European shares drop as BASF and semiconductor stocks fall
* FTSEurofirst 300 down 0.5 pct, Euro STOXX 50 down 0.4 pct
* BASF falls after cutting earnings guidance
* AMS tumbles sharply after weak results
* Altice up as investors buy into Cablevision (Adds detail, quote)
By Sudip Kar-Gupta and Alistair Smout
LONDON, Oct 27 (Reuters) - European stock markets fell on Tuesday, moving further away from last week's two-month high after a drop in the shares of BASF and Novartis weighed on markets.
Semiconductor stocks also suffered after Austria Microsystems warned late on Monday of weak fourth-quarter results. Austria Microsystems' shares slid 14.2 percent while rival Dialog dropped 2.2 percent.
The pan-European FTSEurofirst 300 index, which had risen to a two-month high on Friday after a Chinese rate cut drove up world stock markets, declined 0.5 percent, while the euro zone's blue-chip Euro STOXX 50 index fell 0.4 percent.
BASF shares dropped by 4.6 percent after the chemicals group lowered its full-year earnings guidance due to weak sales in China, Brazil and other emerging markets. Continuación...