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Market Update

Europe Earnings: Publicis, Petrofac, Telefonica, Tullett Prebon, Vestas Wind

Author: Nigel Thomas
Last Update: 11:20 AM ET May 09 2014

4:00 PM Frankfurt Publicis and Omnicom mutually agreed to terminate their $35 billion proposed merger. Petrofac plunged after weak forecast. Telefonica net tumbled 23% to 692 million. Tullett Prebon revenue dropped 12% to 248 million. Vestas Wind net swung to a profit.

In London trading, FTSE 100 index slipped 0.4% or 25.61 to 6,813.64 and in Frankfurt the DAX index slid 0.3% or 27.19 to 9,580.21.

In Paris, CAC 40 index dropped 0.7% or 29.40 to 4,477.84.

Publicis Groupe SA slid 0.7% to 60.27 after the France-based advertising and media service provider and the U.S.-based Omnicom Group, Inc mutually agreed to terminate their proposed merger of equals due to various unresolved complex issues and called off the deal of merger valued $35 billion.

The companies said no termination fees would be payable by either side.

The merger of two companies would have created a company with $23 billion in revenues.

Petrofac Limited plunged 15.3% to 1,175 pence after the U.K.-based oil and gas producer forecasted net profit for the year in the range of $580 million to $600 million.

The company said order intake in the first-quarter of $4.4 billion and backlog reached record $18.6 billion.

Telefonica SA declined 3.5% or 11.61 after the Spain-based telecom carrier reported total revenue in the first-quarter ending in March declined 13.5% to 12.23 billion from 14.14 billion a year ago.

Net income in the quarter tumbled 23.2% to 692 million compared to 902 million and earnings per share slipped 27% to 0.15 from 0.20 a year ago.

Tullett Prebon Plc declined 5.7% to 297.80 pence after the U.K.-based inter-dealer broker said revenue in the four months to April dropped 12% to 248 million.

Separately, the company today said that it agreed to acquire PVM Oil Associates Limited and its subsidiaries for 94.4 million.

Vestas Wind Systems A/S surged 7.1% to 263.20 kronor after the Denmark-based wind turbines maker stated revenue in the first-quarter ending in March climbed 17% to 1.28 billion from 1.10 billion a year ago.

Net in the quarter swung to a profit of 2 million compared to a loss of 151 million and earnings per share swung to a 0.03 from a loss of 4.7 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