LONDON -- European stock markets are seeing a second day of gains Thursday, helped as attention remains focused on positive earnings results. Sentiment was tempered somewhat 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; the eurozone debt crisis is never far from investors' minds. Early premarket trade has the U.S. markets also positive, with the S&P 500
Here are three ADRs that are set to beat the S&P today.
Nokia
The Finnish phone maker has managed to put an end to this week's slide today, rocketing more than 15% at one point and settling into gains above the 10% level after it reported better-than-expected sales numbers. The company said sales of its new Lumia handset increased by 4 million quarter-on-quarter, much better than has been expected, although it also reported that the second-quarter net loss widened from 368 million euros to 1.48 billion euros.
ArcelorMittal
The steelmaker is making good headway in Paris, up over 2.2% as it reaffirms its commitment to the Kalagadi Manganese project in South Africa, saying it will not be selling its stake in it to joint venture partner Kalahari Resources.
Meanwhile, the company has managed to settle its labor dispute at its Kazakh unit, ending eight months of industrial troubles after agreeing to a 10.4% pay rise for local workers.
Veolia Environnement
The utility major is up over 2% today after Highstar Capital agreed to buy its U.S. waste management business for $1.9 billion. The company said this should allow it to cut its debt by $1.8 billion, and noted that after the sale it will have achieved 60% of its 5 billion-euro divestment plan.
The move comes as the company attempts to cut debts by 20% by the end of next year, while attempting to reduce operating costs by 120 million euros in 2013.
Despite the ongoing eurozone troubles, this morning's European trading did provide some winners -- and perhaps some European buying opportunities. Indeed, legendary investor Warren Buffett has recently spent more than $1 billion buying the stock of a prominent European large cap.
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