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** EUROPEAN MARKETS **
S&P future 0,03%; Bund future 0,1%; Crude future 72,99; €/$ 1,2425; Gold 631,62

** IN PLAY TODAY **

- Earnings of note: AbnAmro, Randstad, Infineon, Linde and Stork

- Infineon Technologies AG, Europe’s second-largest maker of semiconductors,
reported the smallest loss in five quarters as the company sold more chips used
in cars and personal computers. The loss in the three months ending in March was
26 million euros ($32.3 million), or 3 cents a share, the Munich-based company
said in an e-mailed statement today. Infineon lost 114 million euros, or 15
cents a share, a year earlier. Sales rose to 1.99 billion euros from 1.61
billion euros.

- ABN Amro Holding NV, the largest Dutch bank, said first-quarter profit rose a
less-than-expected 12 percent and announced plans to eliminate 2,400 jobs in its
three main markets as it moves back-office work to India. First-quarter net
income rose to 1 billion euros ($1.2 billion) from 895 million euros, The latest
job cuts, about 2.4 percent of ABN Amro’s workforce, bring to 5,900 the job
reductions the bank has announced since 2004.

- Roche Holding AG, the world’s biggest maker of cancer medicines, said
first-quarter sales rose 22 percent, boosted by demand for the colon-cancer drug
Avastin and the flu treatment Tamiflu.

- STMicroelectronics NV, Europe’s largest semiconductor maker, said
second-quarter revenue may rise as much as 18 percent from a year earlier as it
sells more of the chips that allow mobile telephones to show videos and play
music. Sales may reach $2.41 billion to $2.55 billion, compared with $2.16
billion in the year-earlier period, STMicroelectronics said in a statement late
yesterday. Gross margin is likely to reach 35.8 percent, plus or minus 1
percentage point. The company said first-quarter sales rose 13 percent to $2.36
billion.

- Dutch temporary staffing company Randstad NV Wednesday reported a 74% rise in
first-quarter net profit, helped by a recovery in demand in Germany and the
Netherlands, its major markets. The company said net profit for the three months
was EUR48.1 million, up from EUR27.7 million a year earlier. The result was
slightly below analyst expectations of EUR50.7 million.

** UPS & DOWNS **

+ KUEHNE & NAGEL PRICE ESTIMATE RAISED TO SF490 VS SF425 AT UBS
+ U.S. STEEL RAISED TO `BUY’ FROM `NEUTRAL’ AT UBS
+ TESCO PRICE ESTIMATE RAISED TO 365P FROM 335P AT LEHMAN
+ ENAGAS PRICE EST. RAISED TO EU19.5 FROM EU18.5 AT LEHMAN
+ TOMTOM PRICE EST. RAISED TO EU38 FROM EU34 AT MORGAN STANLEY
+ VOLVO PRICE EST. RAISED TO SK320 FROM SK285 AT MORGAN STANLEY
+ VOLVO PRICE EST. RAISED TO SK373 FROM SK355 AT JPMORGAN
+ JULIUS BAER PRICE EST. RAISED TO SF132 FROM SF126 AT MERRILL
+ RICHEMONT RAISED TO `BUY’ FROM `HOLD’ AT DEUTSCHE BANK
+ SAP PRICE ESTIMATE RAISED TO EU175.5 VS EU174 AT ING
+ LAFARGE PRICE ESTIMATE RAISED TO EU115 FROM EU95 AT DEUTSCHE

- ANGLO AMERICAN CUT TO `HOLD’ FROM `BUY’ ABN AMRO
- TELEFONICA PRICE ESTIMATE CUT 15% TO EU14 AT DRESDNER
- TELEFONICA CUT TO `HOLD’ FROM `BUY’ AT DRESDNER
- AUTOSTRADE CUT TO `NEUTRAL’ FROM `BUY’ AT UBS
- FRANCE TELECOM PRICE ESTIMATE CUT TO EU20.5 FROM EU21.2 AT UBS

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This entry was posted on Wednesday, April 26th, 2006 at 7:13 and is filed under Uncategorized.