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** EUROPEAN MARKETS **
S&P future 0,14%; Bund future -0,02%; Crude future 0,41%; €/$ 0,1%; Gold -0,24%

** US AFTER HOURS **
- Qualcomm Q1 earnings surpassed analyst estimates by a penny, but management guided lower. Stock -2% after hours

- Juniper Networks matched the headline earnings expectations but guided lower for Q1 EPS and revenues. Stock lost 7.7%.

- Verisign to replace Reebok in S&P 500

- GM +3.5% as Kerkorian buys back 12 million shares

** IN PLAY TODAY **

- Semiconductors may gain after record profits from Taiwan Semiconductor Manufacturing.

- Siemens orders & sales coming in above consensus, however headline EPS seems to disappoint.

- Accor surpassed sales estimates, confirms goals for 2005.

- Repsol writes down oil & gas reserves by about 25%, shares looks to open -10%

- Pinault Printemps reports Q4 sales as expected.

- P&O agrees to $6.3bn purchase by Singapore’s PSA.

** UPS & DOWNS **

- THYSSENKRUPP: JPM RATED NEW COVERAGE WITH NEUTRAL. TARGET EUR19.20
- PORSCHE: CS REITERATES WITH OUTPERFORM

- TATE & LYLE: CITIGROUP UPS TARGET TO GBP5.90 FROM GBP5.75, HOLD
- BOC: CITIGROUP UPS TARGET TO GBP13.80 FROM GBP12, HOLD
- BBVA: CITIGROUP LIFTS TARGET TO EUR 17.50 FROM EUR 17, BUY
- HEINEKEN: ING RAISES TARGET TO EUR 32.0 FROM EUR 29.9, BUY
- GAS NATURAL: ING UPS TARGET TO EUR 25.0 FROM EUR 24.3, HOLD
- CENTRICA: ING LIFTS TARGET TO GBP3.00 FROM GBP2.65, BUY
- BBVA: LEHMAN BROTHERS UPS TARGET TO EUR 17.50 FROM EUR 16.40, O/W
- SUEZ: UBS UPS TARGET TO EUR35 (EUR30)
- BBVA: CITI UPS TARGET TO EUR17,50 (EUR17)

Source: Europe: Thursday Morning Notes