SAP rises as markets continue to slide

NEWS SAP stock shot up this morning after the German software vendor confirmed it will post upbeat third quarter results. Shares were up 2.79 per cent on Frankfurt's Dax, as the company forecast 23 per cent revenue growth for the nine months ending 30 September. Revenue growth for the full year is expected to be 20 per cent. Operating margins, excluding charges are expected to be one or two percentage points up on last year's 20 per cent. Third quarter results are due out on 18 October. Despite SAP's positive outlook the DAX index fell 1.59 per cent as European markets continued to suffer with the US. The CAC 40 was down 1.86 per cent, while in London the FTSE fell 1.9 per cent. In New York the Nasdaq closed down 1.75 per cent and the Dow Jones dropped 1.6 per cent.