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STMicroelectronics and Ericsson will close their loss-making mobile chip joint venture ST-Ericsson by dividing parts of the business between them and shutting the rest with the loss of about 1,600 jobs.
Some of the names on the move ahead of the open.
Shares of Ericsson, the mobile telecom equipment maker, rose 8.2 percent in morning trade, making it the best performer on the Euro Stoxx 600 Index, after the company reported fourth-quarter earnings.
European shares closed higher on Monday, but Italian shares closed firmly in the red after political uncertainty surfaced, with Prime Minister Mario Monti announcing he will step down before his term ends.
JERUSALEM, Oct 24- Mobileye, which makes technology to help drivers, expects sales to more than double every year for the next few years as car manufacturers look to offer more safety features and self-drive cars gain in popularity.
NEW YORK-- Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:. Wells Fargo& Co., down 93 cents at $34.25. STMicroelectronics NV, up 36 cents at $6.
NEW YORK, Oct 12- The New York- traded shares of Coca Cola Hellenic rose sharply on Friday, a day after the bottling company said it was leaving Greece, making the shares a standout in an otherwise flat market. The BNY Mellon index of leading American depositary receipts.
PARIS, Oct 12- STMicroelectronics said it was not planning to split itself up contrary to a report that Europe's top semiconductor maker was considering a breakup, which sent its shares up by nearly a fifth.
*STMicroelectronics rallies on break-up talk. LONDON, Oct 12- European blue chip shares ended the week in negative territory with weakness in commodity stocks outpacing gains in healthcare and consumer staples.
*Wells Fargo weighs on financials. The Thomson Reuters/ University of Michigan's preliminary October reading on consumer sentiment rose to 83.1, well above the 78 forecast for the index as optimism about the economy improved. Wells Fargo, the biggest U.S. home lender, dropped 2.5 percent to $34.40.
PARIS/ MILAN, Oct 12- Europe's top semiconductor maker STMicroelectronics denied planning a demerger, saying it had no plans to undo the group's "unity" in response to a report that it planned a breakup which had sent its shares up by nearly a fifth.
NEW YORK, Oct 12- U.S. stocks were poised for modest gains at the open on Friday, in the wake of sterling results from JP Morgan and data showing inflation pressure remained in check. Investors remained concerned over the prospects for corporate profit growth, in light of the tepid economies in the U.S. and Europe.
PARIS, Oct 12- Europe's top semiconductor maker STMicroelectronics on Friday responded to a report that it was mulling a corporate breakup by denying that it had any plans to undo the group's "unity".
MILAN/ PARIS, Oct 12- Shares in STMicroelectronics rallied more than 17 percent on Friday after Bloomberg reported Europe's top semiconductor maker was considering a breakup that could lead to the sale of its struggling mobile-phone chip business. Bloomberg cited Samsung Electronics as a potential buyer for STMicro's digital assets.
NEW YORK, Oct 12- STM:.
MILAN, Oct 12- Shares in Europe's top semiconductor maker STMicroelectronics rallied more than 17 percent on Friday after Bloomberg reported the company was evaluating a breakup that may lead to the sale of its struggling mobile phone chip business. The report mentioned Samsung Electronics as a potential buyer.
PARIS, Oct 12- STMicroelectronics NV:. *Company spokeswoman declines to comment after report of possible company split. *Shares rose over 17 pct after report ().
*Deutsche Bank cuts STMicro price target to 3.5 euros from 3.9 euros. For a summary of rating actions and price target changes on European companies:. Reuters Station users, click. 1580.
*Exane BNP Paribas raises STMicroelectronics NV to neutral. For a summary of rating actions and price target changes on European companies:. Reuters Station users, click. 1580.
By Olof Swahnberg STOCKHOLM, Oct 9- ST-Ericsson's owners Ericsson. A sale or break-up of the firm was not mentioned in the release, but Ericsson's head of media relations said all options were being looked at.