Telefonica tumbles as European shares slip back
* FTSEurofirst 300 retreats from fresh highs hit on Thursday
* Telefonica falls after Q1 profits miss forecasts
* Prospect of new ECB stimulus keeps some traders bullish
By Sudip Kar-Gupta
LONDON, May 9 (Reuters) - European shares slipped back on Friday as disappointing business updates from leading companies such as telecoms operator Telefonica sobered the mood after a rally on the previous day.
The pan-European FTSEurofirst 300 index, which on Thursday hit a 2014 peak of 1,359.07 points which marked its highest level in around 6 years, fell 0.2 percent to 1,356.50 points in early session trading.
The euro zone's blue-chip Euro STOXX 50 index also retreated by 0.4 percent to 3,192.70 points. The FTSEurofirst 300 and Euro STOXX 50 both remain up by around 3 percent since the start of 2014.
Shares in Spanish group Telefonica fell 2.2 percent as the company posted a 23 percent fall in first quarter net profits that missed market expectations.
Energy services group Petrofac also slumped by 15 percent after it issued a profit warning. Continuación...