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Market Update

Air France Plunges 9% on Outlook, Shire Received Third Revised Offer

Author: Nigel Thomas
Last Update: 1:32 PM ET July 08 2014

4:00 PM Frankfurt Air France plunged after weak fiscal outlook. Marks and Spencer first-quarter sales jumped 2.3%. Monitise lowered its revenue forecast. Shire received third takeover offer from AbbVie. SIG said sales climbed 6.5% to 1.29 billion.

In London trading, FTSE 100 index slumped 0.9% or 59.43 to 6,764.08 and in Frankfurt the DAX index declined 0.9% or 84.88 to 9,821.19.

In Paris, CAC 40 index dropped 1% or 43.23 to 4,362.53.

Air France KLM plunged 8.8% to 8.57 after the airline company revised its outlook for operating earnings for the year between 2.2 billion and 2.3 billion while earnings are expected to rise more than 20% from 2013.

Marks and Spencer Group Plc slipped 1.4% to 427 pence after the U.K.-based specialty retailer said group sales in the first-quarter ending on June 28 jumped 2.3%.

The retailer said UK total sales increased 2% and total sales in apparel segment edged up 0.1%. General merchandise total sales dropped 0.8% and international sales climbed 4.7% and sales in food segment jumped 4.2%.

Same-store sales of general merchandise including apparel slipped 1.5%.

Monitise Plc tumbled 15.2% to 41.75 pence after the U.K.-based technology company lowered revenue forecast for the year ending in June between 31% and 33% from earlier guidance of 40% and loss before interest, tax, depreciation and amortization in the range of 32 million and 36 million.

The company expected revenue for the year in the range of 95 million to 97 million and for fiscal 2015, Monitise expects revenue to grow at least 25%.

Shire Plc dropped 1.1% to 4,600 pence after the U.K.-listed biopharmaceutical company received takeover offer from the U.S.-based AbbVie Inc.

The drug-maker raised its offer to about 30.1 billion or $51.5 billion, three previous offers from the company were rejected by Shire.

SIG Plc declined 7.7% to 178.10 pence after the U.K.-based construction materials supplier said group sales from continuing operations in the first-half ending in June climbed 6.5% to 1.29 billion and underlying profit-before-tax is expected at 40 million.

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