brand Re
brand Reebok.Adidas bought Reebok in 2006 to boost its position in classic sportswear and help it better compete against Nike. But Reebok still struggles, particularly in North America where Adidas suffered a 14 percent drop in 2008 net sales.(Reporting by Maria Sheahan, editing by Knut Engelmann) Hot Stocks China. * Linde accelerates cost-cutting programme * Says further capacity adjustments needed * Says additional adjustment to cost 70 mln eur (Adds background, CEO comment) FRANKFURT, May 5 (Reuters) - Industrial gases maker Linde(LING.DE) reported a 10.6 percent decline in first-quarteroperating profit as steel and chemical plants cut their outputand manufacturing customers delayed projects to build factories. It said on Tuesday operating profit -- defined as EBITDAexcluding one-off items -- fell to 538 million euros ($712.2million) from 602 million, just below an average estimate of 545million euros in a Reuters poll of analysts.
Linde said it would accelerate a programme that hadoriginally aimed to slash 650-800 million euros in costs overthe next four years, starting this year. It also said further capacity adjustments were needed andthese adjustments would cost around 70 million euros Linde said it expected 2009 sales and earnings to fall. "Our positive scenario -- group sales and earnings on thesame level as in 2008 -- has become less likely in the light ofthe further deterioration of the economic outlook," ChiefExecutive Wolfgang Reitzle said. The Engineering division's operating profit fell to 45million from 47 million due to lower capital spending byindustrial customers and their postponement of projects. Linde trades at 12.2 times forward 12-month earnings,compared with rival Air Liquide's AIRLQ.UL 13.8 and Praxair's(PX.N) 18.0, according to Thomson Reuters StarMine, whichweights analysts' estimates according to their track record. Analysts have said Linde was still doing well relative topeers because its long-term supply contracts secured business,and because its cylinder gases business was likely still seeingrobust demand from the healthcare and food industries. Linde's Gases division, whose oxygen and nitrogen salesgenerate 75 percent of group revenues, posted first-quarteroperating profit of 546 million euros, down 6.8 percent (Reporting by Marilyn Gerlach, Editing by Michael Shields).
LONDON, May 5 (Reuters) - Britain's FTSE 100 .FTSE is seen gaining as muchas 1.8 percent by financial bookmakers on Tuesday, catching up with gains fromits continental European peers the previous session when it was closed for apublic holiday. The UK's blue chip index is seen opening 74-76 points higher, after theFTSEurofirst 300 .FTEU3 added up 1.6 percent at 842.70 points the previoussession, its highest close since January 12 U.S. stocks rallied on Monday driving the S&P 500 .SPX into positiveterritory for the year with banking stocks the standout gainers. Investors will focus on banks, with a source familiar with official talkstelling Reuters about 10 U.S. institutions will be told they need to increasethe size of their capital cushions. [ID:nN04400200] Banks will be briefed on Tuesday on the final results which will bepublished on Thursday.
AVIVA (AV.L) The insurance group said it was in the final stages of its Chineseinvestment strategy, after it opened an office in Hubai, the 10th province inthe country in which it now has a presence, the Daily Telegraph said. GLAXOSMITHKLINE (GSK.L) The drug giant is ramping up production of its inhaled flu drug Relenza andpreparing to start manufactuing a pandemic vaccine, the drugmaker said onFriday. [ID:nL1591520] CARNIVAL (CCL.L) The company said it has canceled all Mexico port visits for 16 of its shipsthrough June 15 due to the flu alert. [ID:nN04427063] PROPERTY Shop rents have been cut across the UK by close to a third over the pastyear as landlords concerned about emptyingcentres have slashed terms toattract retailers, the Financial Times reported. ABERDEEN ASSET MANAGEMENT (ADN.L) The fund management group releases its first half results. RENISHAW (RSW.L) Britain should turn away from the "hype" of financial services andreorientate its economy towards advanced engineering industries, according toRenishaw chairman and chief executive David McMurty, the Financial Times said The company releases a trading statement. Telecity Group (TCY.L) The company releases a trading statement.