LONDON -- European equities are mixed to slightly positive Thursday, although they're lacking any real conviction following this week's severe losses. A slew of earnings results are giving the markets cause to edge in both directions, while the concerns over the eurozone crisis and the downbeat economic numbers seen this week are never far from sight. Early premarket trade has the U.S. playing a more negative tune, with the S&P 500
Regardless of the market's movements, a number of companies are losing ground today. Here are three American depositary receipts the S&P should outperform.
The phone equipment maker is down almost 8.5% today after it announced it will be slashing 5,000 jobs -- some 6% of its staff -- in an effort to cut costs after reporting a loss of 254 million euros for the latest quarter. The company said net cash shrank by 517 million euros to 236 million euros in the quarter, and it hopes the job losses save it an extra 750 million euros.
The technology major is down more than 3% Thursday after it warned that reaching its full-year earnings goal of 5.2 billion euros was looking more difficult to achieve. It did report that profit for the latest quarter climbed from last year's 763 million euros to 1.23 billion euros, although this was below the majority of estimates. Siemens also reported lower-than-expected orders, casting some doubt over future revenue streams, although sales did rise by 10% in the latest quarter to 19.5 billion euros.
Telefonica has been trading almost 2% lower today after it suspended its dividend payments and cut revenue forecasts. The company scrapped its dividend for 2012, expecting to save it around 10.2 billion euros, and suggested it will resume half of the 1.5 euro per-share payment toward the end of next year.
Telefonica reported operating income falling 6.6% to 5.25 billion eruos, while sales climbed just 0.1% to 15.47 billion euros. The company also announced it will slash the pay of top executives, including the CEO, by 30% as part of its cost-saving efforts.
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