This Day On The Street
Continue to site
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

European Stocks Mixed as GE's Bid for Alstom Dominates Headlines

LONDON ( The Deal) -- General Electric's (GE - Get Report) $17 billion bid for the energy business of France's Alstom dominated the news Wednesday, with markets otherwise concerned with company results, with disappointingly weak eurozone inflation figures or with biding their time ahead of the May 1 holiday in much of central Europe on Thursday.

Alstom shares were p 8.75% at 29.26 euros on the first day of trading after its share was suspended on the Paris market last Friday. The French engineering group agreed to GE's offer, and said it was supported by its main shareholder, Bouygues, which has almost 30% of Alstom's stock. But with one eye still on the position of the French government -- which would much prefer a European deal -- it also left the road open for a counteroffer by Germany's Siemens (SI).

Even so, Paris, alone of the main European markets, was trading at below Tuesday's close for much of the morning. In part that was a reaction to an announcement from French bank BNP-Paribas, which posted a first quarter profit up 5.2% on the same quarter last year, but only because of falling costs. Revenue was actually down, and the bank announced an exceptional 100 million euros risk provision because of the situation in Eastern Europe. More damaging, BNP-Paribas admitted it may have to pay out much more than the $1.1 billion already set aside for fines -- and could face criminal prosecutions in the United States -- over allegations of sanctions busting. Paris was down 0.32% at 4,483.

Elsewhere, London was up just 0.08% at 6,775. Oil major Royal Dutch Shell (RDS.A - Get Report) topped the leader board in London with better than expected first quarter profits. Shell was up 4.63% at 2,543 pence. Engine maker Rolls-Royce Holdings was up nearly 2% at 1,041 pence on news of talks to sell parts of its energy division to Germany's Siemens in a deal reports said would value the division at 1.0 billion pounds ($1.7 billion).

Must Read: European Stocks Get Lift From Positive Earnings

Germany's DAX index was up mid-morning, but turned mildly negative later -- down 0.07% at 9,557 -- in part on news that eurozone inflation, which was predicted at 0.8% by most analysts, turned out at 0.7% in the year to April, well below the European Central Bank's long-term inflation target of 2%.

In Tokyo, the Nikkei 225 was up 0.11% at 14,304.11 on unchanged policies from the Bank of Japan.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GE $30.63 0.00%
RDS.A $51.49 0.00%
AAPL $95.18 0.00%
FB $117.43 0.00%
GOOG $692.36 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs