European Analyser - Blue Chips, Sector, Small Cap. 

RECOMMENDATION CHANGES
- Bonduelle (Downgrade: Rating Suspended v Buy) 2011 underlying income to drop; rebound in 2012
- Pfeiffer Vacuum (Downgrade: Hold v Accumulate) No big news from capital markets day D/g to ‘Hold’

SECTOR NEWS
- Dutch Insurers Quality mark for Dutch insurers
- Telecommunications Chinese vendors to get network contracts in Italy.

BLUE CHIPS COMPANY NEWS
- adp (Hold) Investor Day
- Assa Abloy (Buy) Long-long and long-short
- Banco Santander (Buy) AIB sells its 22.4% stake in M&T Bank Corp.
- Enel (Hold) Enel Green Power timetable
- Ferrovial (Buy) Sells 10% 407-ETR
- Finmeccanica (Accumulate) Finmeccanica new order adds to sector momentum
- Fugro (Hold) 30% minority holding Fugro Jacques acquired
- Hochtief (Buy) First poison pill ready to be launched
- Industrivarden (Accumulate) Discount looks high – reversion likely
- ING Group  (Buy) IMF suggests reforms to enhance financial sector
- Luxottica (Accumulate) Coach new licence is coming
- Sanofi-Aventis (Buy) Transformation of the R&D model

SMALL & MID CAPS COMPANY NEWS
- Allied Irish Banks (Hold) M&T disposal process commences
- AMT (Accumulate) Intends to raise EUR 15m in private placement
- Ascencio (Accumulate) Dividend maintained & proceed with the capital increase
- Banca Ifis (Hold) Overcoming banks’ credit rationing with Rendimax
- Bonduelle (Buy) 2011 underlying income to drop; rebound in 2012
- Cofinimmo (Hold) Small purchase in rest homes and somewhat less smaller divestment in offices
- Douglas Holding (Buy) FY09/10 sales data due on Thursday
- Elringklinger  (Buy) 10% capital increase
- Gerresheimer AG (Buy) Q3’10 results review
- Glanbia (Accumulate) New Zealand milk auction prices decline 1.3%
- IMS (Buy) Market recovery confirmed, profile shored up by merger
- Interpump (Accumulate) Feedback from STAR Conference in London
- Latour (Buy) Swegon acquires Blue Box
- Nutreco (Hold) New mid-term targets and FY10 guidance confirmed
- ORC Software  (Buy) Look beyond temporary slowdown
- Pfeiffer Vacuum (Hold) No big news from capital markets day – D/g to ‘Hold’
- Tieto (Reduce) Meeting with management – we maintain our negative view
- Tradedoubler (Accumulate) Back to basics