01/08 02:39
European Stocks May Fall, Led by Nokia, Vodafone and Infineon
By Sam Fleming
quote.bloomberg.com
London, Jan. 8 (Bloomberg) -- European stocks may drop, led by Nokia Oyj, Vodafone Group Plc and Alcatel SA on concern a 16-week rally by the DJ Stoxx 50 Index may be derailed once companies start reporting fourth-quarter earnings.
Infineon Technologies AG may drop after an investor said Goldman, Sachs & Co. is selling 40 million shares of the computer chipmaker at 24.35 euros each, a 1.8 discount to yesterday's close. Infineon is also selling 1 billion euros of convertible bonds.
Futures on France's benchmark CAC 40 Index fell 23 points. The U.K. benchmark FT-SE 100 may open unchanged while the German DAX Index could shed about 12 points, according to City Index Ltd.
In the U.S., the S&P 500 fell 0.7 percent to 1164.89 and the Nasdaq Composite Index dropped 1.1 percent to 2037.10. Asian stocks also fell, with the Nikkei 225 dropping 2.3 percent to 10,695.60.
``Folks are probably being a little too optimistic'' about the economy and the stock market in 2002, said Rich Nash, chief market strategist at Victory Capital Management in Cleveland, which has about $73 million in assets. ``Earnings would have to surprise significantly to justify any upside in the market'' this year.
Nokia Oyj may decline after the biggest cellular phones maker's American depositary receipts fell 1.8 percent below its European stock yesterday. |
