European Stocks to Watch: Novartis
Swiss drug maker Novartis was the only gainer on Zurich's SMI index Wednesday, rising 0.2%, after an American federal court extended a temporary restraining order blocking a generic version of the pharmaceutical's high-blood-pressure drug Lotrel.
Copies of the Novartis drug, made by Israel-based Teva Pharmaceutical were halted, apart from shipments already on the way to customers.
The move is a boost for the major pharmaceutical companies, which have come under increasing pressure from generic competition in recent years.
Eurotunnel (Up 56%) Shares in the cross-channel train operator continued to soar for a second day following positive reaction to its public share swap offer Tuesday, which effectively re-floated the company with newly issued shares after a week-long suspension.
Air Berlin (Down 5.3%) Ulf Huettmeyer, finance chief of the German carrier, said he is expecting an earnings before interest and tax (EBIT) margin of about 6% for the full year, which is at the low end of its previous target of 6-7%, when speaking on a conference call.
LogicaCMG (Up 3.9%) Following the announcement that Chief Executive Martin Read is to step down from the London listed IT company, speculation is mounting about a possible takeover from private equity firm Permira.
EADS (Down 1.3%) Shares in the owner of Airbus declined as the plane maker said it was to boost jobs outsourcing to 50%, from a current 20-25%, the managing director of its U.K. unit told Reuters.