LONDON -- European stocks markets are bouncing back from the four-day slide today, with some confidence surrounding the EU debt crisis returning after eurozone finance ministers drew up the blueprint for Spain's 100 billion euro bailout, the first 30 billion euros of which is now expected to reach Madrid by the end of the month. Premarket trade has the S&P 500
As always, even with these gains, some individual names are still outperforming. Here are three American depository receipts that are set to beat the S&P today.
ASML is leading gains across the European markets this morning, up almost 9% after U.S. company Intel, the world's largest semiconductor maker, agreed to invest as much as $4.1 billion in the company. Intel has said it will invest $1 billion in ASML's research and development program and buy a 15% stake in the company for $3.1 billion.
The move is broadly seen as an attempt to maintain the pace of computer chip improvement in the coming years, particularly miniaturization through a new manufacturing process called "extreme ultraviolet lithography," of which Intel hopes to speed the development with this latest investment.
The steelmaker is trading more than 3.1% higher in Europe today following news that Chinese demand for commodities fell in June, helping to push down the price of iron ore, a key ingredient in steel production.
The Chinese data showed that in June, China's iron ore imports fell 9% from their May levels to 58.3 million tons -- a further sign that economic growth could be slowing in the world's largest buyer of raw materials. If this is indeed the case, falling iron ore prices may continue over the medium term. This outcome could lead steelmakers such as Arcelor to have reduced costs and higher profits over the same period.
The British advertising agency is making solid gains in London today, up around 2% after JPMorgan said in a report that the company has a strong structural growth profile, offering a good balance of risk and reward as its Consumer Insight division gradually improves following recent disappointing performances.
This outlook led JPMorgan to change its profile for WPP shares from "neutral" to "overweight," upgrading its price estimate from 9 pounds per share to 10.71 pounds per share.
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