LONDON -- European stock markets are seeing a day of mixed trade Wednesday, with a lack of direction across benchmark indexes. Profit warnings from a number of U.S. and European firms have been placing downward pressure on equities and muting those markets that are attempting to squeeze higher. That said, early premarket trade does show the S&P 500
Within this mixed session, a number of individual names are underperforming. Here are three American depository receipts the S&P should outperform today.
Profit-taking is pushing WPP's stock 2.3% lower in London this morning, following decent gains in Tuesday's session. News emerged today that WPP's Ogilvy & Mather Singapore unit and its former chairman, Stephen Mangham, sued each other after he left the company to set up a rival business, taking CIMB Group as a client.
This comes at a time of uncertain outlook for WPP. JPMorgan upgraded its perspective on the company just yesterday, but last month advertising expert Publicis Groupe lowered its forecast for growth in the industry this year.
ASML is seeing a quick sell-off today, falling around 1.6% amid a bout of profit-taking. News yesterday that the firm will receive as much as $4.1 billion from U.S. major Intel sent ASML's share price rocketing more than 9%.
Meanwhile, Moody's rating agency has come out today and said that Intel's move to invest this money is "credit positive."
The U.K. manufacturer of branded and packaged goods is also under pressure in London today, down more than 1% due to broader weakness in the retail sector following several disappointing results in the U.K.
Luxury clothes maker Burberry said quarterly sales failed to meet expectations, with revenue growing just 11% in the latest quarter, while Britvic said its full-year results will be at the bottom end of estimates, and Marks & Spencer said it has suffered pressure on its clothing business particularly.
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