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Market Update

Altice Offers 7 B for PT Portugal; HSBC, Ryanair Net Climb

Author: Nigel Thomas
Last Update: 2:57 PM ET November 03 2014

4:00 PM Frankfurt Altice offered to acquire PT Portugal for 7 billion. HSBC net climbed 7% and set aside total 367 million to cover potential regulatory fines. Holcim net declined 5% to 447 million Swiss francs. Publicis agreed to acquire Sapient for $3.7 billion. Ryanair profit surged 32% to 795 million.

In London trading, FTSE 100 index dropped 0.7% or 42.90 to 6,503.57 and in Frankfurt the DAX index slumped 0.6% or 56.97 to 9,270.08.

In Paris, CAC 40 index dropped 0.7% or 29.12 to 4,203.97.

Altice SA fell 1.3% to 48.99 after the France-based pay television and broadband service provider offered to acquire Portuguese-based PT Portugal from Brazil-based owner Oi SA for 7.03 billion or $8.8 billion.

HSBC Holdings Plc slipped 1.8% to 627.70 pence after the banking and financial service provider reported revenue in the third-quarter ending in September jumped 5% to $15.78 billion from $15.08 billion a year ago period.

Profit in the quarter climbed 7.2% from a year ago to $3.43 billion compared to $3.20 billion and diluted earnings per share rose to 17 cents from 16 cents.

The bank set aside of 237 million to cover potential fines from the investigation by the UK Financial Conduct Authority and also set aside 130 million for PPI related compensation claims.

Holcim Ltd declined 2.6% to 66.35 francs after the Switzerland-based cement maker said net sales in the nine-month ending in September dropped 2.1% to 5.18 billion francs from 5.29 billion francs a year ago period.

Net income in the quarter declined 4.7% from a year ago to 447 million Swiss francs compared to 469 million francs and diluted earnings per share slumped to 1.37 francs from 1.44 francs.

Publicis Groupe SA dropped 2.4% to 53.96 after the France-based advertising company agreed to acquire the U.S.-based Sapient Corporation, the technology consultation provider for $25 per share or $3.7 billion in cash.

Ryanair Holdings Plc surged 8.9% to 8.27 after the Ireland-based low-cost airline company said total revenues in the first-half ending in September soared 9% to 3.54 billion from 3.25 billion a year ago period.

Profit in the period surged 32% from a year ago to 795 million compared to 602 million and diluted earnings per share increased to 57.29 cents from 41.85 cents.

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