U.S. News

European Stocks to Watch: Puma

By CNBC.com

Puma fell 0.2% after cutting its full-year outlook following modest first quarter results.

Net profit for the quarter rose 3.7%, whilst sales rose 7.4%.

The German sporting apparel company now predicts sales and earnings growth in the low single digits, compared to previous net profit expectations of at least 10%,  due to lower-than-expected orders.

Recently France's PPR acquired 27% of Puma and is ready to launch a takeover offer for the German company on May 15.

The London Stock Exchange is not trading on Monday due to the Bank Holiday.

Also Active in European Trading:

Altana (up 7.6%) Traders said demand for stock of the German chemical company, especially from institutional investors, remains strong, according to Reuters.

Bouygues (up 5%) Shares of the French telecom company traded higher after speculations in French press that Nicolas Sarkozy would like Bouygues to take a stake in EADS.

Gaz de France (up 3.3%) Gaz de France’s shares were up after an upgrade from Dexia’s analysts to “buy” from “neutral,” saying that the Sarkozy’s election win increases the likelihood of a merger with Suez.

Sonae (up 3%) Shares in Portugal’s Sonae rose after Lisbon Brokers raised its price target for the group to 2.5 euros from 2.2 euros, due to the shares’ recent good performance.

Alstom (up 2.3%) Societe Generale lifted its price target for Alstom to 125 euros from 110 euros on renewed speculation that Bouygues might make a takeover bid for the French company.

Norsk Hydro (up 1.9%) The Norwegian industrial group, Norsk Hydro, which is the world’s third-biggest integrated aluminum group, saw shares increase after rival U.S. aluminum producer Alcoa made a 19.8 billion euro ($27 billion) takeover offer for Canada’s Alcan.

Philips (up 0.6%) Shares of the Dutch electronics group traded higher after the company said it is prepared to make acquisitions in a range of between several hundred million euros to several billion euros, according to Sueddeutsche Zeitung.