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Market Update

Jimmy Choo in 900 M Deal with Michael Kors, Eurotunnel Net Tumbles


Author: Sarla Buch
ticker.com
Last Update: 12:02 PM ET July 25 2017

4:00 PM Frankfurt Covestro net profit more than doubled on 20% surge in revenues. Dassault revenues and profit jumped. Groupe Eurotunnel net tumbled 41% but the transportation company held out for improved results. Jimmy Choo agreed to be acquired by Michael Kors for 896 million.


In London trading, FTSE 100 index jumped 71.89 or 0.9% to 7,449.03 and in Frankfurt the DAX index increased 61 or 0.5% to 12,269.91.

In Paris, CAC 40 index advanced 46.84 or 0.9% to 5,174.53.

Covestro AG slipped 1.7% to 63.90 after Germany-based polyurethanes and polycarbonates producer reported sales in the first-half ending in June surged 20% from a year ago to 7.1 billion.

Net profit in the period more than doubled to 952 million from 412 million from a year ago six-month period and diluted earnings per share advanced to 1.04 from 0.21.

The plastic materials manufacturer said operating profit in the period jumped 61.3% from a year ago to 1.7 billion. Sales in polyurethanes segment soared 31.2% to 3.8 billion and sales in polycarbonates business surged 15.3% to 1.9 billion.

Covestro reaffirmed to generate cumulative total free operating cash flow of 5 billion in the next five years.

Dassault Systemes SE, the France-based engineering software solutions provider said sales in the first-half ending in June advanced 14.3% from a year ago to 1.6 billion.

Net profit in the period jumped 8.8% to 208 million from 191.2 million from a year ago six-month period and diluted earnings per share gained to 0.81 from 0.74.

Dassault Systemes forecasted third-quarter total revenue in the range of 760 million to 775 million and earnings per share in the range of 0.62 to 0.65.

In the fiscal 2017, revenues estimated between 3.24 billion and 3.27 billion and earnings per share between 2.62 and 2.66, representing a growth objective of about 5% to 7%.

Groupe Eurotunnel SE decreased 1.4% to after France-based infrastructure and transport services provider said in the first-half ending in June rose 3% from a year ago to 497 million.

Net profit in the period tumbled 40.7% to 35.5 million from 59.9 million from a year ago six-month period and diluted earnings per share slumped to 0.07 from 0.11.

Channel tunnel operator forecasted more profit and dividend growth in fiscal 2017 and 2018 and operating profit of about 530 million in this year and 560 million in the fiscal 2018.

Hochtief AG gained 1.2% to 151.50 after Germany-based construction and civil engineering services provider reported sales in the first-half ending in June jumped 17.6% from a year ago to 11.02 billion.

Net profit in the period soared 34.8% to 189.1 million from 140.3 million from a year ago six-month period and diluted earnings per share increased to 2.94 from 2.18.

As of June 30, the construction services provider said new order increased 3.7% to 13.7 billion and backlog orders jumped 11.7% to 42.6 billion.

Jimmy Choo Plc surged 16.9% to 228 pence after the U.K.-based women''s shoes, handbags, leather goods retailer agreed to be acquired by the U.S.-based women''s apparel and accessories retailer Michael Kors Holdings Ltd for about 896 million or $1.2 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