European stocks rose, led by technology companies including Infineon Technologies AG and STMicroelectronics NV as Intel Corp., the world's largest chipmaker, posted revenue that topped analysts' estimates. ASML Holding NV, Europe's No. 1 maker of semiconductor equipment, advanced after posting a fourth straight quarterly profit. Equity indexes were also boosted as oil retreated from a record, easing concern about rising energy costs. The Dow Jones Stoxx 50 added 0.4 percent to 2721.66 and is set to snap five consecutive days of declines, its longest losing streak in more than a year. The Stoxx 600 gained 0.5 percent as of 8:03 a.m. in London. The Euro Stoxx 50 Index for the countries that use the euro advanced 0.4 percent.
``The market has been concerned about earnings but the outlook for corporate profit looks good,'' said Bill Dinning, Edinburgh-based investment strategist at Aegon Asset Management U.K., which manages $53 billion. ``There is opportunity for value in technology shares.'' STMicroelectronics, Europe's biggest chipmaker, climbed 1.8 percent to 14.11 euros in Paris. Infineon, the region's No. 2, gained 1.8 percent in Germany. Intel, the world's third-largest technology company by market value, jumped 3.6 percent in trading after U.S. exchanges closed. The company reported third-quarter sales of $8.47 billion, beating the average analyst estimate of $8.44 Billion in a Thomson Financial survey. Revenue in the fourth quarter will be $8.6 billion to $9.2 billion, Intel said, compared with analyst predictions of $9.07 billion.
ASML Holding
ASML jumped 3.3 percent to 10.60 euros. It said third- quarter net income was 41 million euros ($50.5 million), compared with a loss of 31 million euros a year earlier, helped by cost cuts and higher sales. Excluding a charge, net income would have been 74 million euros. Sales rose 65 percent to 610 million euros. The Dutch copmpany was expected to report net income of 76.8 million euros on sales of 619.8 million euros, the median estimate of 10 analysts in a Bloomberg survey showed. The profit forecast by the analysts excluded a charge of about 47 million euros. ASML forecast higher average prices for this quarter. Crude-oil futures in New York were headed for their biggest two-day drop in a month after the International Energy Agency said record prices will curb demand in China and the rest of the world next year. Crude oil for November delivery fell as much as 0.7 percent to $52.14 a barrel in after-hours electronic trading, and were at $52.39 as of 8 a.m. London time. Yesterday, oil fell 2.1 percent after earlier rising to as much as $54.45, the highest intraday price since futures began trading in 1983. Oil futures are up 63 percent from a year earlier.
Carrefour, JJB
Carrefour SA slumped 3.3 percent to 34.87 euros. The world's No. 2 retailer said in late trading yesterday that annual profit will rise less than it had forecast because of price cuts aimed at reviving demand in France, its home market. Growth in per- share profit won't meet its goal of a double-digit increase this year, the company said on its Web site. Today, Carrefour's shares were cut to ``sell'' from ``hold'' at Citigroup. JJB Sports Plc, the U.K.'s largest sporting-goods retailer, plunged 22 percent to 191 pence after saying takeover talks are likely to fail and bad weather hurt sales. ``After entering into discussions with the third party, the board of JJB Sports has concluded that the approach is unlikely to lead to an offer that would reflect the fair value of the company,'' the retailer said in a statement.///www.bloomberg.com