Friday March 27, 11:56 AM
Glance-STOCKS NEWS EUROPE-Technip drops as Merrill cuts
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11:38GMT 27March2009-Technip (Paris: FR0000131708 - news) drops as Merrill cuts to 'neutral'
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Shares in French oil services company Technip fall 4.7 percent,
underperforming the European oil sector which is down 0.7 percent, after
Merrill Lynch (NYSE: MER - news) cuts its rating on the stock to 'neutral' from 'buy'.
'Year-to-date, Technip has strongly outperformed the sector,' writes the
broker, which points the stock's 31 percent performance against the European oil
services sector average of 12 percent this year.
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