European stocks fell, paced by technology companies such as Nokia Oyj and ASML Holding NV, amid concern earnings and sales growth will slow
Published:
23 July 2004 y., Friday
European stocks fell, paced by technology companies such as Nokia Oyj and ASML Holding NV, amid concern earnings and sales growth will slow. The Dow Jones Euro Stoxx 50 Index had its biggest drop in more than two months.
STMicroelectronics NV slipped after the chipmaker said currency effects and competition will hurt profitability. LVMH Moet Hennessy Louis Vuitton SA slid after the luxury-goods maker's profit growth was less than some analysts expected.
The Euro Stoxx 50, a measure for the 12 countries using the euro, lost 1.6 percent, the most since May 10. The Dow Jones Stoxx 50 shed 1.5 percent to 2592.29 as of 11:55 a.m. in London, with all but two stocks declining. The Stoxx 600 dropped 1.3 percent, on pace to close at its lowest since May 18.
U.S. technology stocks slid yesterday, led by Motorola Inc. Texas Instruments Inc. slid after an executive said growth in the handset industry will slow. EBay Inc. dropped in Europe after saying profit will lag estimates.
All three European benchmarks more than erased their gains from yesterday, when companies including Ericsson AB posted higher-than-forecast earnings.
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Bloomberg
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