LONDON -- European stocks have managed to claw back some gains Wednesday, helped after a policymaker in the European Central Bank said there was an argument to give the European Stability Mechanism a banking license, in effect allowing it to borrow limitlessly from the ECB and expand funds as needed.
Gains have been tempered after U.K. GDP numbers showed the country continues to be in double-dip recession and Apple
As always, there are a number of individual names managing to outperform today. Here are three American depositary receipts that are set to beat the S&P.
ARM Holdings
The U.K. technology firm is up more than 6% in London after reporting that second-quarter revenue beat analyst estimates, climbing 15%. ARM reported a sales increase from 117.8 million pounds to 135.5 million pounds in the quarter, although the company did warn that it may not see the traditional gain from royalties in coming quarters, as demand is difficult to predict.
ArcelorMittal
The steelmaker has managed to climb more than 2.3% in Paris today after reporting expectation-beating earnings results. The company said EBITDA fell to $2.4 billion in Q2, better than the majority of estimates despite the company's South African arm reporting an 84% drop in first-half earnings.
This also comes despite news today that China is exporting the highest levels of steel seen in two years, raising concerns that the country will flood the market and reduce prices and revenue for western steelmakers.
Banco Santander
The Spanish major is up 2.3% Wednesday after the EU approved a program to bolster some of Spain's banks with capital injections, in addition to the 100 billion euro bailout already agreed. The measures approved by the European Commission today, aimed at recapitalizing Spanish banks to fulfill requirements necessary to the wider bailout of the banking system, should run until the end of 2012.
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