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Glance-STOCKS NEWS EUROPE-Europe drug stocks hit by Obama health plan
Fri, 27th Feb 2009 09:54
STOCKS NEWS Reuters Results diary
Stocks on th
09:31GMT 27Feb2009-European drug stocks hit by Obama health plan
----------------------------------------------------------------
Shares in European health stocks sink following the Obama budget announced
on Thursday which called for a lowering of Medicare payments to private
insurers, allowing consumers to buy cheaper medicines from overseas.
The European healthcare index, which includes GlaxoSmithKline , AstraZeneca, Novartis, Sanofi-Aventis and
Roche, loses 4.5 percent, the worst performer among the DJ Stoxx 600
sectors.
'Given the lack of detail, the proposal at this point seems mostly a signal
as to the seriousness of intentions as well as the administration's willingness
to ask wealthier Americans to foot the bill via taxes,' say analysts at Deutsche
Bank in a note to clients.
For an article on the implications of the healthcare reform, click on
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
09:25GMT 27Feb2009-Workplace Systems down; trading deteriorates
---------------------------------------------------------------
Shares in Workplace Systems International tumble 35 percent to 3.2
pence as the company warns it is unlikely to meet current-year market forecasts,
prompting Altium Securities to cut its core rating to 'hold' from 'buy' and
downgrades its forecasts.
The business software firm says it is unlikely to meet targets is because of
the postponement of several potential deals which have been deferred until the
first-half of the financial year ending March 31, 2010.
Altium says it has reduced its revenue and profit forecasts for 2009 by
around 2 million pounds, while it has adopted a cautious stance on full-year
figures for 2010. As a result its target price is slashed to 3 pence from 10
pence.
For more double click on
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:09GMT 17Feb2009-St Modwen falls on covenant concerns
-------------------------------------------------------
Shares in property company St Modwen fall almost 7 percent after
full year results fail to assuage concerns the company will struggle to stay
within its bank covenants if property valuations continue to fall.
'We believe that the group's on-going compliance with its interest rate
cover and valuation covenants continues to weigh on investors' minds,' says
Cazenove analyst Robert Duncan in a note to clients.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
08:52GMT 27Month2009-CFE falls after disappointing results
----------------------------------------------------------
Shares in Belgian building company CFE down 4.6 percent following
the release of worse-than-expected 2008 results late on Thursday.
The stock falls as much as 6.46 percent to 19.55 euros, against the DJ Stoxx
European Construction and Materials Index, which trades down about 2.2
percent.
Shares in France's Vinci, which owns 47 percent of CFE, drops as
much as 3.15 percent.
'FY08 results remained far below our and consensus estimates, partly due to
one-off items,' writes Bank Degroof analyst Christophe Dessain, adding his
scenario for CFE and 53.20 euro target price are under review.
For more double click on
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
08:44GMT 27Month2009-European shares slip in early trade
--------------------------------------------------------
European stocks slip in early trade, wiping out nearly all the previous
session's gains, with pharma shares falling on fears the U.S. budget proposal
may curb profits.
AstraZeneca falls 4.5 percent, Sanofi-Aventis drop 4.4
percent and Roche down 3.5 percent.
The FTSEurofirst 300 index of top European shares is down 2.1
percent at 717.48 points. The index, which gained 2.3 percent on Thursday, is on
track to record a loss of around 10 percent in February -- the benchmark's sixth
consecutive month of losses.
The banking sector is on the downside, with Lloyds Banking Group
down 9 percent after it unveiled a massive loss for 2008 and said it had not yet
finalised details of its plan to put billions of pounds of assets into a UK
government-backed insurance scheme.
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
rm://atul.prakash.reuters.com@reuters.net
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Stocks on th
e move Real-time Equity News
09:31GMT 27Feb2009-European drug stocks hit by Obama health plan
----------------------------------------------------------------
Shares in European health stocks sink following the Obama budget announced
on Thursday which called for a lowering of Medicare payments to private
insurers, allowing consumers to buy cheaper medicines from overseas.
The European healthcare index, which includes GlaxoSmithKline , AstraZeneca, Novartis, Sanofi-Aventis and
Roche, loses 4.5 percent, the worst performer among the DJ Stoxx 600
sectors.
'Given the lack of detail, the proposal at this point seems mostly a signal
as to the seriousness of intentions as well as the administration's willingness
to ask wealthier Americans to foot the bill via taxes,' say analysts at Deutsche
Bank in a note to clients.
For an article on the implications of the healthcare reform, click on
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
09:25GMT 27Feb2009-Workplace Systems down; trading deteriorates
---------------------------------------------------------------
Shares in Workplace Systems International tumble 35 percent to 3.2
pence as the company warns it is unlikely to meet current-year market forecasts,
prompting Altium Securities to cut its core rating to 'hold' from 'buy' and
downgrades its forecasts.
The business software firm says it is unlikely to meet targets is because of
the postponement of several potential deals which have been deferred until the
first-half of the financial year ending March 31, 2010.
Altium says it has reduced its revenue and profit forecasts for 2009 by
around 2 million pounds, while it has adopted a cautious stance on full-year
figures for 2010. As a result its target price is slashed to 3 pence from 10
pence.
For more double click on
Reuters Messaging rm://david.brett.reuters.com@reuters.net
09:09GMT 17Feb2009-St Modwen falls on covenant concerns
-------------------------------------------------------
Shares in property company St Modwen fall almost 7 percent after
full year results fail to assuage concerns the company will struggle to stay
within its bank covenants if property valuations continue to fall.
'We believe that the group's on-going compliance with its interest rate
cover and valuation covenants continues to weigh on investors' minds,' says
Cazenove analyst Robert Duncan in a note to clients.
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
08:52GMT 27Month2009-CFE falls after disappointing results
----------------------------------------------------------
Shares in Belgian building company CFE down 4.6 percent following
the release of worse-than-expected 2008 results late on Thursday.
The stock falls as much as 6.46 percent to 19.55 euros, against the DJ Stoxx
European Construction and Materials Index, which trades down about 2.2
percent.
Shares in France's Vinci, which owns 47 percent of CFE, drops as
much as 3.15 percent.
'FY08 results remained far below our and consensus estimates, partly due to
one-off items,' writes Bank Degroof analyst Christophe Dessain, adding his
scenario for CFE and 53.20 euro target price are under review.
For more double click on
Reuters Messaging rm://anne.jolis.reuters.com@reuters.net
08:44GMT 27Month2009-European shares slip in early trade
--------------------------------------------------------
European stocks slip in early trade, wiping out nearly all the previous
session's gains, with pharma shares falling on fears the U.S. budget proposal
may curb profits.
AstraZeneca falls 4.5 percent, Sanofi-Aventis drop 4.4
percent and Roche down 3.5 percent.
The FTSEurofirst 300 index of top European shares is down 2.1
percent at 717.48 points. The index, which gained 2.3 percent on Thursday, is on
track to record a loss of around 10 percent in February -- the benchmark's sixth
consecutive month of losses.
The banking sector is on the downside, with Lloyds Banking Group
down 9 percent after it unveiled a massive loss for 2008 and said it had not yet
finalised details of its plan to put billions of pounds of assets into a UK
government-backed insurance scheme.
Reuters Messaging rm://blaise.robinson.reuters.com@reuters.net
rm://atul.prakash.reuters.com@reuters.net
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
