European stock markets are squeezing out further gains Thursday, helped as attention remains focused on positive earnings results. Sentiment was tempered a little after relatively weak demand at the Spanish bond auction this morning led the country's 10-year bond yields to once again breach the 7% threshold, keeping the eurozone debt crisis always close to mind. Early premarket trade has the U.S. markets also positive, with the S&P 500 (INDEX: ^GSPC ) set to open 0.3% higher.
Despite this general firmness, there are, as always, a number of stocks losing ground today. Here are three ADRs the S&P should easily outperform.
Telecom Italia (NYSE: TI )
Italy's national telecom company has dropped more than 4.8% today after the European Commission said the country's limits on the powers of its telecommunications agency may violate EU rules. This specifically refers to an Italian law that separates the provision of access to TI's wholesale network from the activation and maintenance of lines.
The EU has started legal action against the country today, sending a formal letter of notice to which Italy now has two months to respond. The country will be subject to fines if it is found that it is not complying with EU laws.
Credit Suisse (NYSE: CS )
The bank has slid 2.2% this morning on a surge of profit taking following yesterday's gains after a strong financial report. The company today said that it would be cutting 138 jobs in New York, starting next month, as part of an effort to reduce costs in operations including its investment banks. Last year CS said it would be cutting 3,500 jobs as part of this effort, with this latest bout occurring between Aug. 7 and Oct. 14.
CRH (NYSE: CRH )
The concrete maker is seeing some losses today, down more than 1% amid broader weakness in the industrial sector as commodity prices firm up. Stronger raw materials prices are likely to increase costs for firms such as CRH, if they are sustained through the coming year. Today's losses also come as the company's treasury releases 30,000 ordinary shares into its employee share scheme.
As usual, this morning's European trading saw some stocks lose ground -- and perhaps provide some European buying opportunities. Indeed, legendary investor Warren Buffett has recently spent more than $1 billion buying a European large-cap stock that's currently trading well below its 2012 high.
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