European stocks trim Friday's gains; SAP drops after profit warning

lunes 20 de octubre de 2014 07:21 GYT
 

* FTSEurofirst 300 down 0.8 pct

* Tech sector weaker with Gemalto also slumping

* Nutreco, Adidas, Havas surge on M&A activity (Adds quote, detail, updates prices)

By Alistair Smout

EDINBURGH, Oct 20 (Reuters) - European stocks fell early on Monday, trimming lofty gains made in the previous session, with SAP's profit warning hitting shares in the tech sector.

Shares in the German business software maker fell 4.1 percent after it cut its outlook for full-year operating profit, echoing a raft of profit and sales warnings from other tech groups in the past few weeks.

Dutch tech firm Gemalto plunged 6.1 percent after Barclays cut the stock to underweight from overweight, and with SAP it was a top faller on the STOXX 600 Technology index , which was down 2 percent.

SAP was the worst performer on the German DAX, which fell 1.4 percent, lagging other major European stock indexes. It has dropped 7.7 percent so far in October, after data called into question Germany's economic resilience.

Both the technology sector and German blue-chip index are very sensitive to economic growth, or highly "cyclical".   Continuación...