LONDON -- European equity markets are slightly lower Wednesday -- a move resulting from consolidation rather than any fundamental catalyst. Factory output reports from the U.S. Federal Reserve and the Federal Reserve Bank of New York may get some attention following their release today, with traders attentive to anything that may offer some direction. Early premarket trade shows U.S. stocks seeing lackluster performance much like their European counterparts, with the S&P 500
Despite this weakness, there are, as always, some individual names that are outperforming. Here are three ADRs that are set to beat the S&P today.
Nokia
The Finnish phone maker is once again seeing some of the largest moves in Europe today, up 6.6% after chief executive Stephen Elop said the company will soon launch its new smartphone, which will use the Windows 8 operating system. This has increased speculation that the handset will be released at a trade show in early September, beating rival firm Apple to its release of a redesigned iPhone on Sept. 12.
Shire
The U.K. pharmaceutical is up more than 2% in London after Morgan Stanley released a positive note on the company yesterday. Analysts at Morgan Stanley upheld their previous overweight rating, although they did lower their price expectation from 24.30 pounds to 23.50 pounds per share, suggesting the company is one of the only good buying opportunities in the attention deficit and hyperactivity disorder drug market.
ARM Holdings
The processor maker is up almost 1.7% today, also on the back of positive broker coverage, after analysts at Evercore Group launched coverage of the stock yesterday with an overweight rating and a price target for the American depositary receipts of $32. The broker said the company provides the foundation for leading chip makers to use in their next-generation technology, making further headway into the smartphone and tablet markets.
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