European Stocks Decline From Six-Year High Amid Earnings
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European stocks fell from their highest level in more than six years as companies from Telefonica SA to Petroleum Geo-Services ASA posted earnings that missed analysts’ estimates.
Telefonica dropped 2.6 percent after saying first-quarter operating income slid 14 percent. PGS fell the most in almost three months after also reporting lower profit margin. Petrofac Ltd. tumbled the most since November after predicting net income will decrease in 2014. Vestas Wind Systems A/S rose 7.6 percent after posting an unexpected profit in the first quarter.