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European Stocks to Watch: EADS

CNBC.com
Tuesday, 5 Jun 2007 | 5:47 AM ET

Shares in Airbus owner EADS fell 2.0%, as details about the European planemaker's Power8 restructuring program were due to released to its unions Tuesday.

Airbus is in the process of cutting 10,000 jobs and selling factories, after delays in its key A380 plane cost the company potentially millions of dollars in sales to its U.S. rival Boeing.

Airbus President Louis Gallois hinted at a potential new customer for the A380 Monday, to coincide with the June 18-22 air show in Paris, but the announcement failed to lift the company's stock.

Carphone Warehouse (Up 7.1%) Shares in the mobile-phone retailer rose as full-year pre-tax profit came in above analysts' expectations and the group said the outlook was positive.

Clariant (Down 3%) Speculation that the Swiss chemicals company could be taken over by its German rival fell flat as Lanxess CEO Axel Heitmann denied it had any such plans.

United Utilities (Up 3.1%) The U.K. utility is being included in the overall investment frenzy of the British water sector, as the sale of its electricity-distribution assets could see the company become a more attractive takeover target.

Merck (Down 1.6%) Trials of German drug maker Merck showed positive results for its cancer drug Erbitux, developed by U.S. biotech Imclone, but the news failed to boosted the company's stock.

Commerzbank (Up 0.5%) Market speculation that Citigroup could bid 45 euros ($60.75) a share for Commerzbank saw the German bank top the DAX 30 share index, although it declined to comment on rumors, Reuters reported.

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