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Market Update

BMW, Fresenius Net Jump; Commerzbank, Lufthansa, Meggitt Net Drop


Author: Sarla Buch
ticker.com
Last Update: 11:55 AM ET August 02 2016

4:00 PM Frankfurt BMW net soared 12% after U.S. and Asia lead sales growth. Commerzbank net and revenues declined. Lufthansa profit dropped 55%. Fresenius lifted sales and profit outlook. Meggitt net tumbled 58%. Metro net swung to profit. Tullett Prebon net plunged.

In London trading, FTSE 100 index fell 36.10 or 0.5% to 6,657.75 and in Frankfurt the DAX index slumped 174.31 or 1.7% to 10,157.15.

In Paris, CAC 40 index declined 75.55 or .7% to 4,333.10.

Bayerische Motoren Werke AG slipped 1.5% to 75.96 after the Germany-based automobile maker reported revenues in the first-half ending in June jumped 4.5% from a year ago to 25.01 billion.

Net income in the period soared 11.5% from a year ago to 1.94 billion compared to 1.74 billion and diluted earnings per share advanced to 2.95 per share from 2.66.

BMW said group sales in premium brand BMW increased 5.7% to 605,534 units, worldwide sales in MINI segment jumped 5.4% to 96,587 units and sales in Rolls-Royce business surged 14.7% to 1,133 units..

Commerzbank AG plunged 8% to 5.30 after the Germany-based bank said revenues in the first-half ending in June dropped 12.8% from a year ago to 4.55 billion.

Net income in the period declined 42.3% from a year ago to 372 million compared to 645 million and diluted earnings per share advanced to 0.30 per share from 0.55.

Deutsche Lufthansa AG slumped 3.6% to 10.34 after the Germany-based airline operator said revenues in the first-half ending in June decreased 2.1% from a year ago to 15.04 billion.

Net income in the period dropped 55% from a year ago to 429 million compared to 954 million and diluted earnings per share slipped to 0.92 per share from 2.06.

The Lufthansa forecasted operating profit in the fiscal 2016 to be less than 1.8 billion reported in a year ago period.

Fresenius SE & Co KGaA fell 1.3% to 66.18 after the Germany-based health care products maker reported revenues in the first-half ending in June gained 4% from a year ago to 14 billion.

Net income in the period surged 18% from a year ago to 755 million compared to 642 million and diluted earnings per share jumped to 1.37 per share from 1.17.

The health care products maker lifted sales growth estimate in the year between 6% and 8% and profit forecast between 11% and 14% from the earlier estimated range of 8% to 12% from a year ago period.

Meggitt Plc dropped 2% to 424.98 pence after the U.K.-based aircraft parts maker said revenues in the first-half ending in June soared 18% from year ago to 882.9 million.

Net profit in the period tumbled 57.7% from a year ago to 42.1 million compared to 99.6 million and diluted earnings per share slumped to 5.4 pence from 12.4 pence.

Metro AG tumbled 8.3% to 26.14 after the Germany-based discount retailer reported revenues in the third-quarter ending in June rose 2.8% from a year ago to 13.97 billion.

Net in the quarter swung to profit from a year ago to 97 million compared to a loss of 38 million and diluted earnings per share swung to 0.33 per share from diluted loss per share of 0.07.

Tullett Prebon Plc gained 1.4% to 330.40 pence after the U.K.-based trading exchange operator said revenues in the first-half ending in June jumped 4% from year ago to 430.3 million.

Net profit in the period plunged 66.9% from a year ago to 29.3 million compared to 88.6 million and diluted earnings per share dropped to 11.9 pence from 35.8 pence.

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