Ericsson leads European shares lower after earnings miss

miércoles 23 de abril de 2014 07:11 GYT

* FTSEurofirst 300 down 0.4 percent

* Ericsson falls after earnings miss

* Primark gives Associated British Foods a lift

* French, German PMIs point to diverging economies (Updates prices, adds quote, detail)

By Alistair Smout

LONDON, April 23 (Reuters) - European shares fell on Wednesday, retracing some of the previous session's strong gains as investors responded to weak earnings from Ericsson and mixed data out of the euro zone.

Shares in the Swedish mobile telecom equipment maker fell 4.9 percent, trimming the most points off of the FTSEurofirst 300, after missing first-quarter sales and profit forecasts on weak trading in North America.

"Numbers look a little light given the sales miss, but with margins improving and costs seemingly under control, I'm surprised the stock is down the thick end of 6 percent," Matt Basi, senior sales trader at CMC Markets said, noting that guidance for second quarter sales was bullish.

In all, earnings news was mixed, continuing a theme of the season so far where 53 percent of STOXX Europe 600 companies that have reported results have beaten or met expectations.   Continuación...