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Market Update

Europe Earnings: Alcatel Lucent, Celesio, Getinge, TGS-NOPEC, Vodafone

Author: Nigel Thomas
Last Update: 9:26 AM ET October 08 2013

4:00 PM Frankfurt Alcatel Lucent plans to cut costs of 1 billion euros and eliminate 10,000 jobs. Celesio surged after McKesson buyout offered 22 a share. Vodafone plans to increase its stake in Indian subsidiary.

In London trading, FTSE 100 index slipped 0.7% or 50.34 to 6,387 and in Frankfurt the DAX index slid 0.1% or 4.84 to 8,587.

In Paris, CAC 40 index fell 0.2% or 8.40 to 4,157.

Alcatel Lucent SA rose 0.8% to 2.91 and the France based networking equipment maker plans to cut costs of 1 billion euros and eliminate 10,000 jobs.

Celesio AG surged 19.6% to 20.42 after McKesson Corp is in talk to offer with Franz Haniel & Cie GmbH the majority shareholder of the Germany-based pharmaceutical company.

The company offered 22 a share.

Getinge AB declined 10.3% to 197.60 kronor after the Sweden-based healthcare company forecast consolidated profit-before-tax for the third quarter between 560 million kronor and 570 million kronor.

TGS-NOPEC Geophysical Company plunged 13.9% to 148.90 kronor after the Norway-based seismic data provider lowered its full-year revenue guidance and estimated net revenues for 2013 in the range of $810 million to $870 million from earlier range between $920 million and $1 billion.

Net revenues in the third-quarter are expected to be $191 million.

Vodafone Group Plc fell 0.8% to 217.11 pence after the UK based mobile service operator intends to increase its stake in its Indian subsidiary.

India-based Piramal Enterprises owns nearly 11% of Vodafone India. Vodafone agree to buy Piramal''s 11% stake for $1.3 billion, if its initial public offer of Vodafone India does not materialize by February 2014.

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