The following stocks are likely movers:
ZURICH FINANCIAL SERVICES (ZURN.VX)
Europe's third largest insurer swung to a third-quarter net profit of $701 million from a $763 million loss in the same period last year, and said it was well positioned for "sustainable and profitable growth", but gave no other guidance.
Analysts had expected on average third-quarter net profit of $450 million.
AIR FRANCE (Paris:AIRF.PA - News)
France's flagship airline posted late on Tuesday an unexpected drop in second-quarter net profit and a sharp 28 percent fall in operating earnings, hit by downward pressure on fares, rising fuel costs and difficult economic conditions.
Air France confirmed its target to post a slight operating profit for the full year, but said it would have to cut costs by 60 million euros in the second half of the year to meet that goal.
The airline also said that the takeover of KLM (Amsterdam:KLM.AS - News) would result in "bad will" rather than good will in the airline's accounts, reflecting the attractive price its paid for the Dutch carrier.
ALSTOM (Paris:ALSO.PA - News)
Shareholders of the French engineering group voted in favour of a massive state-backed bail-out for the troubled group late on Tuesday that will shrink their investment but save the company from bankruptcy. Alstom will launch a capital increase by the end of November and its chairman said all aspects of the plan should be wound up by January.
NOVARTIS (NOVN.VX)
The Swiss drugmaker said late on Tuesday that its research and development (R&D) pipeline was full of promising drugs and that 10 new products alone stood to boost annual sales by over $10 billion a year.
Novartis holds its annual R&D Day on Wednesday. Upbeat presentations on its stable of experimental drugs could remind investors of the group's sales growth potential at a time the sector's productivity is waning.
SANOFI (Paris:SASY.PA - News)
The French drugmaker said it had won European Commission approval for the extended use of its Arixtra drug used to prevent deep-vein thrombosis.
Gruß
MadX
