The S&P Should Beat These Stocks Today
Editor's note: A previous version of this article erroneously stated that BBVA suspended preferred-share interest payments and restated its 2011 earnings. The Motley Fool regrets the error.
LONDON -- European equity markets are seeing a seventh consecutive day of losses, taking direction from the Asian markets after Australian payroll data came in weaker than expected overnight. With a number of downbeat corporate stories adding to the woes, attention is once again focused on economic growth worries. Early premarket trade has the S&P 500 (INDEX: ^GSPC) set to open 0.5% lower.
Even with these losses, however, the S&P is still on track to beat a number of individual names. Here are three American depository receipts that are suffering in Europe today.
Telecom Italia (NYS: TI)
Telecom Italia is down more than 5% in Milan despite news that Europe's digital commissioner, Neelie Kroes, has backed down on a threat to regulate the price of European telecom networks to encourage investment.
In a full report that is due later today, Kroes is expected to recommend that pricing for access to the older, copper-based networks should not be forced lower, and that operators should be allowed the freedom to choose prices for newer fiber-optic networks themselves.
SAP (NYS: SAP)
The German software giant has dropped more than 3% in Germany, weakened by a depressed outlook for the sector after rival firm Infosys cut its sales forecast for 2012, citing global uncertainties hitting the technology sector.
This comes just days after another rival firm, Informatica, also noted that weak European demand caused a drop in its quarterly sales and profits, while SAP appointed Harry Thomsen its new head of German operations last week.
BBVA is leading losses in Spanish banks today, despite a statement by top European official Thomas Wieser that European governments do not necessarily see Span rapidly drawing on the 30 billion euro bailout when it becomes available at the end of the month.
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The article The S&P Should Beat These Stocks Today originally appeared on Fool.com.Karl Loomes does not own any share mentioned in this article.The Motley Fool has a disclosure policy.We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.