European Phone Stocks Rally This Week on Bid Speculation; Glaxo Plunges

(Bloomberg) -- European telecommunications stocks
had their biggest weekly gain since January, lifted by takeover
speculation and better-than-expected earnings. France Telecom SA,
Deutsche Telekom AG and Cable & Wireless Plc climbed.

Shares of health-care companies dragged benchmark indexes
lower, led by GlaxoSmithKline Plc after the drugmaker's top-
selling diabetes treatment was found to raise a patient's
chances of a heart attack.


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