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    ATC   NL0011333752

ALTICE EUROPE A

(ATC)
End-of-day quote. End-of-day quote Euronext Amsterdam - 01/26
5.34 EUR   -0.07%
06/10Altice Europe Reportedly Seeks Buyers for EUR 6 Billion Portugal Ops
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06/10BT : Sells 12% Stake To Patrick Drahi's Altice UK
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03/03Vivendi Considering Bidding for Bertelsmann's Stake in M6
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European shares mope at seven-week low as disappointing earnings weigh

11/14/2017 | 12:17pm EDT
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

LONDON (Reuters) - European shares remained stuck at seven-week lows on Tuesday as a fall among commodities-related sectors and telecoms firm Altice (>> Altice) outweighed a buoyant tech sector.

LONDON (Reuters) - European shares remained stuck at seven-week lows on Tuesday as a fall among commodities-related sectors and telecoms firm Altice (>> Altice) outweighed a buoyant tech sector.

The pan-European STOXX 600 <.STOXX> erased earlier gains to end the session 0.6 percent lower. This was the sixth day of straight losses for the benchmark.

"Markets have moved quite a long way and a pause is probably warranted, but we don't think it's a big turning point," said Ronan Carr, European equity strategist at Bank of America Merrill-Lynch (BAML).

"Underlying fundamentals are still pretty constructive in terms of global growth, and we would be a buyer of any material dip in markets," he added.

While materials stocks <.SXPP> and oil firms <.SXEP> were the biggest sectoral fallers due to a pullback in oil and copper prices, the biggest individual faller was Altice (>> Altice).

Altice plummeted more than 13 percent after Morgan Stanley cut its price target on the stock by 34 percent, adding to pressure on the shares which are already down 46 percent this year.

Italy's Saipem (>> Saipem SpA) was another big faller, down more than 7 percent after it was removed from the MSCI Italy Index, while utility RWE (>> RWE) dropped 5.6 percent after an earnings update.

Stocks have had violent reactions to results this quarter, Goldman Sachs strategists said. Earnings-day price moves have been more than 3.5 times the average daily move – the most extreme results reactions the bank had data for.

"The companies that are missing … are then getting clobbered 10 percent, probably because the markets were too optimistic of where we were economically," Neil Dwane, global strategist at AllianzGI, said.

"There’s been probably more disappointments than we would expect with European economic growth trundling along in good fashion."

However, results from tech companies gave investors something to smile about. Software maker Simcorp (>> SimCorp) jumped 10 percent after earnings beat forecasts, while internet services provider United Internet (>> United Internet) gained 3.5 percent after its acquisition of mobile firm Drillisch (>> Drillisch) boosted its profits.

Peer Scout24 (>> Scout24 AG) also jumped 6.1 percent.

Chipmaker Infineon (>> Infineon Technologies) gained 2.7 percent despite reporting weaker dollar-dented sales.

"While slightly disappointing, we continue to expect Infineon's margins to resume their upward trajectory," wrote Liberum analysts, saying the main headwind to sales and profitability was the stronger euro.

"Underlying growth trends in the tech sector are quite strong," said BAML's Carr. "Tech sector revisions momentum has not definitively bottomed out but it looks like it's finding a floor, much like the broader market."

As the earnings season nears its end, MSCI euro zone companies are tracking 9.9 percent year-on-year earnings growth in U.S. dollar terms, and 62 percent of companies in the euro zone index have beaten or met earnings estimates.

Analysts have revised down earnings estimates for the broader MSCI Europe, but downgrades seem to have stabilised as the results season developed.

(Reporting by Helen Reid and Kit Rees; Editing by Janet Lawrence)

By Helen Reid and Kit Rees


ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
1&1 AG -0.32% 24.56 Delayed Quote.20.16%
ALPHABET INC. -0.23% 2715.55 Delayed Quote.55.30%
BANK OF AMERICA CORPORATION 1.44% 38.68 Delayed Quote.27.61%
EXTREME CO.,LTD. 0.38% 1049 End-of-day quote.-9.41%
INFINEON TECHNOLOGIES AG 2.59% 32.725 Delayed Quote.4.25%
JUST GROUP PLC 3.65% 102.1 Delayed Quote.46.07%
MORGAN STANLEY 0.95% 96.28 Delayed Quote.40.19%
MSCI ITALY (STRD) 0.63% 260.970356 Real-time Quote.11.44%
MSCI ITALY (STRD) 0.41% 310.151 Real-time Quote.7.70%
RWE AG -0.27% 29.95 Delayed Quote.-13.36%
SAIPEM S.P.A. 0.15% 2.026 Delayed Quote.-8.25%
SCHIBSTED ASA 0.67% 465.1 Real-time Quote.26.13%
SCOUT24 AG -0.50% 71.28 Delayed Quote.6.31%
SIMCORP A/S -0.53% 869 Delayed Quote.-3.52%
STOXX EUROPE 600 0.46% 463.84 Delayed Quote.15.71%
TESCO PLC 0.11% 233.4 Delayed Quote.0.80%
THE GOLDMAN SACHS GROUP, INC. 0.89% 377.55 Delayed Quote.43.17%
UNITED INTERNET AG -0.96% 35.06 Delayed Quote.1.83%
VODAFONE GROUP PLC 0.99% 116.48 Delayed Quote.-3.75%
All news about ALTICE EUROPE A
06/10Altice Europe Reportedly Seeks Buyers for EUR 6 Billion Portugal Ops
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06/10BT : Sells 12% Stake To Patrick Drahi's Altice UK
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Managers and Directors
Patrick Drahi President & Executive Director
Malo Pascal Jean-Pierre Corbin Chief Financial Officer
Jurgen van Breukelen Chairman
Armando Pereira Chief Operating Officer
Thierry Sauvaire Independent Non-Executive Director
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