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European Stocks to Watch: Tate & Lyle

CNBC.com
Wednesday, 23 May 2007 | 12:35 PM ET

Sugar and sweetener producer Tate & Lyle was the biggest loser on the FTSE-100, falling 6.2%, despite posting a 14% rise in full-year profit.

The company warned that profit growth this year from its sugar substitute product Sucralose will be modest and posted a disappointing 9% rise in sales for the sweetener product. Tate & Lyle gains 20% of its profit from the zero-calorie sweetener.

Pennon (Up 5.2%) There is speculation that the waste management company will be the subject of a takeover bid, from an infrastructure fund, of 750 pence a share, Dow Jones reported.

Aveva (Up 8%) Numis raised its price target for the stock to 1141 pence from 1071 pence, after the company’s pre-tax profit more than doubled in the first quarter.

DaimlerChrysler (Up 3.8%) MM Warburg lifted its price target for German automaker DaimlerChrysler to 69 euros from 64 euros, citing strong first-quarter performance and good sales outlook for the company.

ICAP (Down 0.4%) The world's largest broker of transactions between banks fell despite CEO Michael Spencer claiming that group operating margins could rise to 27% in the next couple of years, meeting analysts' forecasts. UBS said its outlook for the company was cautious, according to Dow Jones.

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