European shares up on encouraging U.S. company results
* FTSEurofirst 300 gains 0.4 percent after falling earlier
* Sentiment improves after results from major U.S. firms
* Cyclical shares lead the bounce, autos gain the most
By Atul Prakash
LONDON, April 17 (Reuters) - European equities rose in late trading on Thursday after losing ground earlier in the session, with upbeat results from major U.S. companies like Morgan Stanley, Goldman Sachs and General Electric improving sentiment.
Morgan Stanley reported a 55 percent jump in first-quarter earnings, General Electric posted a 12 percent rise in overall industrial profits and both earnings and revenue of Goldman Sachs beat market estimates.
"When we look at the U.S. results coming out today, there was a predominantly positive beat overall," Gerhard Schwarz, head of equity strategy at Baader Bank, said.
"The results certainly may come in quite well over the next couple of weeks because companies have done a lot guiding lower over the last weeks and this is probably a good basis for positive surprises." Continuación...