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Market Update

Daimler Net Plunges 14%, Deutsche Wohnen Rejects 14 B Offer Again


Author: Nigel Thomas
ticker.com
Last Update: 4:41 PM ET October 22 2015

4:00 PM Frankfurt Daimler profit tumbled 14% but revenues soared 13%. Orange revenues jumped 5%. Deutsche Wohnen for the second time rejected 14 billion hostile takeover offer from Vonovia and terminate merger agreement with LEG. Comdirect Bank profit soared 16%.

In London trading, FTSE 100 index gained 36.47 or 0.6% to 6,385.15 and in Frankfurt the DAX index jumped 254.90 or 2.5% to 10,490.74.

In Paris, CAC 40 index soared 110.39 or 2.4% to 4,805.49.

Adva Optical Networking SE plunged 10.1% to 10.18 after the Germany-based optical and Ethernet-based networking solution provider said revenues in the third-quarter ending in September surged 40.4% from a year ago to 122.3 million.

Net income in the quarter doubled from a year ago to 8.58 million compared to 4.44 million and diluted earnings per share increased to 0.17 from 0.09.

The company forecasted revenues for the fourth-quarter in the range of 107 million to 117 million and operating income between 6% and 9% on revenues.

Comdirect Bank AG jumped 2.7% to 10.35 after the Germany-based online bank stated net commission income in the nine-month period ending in September advanced 22.6% from a year ago to 174.8 million.

Net income in the quarter soared 16.1% from a year ago to 55.5 million compared to 47.8 million and diluted earnings per share increased to 0.17 from 0.09.

As of September, the bank said total number of customers increased to 2.95 million and total assets under custody increased to 60.76 billion from 58.94 billion.

Daimler AG increased 3.1% to 76.01 after the Germany-based passenger car maker reported revenues in the third-quarter ending in September soared 13% from a year ago to 37.28 billion.

Net income in the quarter tumbled 14% from a year ago to 2.42 billion compared to 2.82 billion and diluted earnings per share dropped to 2.23 from 2.56.

Revenues in Mercedes-Benz business unit jumped 11% to 20.71 billion and revenues in Daimler Trucks segment soared 14% to 9.65 billion.

Deutsche Wohnen AG soared 4.5% to 25.05 after the Germany-based residential property developer rejected for the second time the ""hostile approach"" from the larger rival Vonovia SE for 14 billion or $15.9 billion and rejected offer as too low.

LEG Immobilien AG jumped 4.3% to 70.78 after the Germany-based residential real estate developer terminate the merger agreement with Deutsche Wohnen with mutual consent.

The company had canceled the Extraordinary General Meeting scheduled on October 28.

Orange SA surged 7.7% to 15.50 after the France-based mobile company reported revenues in the third-quarter ending in September jumped 4.9% from a year ago to 10.28 billion and operating profit edged up to 3.47 billion compared to 3.45 billion.

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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