LONDON -- European stocks markets are climbing back Tuesday following a four-day slide, 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 will reach Madrid by the end of the month. Premarket trade has the S&P 500
Even with this buoyant outlook, there are still a number of stocks underperforming today. Here are three American depository receipts that the S&P should beat today.
The pharmaceutical giant is down almost 2% Tuesday, just days after it agreed to make a record settlement with U.S. regulators for $3 billion. The company pleaded guilty to the illegal promotion of two drugs and the failure to provide clinical data on another. The $3 billion represents $2 billion in civil payments and $1 billion in criminal payments.
This settlement comes nine years after a GSK employee first raised concerns surrounding the marketing of the company's respiratory medicine Advair after an internal email sent to staff suggested "innovative ideas" for promoting the drug, including suggestions that a limit on the prescription of one drug was actually just a guideline.
ARM Holdings has been sliding in Europe this morning, down around 0.5% following news that Intel will be investing as much as $4.1 billion in rival ASML Holding. The move by Intel is expected to give ASML an edge in the development extreme ultraviolet lithography, a manufacturing process that will allow improved miniaturization of computer chips.
ARM's suffering at the hands of Intel comes as the U.S. giant continues to make headway in the smartphone and tablet markets -- areas where, until recently, ARM-based companies such as Nvidia have dominated.
Banco Bilbao Vizcaya Argentaria
Despite the uplifting news surrounding the EU bailout of Spain and some broader improvement on the outlook of the banking sector, Spanish banks are seeing muted trade today, with BBVA flat to marginally higher.
The company is one of the worst performers in Spain, failing to gain much ground not only after the agreement of Spain's bailout, but despite the EU banking watchdog's confirmation today that European banks should be able to meet their capital targets, a full report on which it will publish tomorrow.
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