Novo Nordisk added 3.3 percent to 279 kroner, rebounding from last week’s 5.3 percent drop. The European Association for the Study of Diabetes said its research into the cancer risk from a Sanofi-Aventis SA diabetes drug didn’t include Novo Nordisk’s competing product, Levemir. Sanofi, which tumbled 16 percent last week, gained 0.5 percent to 41.05 euros.
From a technical standpoint Novo Nordisk has struggled to emerge from its long standing decline. Buyers have a choice of either waiting for the next spike low or look for a momentum push past 319 kroner. Until then it's hard to be positive.
Deutsche Telekom rose 1.6 percent to 8.37 euros. Vodafone, the world’s largest mobile-phone company, is considering a bid for T-Mobile UK Ltd., the British wireless unit of Deutsche Telekom, said the person, who asked not to be identified because the discussions are private. Vodafone increased 0.2 percent to 116.4 pence
Deutsche Telekom held up remarkably well during the global meltdown in 2008 but tailed off at the start of 2009 and is struggling to find some footing. There is some potential for demand around €8s but the 20-day WMA is keeping things contained to the upside.
Ferrovial advanced 1.9 percent to 22.29 euros. Macquarie raised its recommendation on the Spanish construction company that owns seven U.K. airports to “outperform,” saying the BBA Ltd. unit “is unlikely to see refinancing risks until 2011.”
Unlike the prior two stocks Grupo Ferrovial has stabilised in a range between €17 and €27. The weighted moving average offers little help but dips below €20 are attractive accumulation areas with a potential momentum rally coming on a break of €27 with upside targets of €30 and €37. One to watch:
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts, and stock charts website