Sun, Sep 07, 2003 - Page 10 News List

European stocks rise for third week

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Elan

Elan Corp, the Irish drugmaker whose accounting is being investigated by US regulators, surged 38 percent since Aug. 29 to 5.4 euros, on course to outpace all others shares on the Stoxx 600.

The company filed its annual report on Thursday, beating a deadline that might have led to a default on as much as US$2 billion in debt. Elan couldn't pay back debts if they were called in, chief executive officer Kelly Martin said.

Computer-related companies advanced, lifted by investor expectations that companies are set to upgrade to newer computers and software.

Intel Corp., the world's biggest semiconductor maker, on Thursday raised its third-quarter sales forecast for the second time in two weeks, reinforcing gains earlier in the week after Morgan Stanley and Goldman, Sachs & Co upgraded the industry.

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