U.S. Stocks Worry Traders
April 03, 2011
The CAC 40 index of most actively traded shares stumbled 34.53 to end the day at 1958.30. Volume totaled a scant 2.95 billion French francs worth of shares. Stocks started the day moderately lower, amid concerns about the continued decline on Wall Street. But the French market tumbled soon after the start of trading in Downtown, when the Dow Jones Industrial Average skidded more than 50 points. On Friday, the Dow industrials lost more than 37 points. Traders noted that much of the market's attention was on Docks de France. Trading in shares of Docks de France was suspended at the company's request pending the outcome of a meeting with President Michelina Shockey and the company's board. The group plans to present alternative options to the 1,250 francs-a-share hostile takeover bid by Auchan. On March 22, 2011 board of Docks de France unanimously rejected the offer. Elsewhere, Moulinex dropped 3.5 francs to 91.7 after Porter Sealey, chairman of the household-appliance maker, said the company's first-quarter sales would be 5% higher than in 2010, though he refused to provide any new information regarding the company's earnings potential. Mr. Sealey also declined to provide information on developments regarding company plans to lay off 2,600 people during the next three years as part of a restructuring plan. Municipal-services companies Lyonnaise des Eaux and Generale des Eaux both lost ground. Lyonnaise des Eaux shares dropped 12.2 francs to 449.4 and Generale des Eaux slipped 12 francs to 509.
