Stora Enso Oyj, the world's biggest papermaker by capacity, declined 1.8 percent to 8.79 euros, losing 2.2 percent this week.
"We will see more of these announcements, and in different industries," said Indosuez Fondos' Hoyos. "Business didn't go well in March for most companies."
Hoyos owns shares in STMicroelectronics NV.
ST, Europe's biggest semiconductor maker, fell 4 percent to 17.7 euros, sliding 4.8 percent this week. The company's first-quarter revenue was less than forecast as prices declined and clients pared orders in March. Revenue in the period was US$1.618 billion. In January, the company predicted sales of at least US$1.62 billion.
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