27m iPads, but even this was outstripped by sales of Macs, which hit 3.47m units, the best quarter ever for Apples stalwart. The company sold 8.4m iPhones, which included seven days of the troubled iPhone 4.
For the current three months, Apple predicted earnings of about $3.44 per share in the current quarter on revenue of around $18bn. In Europe, Nokia, Ericsson and ARM Holding are on the rise.
Across the markets, the Dax in Frankfurt is 61 points higher at 6,028, the Cac in Paris has added 54 points to 3,522. The Swiss market is up 27 points to 6,151.
Fiat returned to profit in the second quarter of this year and said it may raise its 2010 forecasts. Its board has also backed the Italian carmaker's plan to split into separate car and non-car businesses in January.
A net profit of 90m in the three months to 30 June compares with a loss of 168m a year ago. Net revenues rose 12.5% to 14.8bn, helped by a 35% jump in its car components division.
Satellite-navigation-equipment maker TomTom is in demand after the Dutch firms second-quarter net profit rose 69% to 34m.
Embattled oil giant BP has done a deal to sell $7bn of upstream assets in the United States, Canada and Egypt to Apache Corporation. Assets include its Permian Basin assets in Texas and south-east New Mexico. BP said the sales are part of its plan to raise $10bn by offloading non-core assets to cover claims made following the Deepwater Horizon disaster in the Gulf of Mexico.
On the M&A front, after years of rumour and speculation, one of the market's most widely tipped takeovers is about to come to fruition after condom and footcare group SSL agreed an all-cash bid from Reckitt Benckiser.
Reckitt is to pay SSL shareholders 1,163p per share with a final dividend taking the total up to 1,171p per share. The bid values SSL in total at £2.54bn.
CAC 40 - Risers
Accor (AC) 24.34 +5.00%
Technip (TEC) 49.69 +4.22%
BNP Paribas (BNP) 48.62 +3.50%
Dexia (DEXB) 3.23 +3.46%
LVMH (MC) 91.46 +2.93%
Unibail-Rodamco (UL) 140.15 +2.82%
Credit Agricole (ACA) 9.08 +2.82%
Lagardere SCA (MMB) 26.41 +2.72%
Vallourec (VK) 76.22 +2.64%
Suez Environnement Company (SEV) 14.02 +2.60%
CAC 40 - Fallers
Alstom (ALO) 36.38 -0.07%
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| ARM - ARM Holdings |
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| Latest Prices |
| Name |
Price |
% |
| ARM Holdings |
403.10p |
+3.97% |
| BP |
415.45p |
+0.80% |
| Fiat |
9.98 |
+1.94% |
| Reckitt Benckiser Group |
3,378.00p |
+0.06% |
| SSL International |
1,157.00p |
+0.09% |
| TomTom |
4.62 |
-0.75% |
| |
| AEX Index |
335 |
+0.95% |
| FTSE 100 |
5,494 |
+1.19% |
| FTSE 250 |
10,326 |
+1.07% |
| FTSE 350 |
2,898 |
+1.17% |
| FTSE All-Share |
2,834 |
+1.14% |
| FTSE MIB Index |
20,858 |
+1.35% |
| FTSEurofirst 300 |
1,082 |
+0.96% |
| MIB 30 |
0 |
-1.25% |
| techMARK |
1,714 |
+0.66% |
| techMARK 100 |
1,893 |
+1.11% |
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