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Market Update

Vodafone Battles Global Fall in Rates, Paysafe Receives Takeover Offer


Author: Sarla Buch
ticker.com
Last Update: 11:08 AM ET July 21 2017

4:00 PM Frankfurt France based auto equipment maker Faurecia lifted fiscal forecast. Paysafe received a conditional takeover offer for 2.9 billion. Philips Lighting net surged on a strong gain in margins. Sartorius net soared. Vodafone revenues dropped 3% as the wireless telecom struggles with a fall in worldwide prices.

In London trading, FTSE 100 index slumped 34.73 or 0.5% to 7,452.62 and in Frankfurt the DAX index dropped 224.12 or 1.8% to 12,227.91.

In Paris, CAC 40 index declined 84.63 or 1.6% to 5,115.65.

For the week, FTSE 100 index increased 1%, the DAX index declined 3.2% and the CAC 40 index dropped 2.3%.

Faurecia SA declined 3.3% to 46.85 after France-based automobile equipment supplier reported sales in the first-half ending in June soared 8.4% from a year ago to 8.6 billion.

Net profit in the period surged 28.3% to 314.4 million from 245 million from a year ago six month period and earnings per share advanced to 2.31 from 1.79.

The automobile equipment supplier said operating income jumped 20% from a year ago to 587 million.

Faurecia forecasted fiscal 2017 sales to grow about 7% and operating profit to increase between 6.6% and 7% and earnings per share to exceed 4.

Paysafe Group Plc surged 7.4% to 578.50 pence after the U.K.-based digital payment solutions provider said it received a conditional takeover offer for 590 pence per share or 2.9 billion or $3.7 billion in cash from the U.S.-based private equity firms Blackstone and CVC Capital Partners.

Philips Lighting NV plunged 7.2% to 31.17 after the Netherlands-based conventional fluorescent lamps maker said sales in the first-half ending in June dropped 1.3% from a year ago to 3.4 billion.

Net income in the period surged 88.7% to 134 million from 71 million from a year ago quarter and earnings per share advanced to 0.94 from 0.47.

Sartorius AG slumped 3.3% to 85.49 after Germany-based pharmaceutical and laboratory equipment supplier said sales revenues in the first-half ending in June jumped 12.6% from a year ago to 704.1 million.

Net profit in the period soared 13.6% to 70.9 million from 62.4 million from a year ago quarter and earnings per share advanced to 1.03 from 0.91.

As of June 30, total orders advanced 9.5% from a year ago to 741.9 million and operating profit increased 13.8% to 174.5 million.

Vodafone Group Plc gained 1.6% to 227.25 pence after the U.K.-based telecom services provider reported group revenues in the first-quarter ending in June dropped 3.3% from a year ago to 11.5 billion.

Vodafone said services revenue in India plunged 13.9% and the U.K. service revenue declined 2.7%. In Germany, service revenue fell 0.6% while services revenue in the Africa, Middle East and Asia Pacific region jumped 10%.

The wireless telecom services provider said it added net 8.8 million customers for 4G mobile data in the first quarter totaling 83.5 million customers in 22 countries.

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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