MILAN (Reuters) – Germany’s Siemens Energy shares turned sharply lower on Tuesday to fall as much as 11%, with traders citing profit taking as the company held its capital markets day (CMD).
One Frankfurt-based trader said the CMD was bringing “no new insights”, which sparked profit taking.
The shares have risen 80% from October’s record low after the group said it was in talks with the German government about state guarantees following big setbacks at its wind unit, Siemens Gamesa.
On Tuesday, Siemens Energy said Siemens Gamesa plans to cut costs by around 400 million euros ($436.28 million). By 1445 GMT, the stock was down 7%, a touch off the day’s lows.
($1 = 0.9168 euros)
(Reporting by Danilo Masoni; Editing by Amanda Cooper)
