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|German Stocks Including Telekom Fall; Deutsche Bank, BMW Rise|
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Registered Member #877Joined: Sun Jan 28 2007, 10:51PM
| German stocks including Deutsche Telekom AG and E.ON AG declined. Deutsche Bank AG, Bayerische Motoren Werke AG and Siemens AG rose. |
The benchmark DAX Index fell 6.92, or 0.1 percent, to 7335.62. DAX futures expiring in June decreased 8, or 0.1 percent, to 7375 as of 5:43 p.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies was down less than 0.1 percent.
Deutsche Telekom dropped 16 cents, or 1.2 percent, to 13.23 euros. Europe's largest phone company lost 600,000 fixed-line phone customers in the first quarter, Der Spiegel magazine reported, without saying where it got the information. The company can nonetheless maintain its 2007 earnings forecasts as sales of broadband connections have gained, Der Spiegel said.
E.ON slipped 68 cents, or 0.6 percent, to 106.11 euros. The German cabinet will on Wednesday pass changes in antitrust regulation to help boost competition and cut electricity prices, Handelsblatt reported.
The bill, which is limited to 2012, foresees that energy providers have to prove that their prices are appropriate, the newspaper reported. So far customers had to prove the abuse.
Deutsche Bank gained 52 cents, or 0.5 percent, to 113.16 euros. Merrill Lynch & Co. raised its recommendation on shares of Germany's largest bank to ``buy'' from ``neutral'' with a price estimate of 131 euros.
The upgrade ``reflects our view that the build-up in corporate activity in the European banking sector presents Deutsche with significant strategic challenges,'' the analysts including Stuart Graham wrote in a note to investors. `` We see a 50 percent chance that Deutsche itself looks for a larger retail banking partner.''
Barclays Plc, Britain's third-largest bank, agreed to buy ABN Amro Holding NV for 67 billion euros ($91 billion) in the world's biggest-ever financial-services takeover. The takeover will create a company with about 217,000 employees, 47 million customers and the second-highest market value among European banks after HSBC Holdings Plc.
BMW climbed 1.16, or 2.7 percent, to 44.75 euros, the biggest gainer in the 30-member DAX. Shares of the Munich-based carmaker were raised to ``overweight'' from ``neutral'' by analyst Philippe Houchois at JPMorgan Chase & Co. The price target is 60 euros per share.
Siemens increased 1.52 euros, or 1.7 percent, to 91.87 euros. Merrill Lynch raised its price estimate for shares of Europe's largest engineering company to 110 euros.
The analysts including Mark Troman added the stock to Merrill's recommendation list. The so-called ``Europe 1'' list includes stocks that Merrill Lynch predicts will ``deliver significant positive price appreciation,'' the investment bank said in a report today.
The following stocks also gained or fell in the German market today. Stock symbols follow company names.
By Henrietta Rumberger
Air Berlin Plc (AB1 GY) gained 36 cents, or 1.9 percent, to 19.57 euros. Chief Executive Officer Joachim Hunold said he intends to fulfill his contract which runs until 2011 and may be willing to prolong it for a further five years. The shares rose 0.3 euros, or 1.6 percent, to 19.21 euros.
Bijou Brigitte Modische Accessoires AG (BIJ GY) slipped 2.02 euros, or 1.2 percent, to 165.98 euros. The jewelry retailer said first-quarter earnings fell 5.8 percent to 19.6 million euros ($26.6 million) following the increase in Germany's sales tax at the start of the year.
Centrosolar AG (C3O GY) added 7 cents, or 0.7 percent, to 10.20 euros. Goldman, Sachs & Co. reiterated its ``buy'' recommendation on shares of the German provider of solar systems for homes and businesses.
Gerry Weber International AG (GWI1 GY) climbed 67 cents, or 3.5 percent, to 19.98 euros.
``The stock has broken out a few days ago and today managed to leave the level of 19.10 euros behind which gives the stock leeway till 20.50 euros, the next resistance level,'' said Thomas Nagel, a trader at Equinet AG in Frankfurt.
GrenkeLeasing AG (GLJ GY) jumped 44 cents, or 1.4 percent, to 33.08 euros. Deutsche Bank AG raised its recommendation on shares of the company that buys and leases technology equipment to ``buy'' from ``hold.'' Analysts including Andreas Welter in Frankfurt increased the share-price estimate to 38 euros from 37.
MTU Aero Engines Holding AG (MTX GY) rallied 82 cents, or 1.9 percent, to 44.06 euros. The largest independent provider of jet-engine maintenance said first-quarter profit rose 1.1 percent to 18 million euros, as growth was held back by the cost of redeeming high-yield bonds early.
Rheinmetall AG (RHM GY) gained 73 cents, or 1 percent, to 71.73 euros. CA Chevreux raised its price estimate for shares of the maker of car parts and military equipment 10 percent to 80 euros, saying the company offers an ``attractive valuation.''
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