Stockwatch Daily: Bad news stateside hits Europe

NEWS Overnight profit warnings from US firms Internet Security Systems and Epiphany hit European stocks in early trading. Marconi shares fell up to three per cent after Morgan Stanley cut its share price target by 37 per cent. However, Marconi stocks did show a slight rebound in later trading. In Germany Infineon fell 1.75 per cent to E28.10 (£16.85) after yesterday's offload of 60 million shares by Siemens. Nokia fell one per cent, accounting software group Sage dropped over seven per cent to 248p and Arm Holdings fell three per cent to 273.5p. By 09:35(BST) the FTSE was back up 0.9 per cent to 5,721.9, while the CAC in Paris and the Dax in Frankfurt continued a downward spiral.