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Market Update

Adidas Announces 1.5 B Share Buyback, France Cuts Orange Stake

Author: Nigel Thomas
Last Update: 11:21 AM ET October 01 2014

4:00 PM Frankfurt adidas plans to buy back 1.5 billion of shares in three years. Sainsbury plunged after retail sales in second-quarter dropped 0.8%. Kaufman & Broad profit surged 25% but revenue fell 2%. Orange declined after state-owned Bpifrance sold its stake worth 584 million.

In London trading, FTSE 100 index dropped 1.1% or 71.20 to 6,551.52 and in Frankfurt the DAX index slipped 0.9% or 87.51 to 9,386.79.

In Paris, CAC 40 index declined 1.2% or 51.90 to 4,364.34.

adidas AG gained 1.9% to 60.35 after the Germany-based sports footwear, apparel and accessories maker announced a three-year share buyback plan worth 1.5 billion or $1.9 billion that will end by 2017.

The bonds will have a 7-year and a 12-year term, respectively. The bonds will be listed on the Luxemburg Stock Exchange, and have denominations of 1,000 a share.

J Sainsbury Plc plunged 6.5% to 235.10 pence after the U.K.-based grocery retailer said total retail sales for second-quarter dropped 0.8% excluding fuel and 2.3% including fuel. Comparable store sales in the quarter declined 2.8%, the third consecutive quarterly fall.

Kaufman & Broad SA dropped 2.1% to 25.20 after the France-based property developer and builder reported net revenue in the third-quarter ending in August slipped 2% to 227.9 million from 232.8 million a year ago period.

Profit in the quarter surged 24.6% from a year ago to 8.04 million compared to 6.45 million and earnings per share jumped to 0.37 from 0.30.

Orange SA declined 3.6% to 11.47 after the French government owned investment bank Bpifrance sold its 11.6% stake or about 50 million shares in the telecom operator for 584 million or $735.9 million.

Tesco Plc slumped 3.5% to 179.63 pence after the U.K. Financial Conduct Authority launched an investigation in to accounting error by the supermarket chain.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc