European Stocks to Watch: Fiat
Shares in Fiat fell 0.3% Thursday as investors reacted to the launch of the new Cinquencento, an entry-level car revamped for the 50th anniversary of the original model.
The tiny, iconic car has been out of production for 32 years, but Fiat said ithopes the low price of about 10,000 euros ($13,600) will make it the iPod of cars.
Fiat said initial orders had been strong, forcing it to consider raising its full-year sales target to 140,000 units from 120,000. The slight decline in Fiat's share price could be due to profit taking after the stock rose in the run-up to the launch.
Michael Page (Up 6.3%) The U.K. recruitment company posted sharply higher second-quarter gross profit, as it benefited from continuing staff shortages across its core business.
Wavecom (Up 0.2%) The French telecom company is offering about 60 million euros ($81.6 million) worth of convertible bonds to "take advantage of favorable market conditions in order to strengthen its financial situation," the company said in a statement.
Admiral (Up 2%) The insurance company gained from an increase in vehicle coverage and UBS raised shares in the U.K. company to "buy" from "neutral."
Cookson (Down 7.2%) Shares in the industrial metals group fell as the British company's trading statement failed to provide any new information from its previous statement four weeks earlier.
COMTRADE (Up 63.6%) Shares in the German IT company, which traded at 33 cents per share, soared on news it is raising more capital in an attempt to avoid insolvency.