Teva earnings fail to hit forecasts as sales slip February 8, 2011 TEVA Pharmaceutical Industries, the world’s biggest maker of generic drugs, reported a one-third rise in adjusted quarterly earnings that fell short of forecasts as US generic sales slipped. As expected, Teva saw strong sales of its branded multiple sclerosis (MS) drug Copaxone, which raked in a record $938m (£582m) in the period, up 26 per [...]
Telenor upbeat on 2011 gains February 8, 2011 NORWAY’S Telenor took a fresh swipe at its estranged Russian affiliate Vimpelcom yesterday as it reported earnings, saying the company has taken its eye off the ball at home as it pursues expansion abroad. Telenor’s adjusted earnings were 7.18bn crowns (£769m) in October to December, compared with 6.93bn a year earlier and a 6.92bn average [...]
Faurecia shows strong growth February 8, 2011 French car parts maker Faurecia posted strong growth in Asia and North and South American sales yesterday and said it would focus on expanding in those markets, sending its shares to a three-year high. Posting its first full-year net profit in four years, the maker of seats, exhausts and emissions control systems said 2010 total [...]
Elan expects earnings jump February 8, 2011 Irish drugmaker Elan expects to post a 20 per cent jump in 2011 adjusted core earnings after a five per cent increase in 2010 revenue and cost cuts enabled it to record its first operating profit since 2001. Elan, in which US group Johnson & Johnson is an 18 per cent shareholder, reported a five [...]
Statoil misses forecasts February 8, 2011 Petrol and convenience-food seller Statoil Fuel & Retail fell short of fourth-quarter profit expectations as motorists in Scandinavia and eastern Europe failed to hit the road with much enthusiasm even as their economies recover. The company’s shares fell 1.7 per cent in early trading after it posted quarterly adjusted earnings of 729m crowns ($125.9m) before [...]
RECORD GAINS FOR OPTIMISTIC SWATCH February 8, 2011 SWATCH Group, the world’s largest watchmaker, said yesterday that it was confident on 2011 despite the strong Swiss franc after strong demand for its timepieces in Asia helped it post a record net profit for 2010. Net profit rose 42 per cent to SwFr1.08bn (£649m) compared to the previous year.
FTSE shrugs off bank levy tax as it surges to 32-month high February 8, 2011 BRITAIN’S leading share index jumped higher yesterday, ending at levels not seen since May 2008, supported by rallies from banks and miners, and by gains in energy issues following results from BG Group. At the close, the FTSE 100 index was up 40.30 points, or 0.7 per cent at 6,091.33, its fifth gain in the [...]
Dow rise fuelled by McDonald’s lift February 8, 2011 THE Dow notched a seventhstraight day of gains yesterday, but light volume suggested that investors don’t believe the more than five-month rally has the legs to keep going. Surprisingly strong sales by McDonald’s boosted optimism on consumer spending and drove the Dow’s gains on what turned out to be the quietest day of trading so [...]
CITY MOVES | WHO’S SWITCHING JOBS February 8, 2011 Alvarez & Marsal The global professional services and turnaround consulting firm managing the Lehman Brothers Holdings bankruptcy has strengthened its European financial services group with the appointment of managing director Nils Melngailis (pictured), who joins from Parex Bank. Senior directors Agnès Hugot and Jose de Ochoa and senior associates Heiko Logisch and Ardeshir Mistri also [...]
BEST OF THE BROKERS February 8, 2011 SHIRE JP Morgan Cazenove (JPM) rates the pharma group “neutral” with a £16.40 price target. The broker expects revenue growth forecasts of around 12 per cent when the firm reports fourth quarter results tomorrow, along with margin expansion of around 200 basis points. For the quarter, JPM expects revenue of $910m (£565.9m) and core operating [...]
