This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

European Midday Update: Major Bourses Trade in Narrow Ranges

LONDON -- Europe's markets were trading in narrow ranges midday Thursday, with oil stocks, which are rising on the back of firm crude prices, helping offset weakness in the tech sector. Following the Bank of England's decision to keep its benchmark rate at 6%, the FTSE 100 was down 16.80 points to 6677.90.

Invensys grabbed the spotlight after an early profit warning early, causing the shares to slump by 35.25% to 169p ($2.43) in very heavy volume. No doubt a few brave bargain hunters will be tempted to dip their toes in the water, but a word of warning: The technical outlook is bleak and the shares need to recover back above 200p in the near term for the picture to improve.

As few expected any move from the BoE, banks held relatively steady. Global giant HSBC (HBC) hit another historic high. The shares touched 10.30, but fell back to stand up 1p at 10.18. Standard Chartered, another former colonial bank, got a minor boost after Morgan Stanley Dean Witter raised its price target to 11.00 from 10.50. Shares rose 5p to 10.04.

Dixons slipped 7p to 234, following a bearish note from Credit Suisse First Boston. The broker downgraded the stock to "hold" from "buy" following Wednesday's annual general meeting.

BP (BP) hit a new high of 682p, before slipping back to 672, a gain of 15p. Shell (SC) spurted up to a stratospheric 620p, before easing to 615.5, a rise of 9.5p.

Although Footsie leviathan Vodafone (VOD) pushed higher, gaining 4p to 286, the telecom sector was weak.

British Telecom (BTY) fell another 23p to 827. Traders were at a loss to explain the weakness, which looks like it was triggered by stop-loss selling as the stock fell back below 850p. Cable & Wireless (CWP) also found itself out of favor, as the shares slipped 61p to 12.28.

Tech stocks floated in a sea of red, as the Techmark 100 again fell below the key psychological level 4000, down 73.54 points to 3947.29. Freeserve (FREE) got hit with a double whammy Thursday, following the downgrade for its parent Dixons and the weakness last night in the Nasdaq. Midday, the shares were down 14p to 306.

Europe's other major stock markets were also trading narrowly Thursday, as the CAC 40 in Paris was up 2.28 to 6799.07 and the Xetra Dax in Frankfurt was down 20.55 to 7312.47. The Neuer Markt's tech-heavy Nemax 50 index was 4.2 higher to 6298.4.

Telcos were mixed, as France Telecom (FTE) climbed 1.70 euros to 145.30 ($126.49), having reported solid first-half results after the market close Wednesday. Deutsche Telekom (DT) fell 0.60 euro to 45.96, after its proposed merger with VoiceStream (VSTR) cleared Justice Department scrutiny.

Paris-listed network services outfit Equant (ENT) rose 0.8 euro to 53.00 after it was reported that France Telecom was considering presenting itself as an alternative to a merger with Infonet (IN).

French oil company Total Fina Elf (TOT) rose 1.77 euros to 184.20.

In Frankfurt, Siemens lost 3.30 euros to hit 179.69, Epcos (EPC) fell 2.24 euros to 109.60 and software maker SAP (SAP) slipped 4.23 euros to 289.88.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.82 +91.68 0.54%
S&P 500 1,995.80 +11.67 0.59%
NASDAQ 4,534.9430 +16.0410 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs