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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60705)	2/19/2002 4:37:41 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

European Stocks Fall, Led by Fortis; Deutsche Boerse Advances By Sam Fleming 02/19 03:56 quote.bloomberg.com London, Feb. 19 (Bloomberg) -- European stocks fell, led by Fortis after the financial-services company said 2001 profit dropped about 5 percent. Deutsche Boerse AG rose after the operator of the Frankfurt Stock Exchange posted a 51 percent jump in quarterly earnings. Invensys Plc climbed after the U.K. factory-controls maker said it will reduce its debt by selling units. The Dow Jones Stoxx 50 Index of European shares dropped for the third day, sliding 25.87 points, or 0.7 percent, to 3507.03 and extending its loss in 2002 to 5.4 percent. All of the 18 Stoxx industry groups declined. Fortis fell 1.44 euros, or 5.4 percent, to 25.44, leading losses in the Stoxx financial-services group. The Belgian-Dutch company said 2001 profit fell as weaker economies and declining stock markets forced it to set aside extra money to cover losses on loans and investments. ING Groep NV, the largest Dutch financial-services company, shed 70 cents, or 2.5 percent, to 27.03. Deutsche Boerse gained 1.09 euros, or 2.5 percent, to 44.59. After the market closed, the company said fourth-quarter profit rose, beating analysts' forecasts, as it benefited from higher demand at its Eurex derivatives unit. Invensys added 8 pence, or 7.3 percent, to 117p. The company said it plans to reduce its debt by 1.5 billion pounds ($2.1 billion) by selling its industrial components and systems unit. Invensys will split its remaining businesses into two units, production management and energy management. Benchmark indexes fell in Europe's eight biggest share markets, two by more than 1 percent. About three shares declined for every one that advanced in the Stoxx 600 Index, which dropped 1.84 points, or 0.6 percent, to 286.16.