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Market Update

BASF, Ericsson and Premier Foods Sales Fall, Domino's Sales Surges

Author: Sarla Buch
Last Update: 11:54 AM ET October 12 2016

4:00 PM Frankfurt – BASF said sales in the third-quarter declined 20% and operating income tumbled 23%. Domino''s Pizza total sales soared 12% and the pizza chain plans to open more stores. Ericsson said sales and operating income in the third-quarter plunged. Premier Foods sales declined 5%.

In London trading, FTSE 100 index slipped 24.84 or 0.4% to 7,029.32 and in Frankfurt the DAX index dropped 45.74 or 0.4% to 10,531.44.

In Paris, CAC 40 index fell 16.05 or 0.4% to 4,455.12.

BASF SE rose 0.3% to €78.53 after Germany-based chemical producer reported sales in the third-quarter ending in September declined 19.6% from a year ago to €14 billion and operating income tumbled 22.5% to €1.5 billion.

BASF reaffirmed its sales forecast in the full-year to considerably decline due to the divestiture of the gas trading business.

Domino''s Pizza Group Plc plunged 5.6% to 351.80 pence after the U.K.-based pizza delivery chain said total sales in the third-quarter ending on September 25 soared 11.5% from a year ago to £237 million.

Sales in Switzerland jumped 16.7% and in the U.K. sales soared 10.5% and sales in Iceland and Norway region continue to perform strong with sales growth of 17.5% and 124.8% respectively.

The pizza chain rise its U.K. openings estimates from 70 to up to 80 new outlets in 2016, chief executive officer David Wild said today.

Telefonaktiebolaget LM Ericsson tumbled 16.8% to 51.50 Swedish kronor after Sweden-based telecom operator reported revenues in the third-quarter ending in September plunged 14% from a year ago to 51.1 billion kronor and operating income excluding restructuring charges plummeted 73% to 1.6 billion kronor.

Ericsson said gross income in the quarter slumped 28% to 14.5 billion kronor and gross margin declined 28.3% compared to the 33.9% in the same period a year ago.

The telecom operator scheduled to release its result on October 21.

Monarch Airlines Limited, the U.K.-based privately held low-fare airline services provider said it has received financial assistance from its owner, Greybull Capital of £165 million to renew its membership of Air Travel Organisers'' Licence.

“We are able to announce the largest investment in 48-year history and now we are focused on the future as a stronger Monarch"" chief executive officer Andrew Swaffield said.

Premier Foods Plc plunged 10.5% to 46.75 pence after the U.K.-based food and beverage products maker said total group sales in the second-quarter ending on October 1 declined 5.4% from a year ago to £172.5 million.

Grocery sales in the period plummeted 9.5%, branded sales slumped 7.9% and group sales fell 1% while non-branded in the quarter surged 10.1%.

In the first-half, the group estimated sales to decline 1.8% while trading profit is expected to be slightly lower than the year ago period.

The food processor forecasted full-year profit to remain unchanged.

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