DAX
Volkswagen - The company's works council filed a legal complaint against the automaker's biggest shareholder, Porsche, setting up a challenge over board representation. (BBG) In other news, the company's Spanish Seat division will return to operating profit in 2007. (El Pais)**
Lufthansa - The company will reportedly decide on Alitalia by year-end. (S&P)
BMW - The company plans to increase cooperation with rivals and may produce engines for other carmakers, the CEO said. (Focus Magazine)
SMI
UBS â Insiders at the investment bank have said they expect another USD 5bln write-down in Q4, on top of the USD 4.4bln in the previous three quarters. (Sunday Express)**
BROKER UPGRADES/DOWNGRADES
HSBC: CUT TO SELL FROM NEUTRAL AT GOLDMAN SACHS
PHILIPS: DEUTSCHE BANK UPGRADES TO BUY FROM HOLD
AIR FRANCE-KLM: UPGRADED TO 'BUY' FROM 'HOLD' BY CITIGROUP
SWISSCOM: CITIGROUP UPGRADES TO BUY FROM HOLD
FANNIE MAE, FREDDIE MAC: CUT TO `NEUTRAL' FROM `BUY' AT UBS
Volkswagen - The company's works council filed a legal complaint against the automaker's biggest shareholder, Porsche, setting up a challenge over board representation. (BBG) In other news, the company's Spanish Seat division will return to operating profit in 2007. (El Pais)**
Lufthansa - The company will reportedly decide on Alitalia by year-end. (S&P)
BMW - The company plans to increase cooperation with rivals and may produce engines for other carmakers, the CEO said. (Focus Magazine)
SMI
UBS â Insiders at the investment bank have said they expect another USD 5bln write-down in Q4, on top of the USD 4.4bln in the previous three quarters. (Sunday Express)**
BROKER UPGRADES/DOWNGRADES
HSBC: CUT TO SELL FROM NEUTRAL AT GOLDMAN SACHS
PHILIPS: DEUTSCHE BANK UPGRADES TO BUY FROM HOLD
AIR FRANCE-KLM: UPGRADED TO 'BUY' FROM 'HOLD' BY CITIGROUP
SWISSCOM: CITIGROUP UPGRADES TO BUY FROM HOLD
FANNIE MAE, FREDDIE MAC: CUT TO `NEUTRAL' FROM `BUY' AT UBS