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Market Update

Europe Earnings: AstraZeneca, InterContinental Hotels, RBS

Author: Nigel Thomas
Last Update: 11:24 AM ET May 02 2014

4:00 PM Frankfurt AstraZeneca board rejected revised 63.1 billion offer made by Pfizer. InterContinental Hotels climbed after it plans to distribute $750 million through special dividend. Royal Bank of Scotland profit surged to 1.2 billion. Software AG net plunged 32% to 18.6 million.

In London trading, FTSE 100 index rose 0.3% or 20.89 to 6,829.76 and in Frankfurt the DAX index slid 0.05% or 5.07 to 9,598.16.

In Paris, CAC 40 index fell 0.1% or 7.38 to 4,480.01.

AstraZeneca Plc slid 0.2% to 4,806.50 pence after the U.K.-based biopharmaceutical company rejected the revised offer made last Friday of 63.1 billion or $106.5 billion by Pfizer Inc.

In January, Pfizer offered 58.8 billion.

InterContinental Hotels Plc climbed 8.6% to 2,199 pence after the U.K.-based hotel company said that global revenues per available room for the first-quarter ending in March jumped 6% driven by occupancy increase of 2.4% and average daily rate rise of 1.9%.

The hotelier said it plans to distribute $750 million to shareholders through special dividend.

Royal Bank of Scotland Group Plc surged 9.7% to 336.50 pence after the U.K.-based financial services provider reported total revenue in the first-quarter ending in March slid 0.7% to 5.41 billion from 5.45 billion a year ago.

Profit in the quarter surged 207% to 1.19 billion compared to 393 million from a year earlier.

Software AG declined 3.7% to 26.09 after the Germany-based business infrastructure software provider said total revenue in the first-quarter ending in March dropped 7% to 208.9 million from 224.9 million a year ago period.

Net income in the quarter plunged 32% to 18.6 million compared to 27.2 million and earnings per share slumped to 0.23 million from 0.32 a year earlier.

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