Who's Up and Down on Major European Earnings Day

A series of earnings reports on Wednesday had investors looking for clues on where the European corporate sector is heading, with some major companies posting disappointing results while others delivered pleasant surprises.

  • Cash-strapped solar energy group Conergy's shares plunged nearly 20 percent after it announced it would make an operating loss this year after missing its 2007 targets and plans for a capital increase of 250 million euros ($370 million) to help repay a new loan.

    Citigroup downgraded Conergy's price to 14 euros from 18 euros, a level already breached by the stock which currently trades at 13.88 euros, while LBBW cut its price target from 36 euros to 6 euros. The company also said it plans to exit certain countries.

- Reuters contributed to this story.