European Stocks to Watch: Standard Chartered
Shares in Standard Chartered fell 1.2% Wednesday despite an upbeat trading statement from the global bank, as investors cashed in on the stock's recent strong performance, according to Keefe, Bruyette and Woods.
"There is little to move consensus on the new information today … we believe there is the likelihood of profit taking today," the equity research company said in a statement.
Standard Chartered repeated comments about "very good double-digit growth" in operating profit for the six months leading to June in its trading statement and said wholesale credit remains good.
Clariant (Up 3.2%) Shares of Ciba Specialty Chemicals and Clariant jumped following a report from German publication Handelszeitung that Huntsman is looking to by a stake in the Swiss chemical makers.
CSR (Up 4.7%) Credit Suisse upgraded CSR, the wireless devices company, to "outperform" from "neutral" and increased its target price, saying it's increasingly confident in the earnings growth of the company.
Misys (Up 4.2%) The British banking and healthcare software firm said its attempts to turn the firm around were on track, with improving margins improved, but its healthcare division continued to struggle.
Cadbury Schweppes (Down 1.8%) Shares in the U.K. confectionary company continued to decline for a second day as CEO Todd Stitzer unveiled a four-year plan Monday, which stressed retaining the independence of the company.