S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Europe Earnings: Bouygues, BMW, Deutsche Lufthansa, Wm Morrison

Author: Nigel Thomas
Last Update: 9:29 AM ET March 13 2014

4:00 PM Frankfurt Bouygues raised its bid for Vivendi''s telecom unit SFR to 11.3 billion. BMW profit climbed 10% to 1.3 billion. Deutsche Lufthansa net tumbled 75% to 313 million and the airline amended its depreciation policy. Wm Morrison plunged after reported net loss of 176 million.

In London trading, FTSE 100 index slid 0.2% or 10.97 to 6,609.93 and in Frankfurt the DAX index gained 0.04% or 3.26 to 9,191.95.

In Paris, CAC 40 index edged up 0.01% or 0.57 to 4,306.83.

Bouygues SA slid 0.3% to 31.94 after the France-based telecommunications and media group raised its bid for Vivendi SA''s telecom unit SFR to 11.3 billion or $15.8 billion.

Vivendi''s board will meet tomorrow to review the bid.

Bayerische Motoren Werke AG jumped 2.7% to 82.43 after the Germany-based automobile company reported group revenue in the fourth-quarter ending in December dropped 1.6% to 20.21 billion from 20.53 billion a year ago period.

Profit in the quarter climbed 9.5% to 1.31 billion compared to 1.19 billion a year earlier.

BMW added the total number of BMW, MINI and Rolls-Royce brand vehicles delivered to customers in the quarter ending in December increased 3.5% to 527,620 units from 509,684 units a year ago.

Deutsche Lufthansa AG soared 6.2% to 19.02 after the Germany-based aviation company said total revenue in the year ending in December slid 0.4% to 30.03 billion from 30.13 billion a year ago period.

Net profit for the year tumbled 74.5% to 313 million compared to 1.23 billion and earnings per share fell 2% to 0.68 from 2.68 a year earlier

Traffic revenue dropped 0.9% to 24.57 billion and operating income declined 16.9% to 697 million.

The group amended its depreciation policy effect on the operating result from 2014 onwards.

The airline company expects adjusted operating result between 1.7 billion and 1.9 billion, an increase of 40% for 2014.

Wm Morrison Supermarkets Plc tumbled 9.6% to 210.40 pence after the U.K.-based food retailer in its preliminary result said turnover fell 2% to 17.7 billion from 18.1 billion a year ago. Comparable sales in the year dropped 2.8%.

Net loss in the year was 176 million and underlying profit-before-tax declined 13% to 785 million.

The retailer plans for major restructuring of the business and expected profit in the next fiscal year to decline 50% to 375 million.

Morrisons said it plans to reduce its cost base and invest 1 billion over the next three years. Net debt in the year jumped to a 2.82 billion compared to 2.18 billion a year ago.

The company took one-time 903 million exceptional write-down due to property and IT costs and weak performance from its baby products business.

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