European markets mixed amid weaker earnings results.
European stock markets have been seeing a mixed session today, lacking any conviction either way as benchmark indices stagnate. A number of weaker-than-expected corporate earnings results has been pushing losses and keeping gains muted, however, with many looking to the release of the minutes from the latest Federal Open Market Committee (FOMC) meeting for direction.
There were slight gains made ahead of the FOMC release, and the Spanish IBEX (INDEX: ^IBEX) has been leading the charge, up around 1.1%.
On the corporate front, earnings season is now underway on the continent, with results and guidance leading to some of the sharpest moves in the European markets today.
On the positive side, Swedish health technology company Getinge (OTC: GNGBY.PK) is one of the best gainers, up 5% after it confirmed its full-year profit and sales guidance, noting an increase in orders expected from North America. The company said orders rose 21% in the quarter, while sales climbed 13% and net income climbed 9.5%.
Meanwhile Swiss chemical maker Clariant (OTC: CLZNY.PK) is also making headway, up 3% after its CEO Hariolf Kottmann said early this week that, despite the uncertain global economic outlook, he sees no reason to change the company's guidance on profit and revenue targets.
Away from earnings, the world's biggest provider of floating oil and production platforms, SBM Offshore (OTC: SBFFY.PK), has dropped 6.3% in Amsterdam after its Yme operation had to be evacuated. Talisman Energy, operator of SBM's MOPUstor rig in the North Sea, was forced to evacuate employees after cracks were discovered in the supporting legs.
Elsewhere, aeronautical firm EADS (OTC: EADA.PK), parent company of Airbus, fell 4.6% after Airbus' Chief John Leahy said today that the company has abandoned its target of selling 30 A380 'superjumbos' this year. Mr Leahy said airlines were favouring smaller, less expensive planes during the economic slump.
At the same time, however, Airbus has today announced it has won an order for five A330 wide-body jets from CIT Group, following on from a similar order for five A330s earlier this year, as well as a separate order with China Aircraft Leasing for 36 single-isle planes. The new planes are estimated to have a value of $1.1 billion, while if the Chinese deal does get confirmed, it could have a value of $3.3 billion.
As always, this morning's European news saw some winners and losers -- and perhaps some European buying opportunities. Indeed, legendary investor Warren Buffett has recently spent more than $1 billion buying the stock of a prominent European large-cap.
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> Karl does not own any share mentioned in this article.