By Carla Mozee, MarketWatch
Commerzbank shares higher as profit doubles
LONDON (MarketWatch) -- Nestlé SA and Adidas AG were among the
companies whose shares made notable moves in European trade
Thursday.
Advancers
Commerzbank AG shares gained 2.6% after the financial services
firm said second-quarter profit more than doubled, driven by a
stronger performance at its retail unit and lower overall loan-loss
provisions.
Nestlé SA rose 3.2% after the food giant said it will launch an
offer to buy back up to eight billion Swiss francs ($8.8 billion)
of its shares. The company's first-half earnings fell nearly
10%.
Zurich Insurance Group AG shares tacked on 3.2% as the company
said second-quarter profit rose 6%, with its general insurance
business benefiting from a lack of weather-related losses.
Decliners
Adidas AG fell 2.7% as management said it will move quickly in
its efforts to boost sales and profit after the sportswear retailer
acknowledged it won't meet business targets for next year.
Old Mutual PLC shares lost 2.7% after the financial services
firm's pretax profit fell financial services dropped to 564 million
pounds ($949.9 million), from GBP805 million a year earlier.
Rheinmetall AG fell 7.5% after the German industrial
conglomerate cut its sales and earnings forecasts as Berlin
canceled an export license tied to a deal that Rheinmetall had in
Russia.
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