Reuters: Global Markets: Daimler shares seen down after profit warning

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Daimler shares seen down after profit warning Oct 25th 2012, 06:40 FRANKFURT | Thu Oct 25, 2012 2:40am EDT FRANKFURT (Reuters) - Shares in Daimler (DAIGn.DE) are expected to fall on Thursday after the maker of Mercedes-Benz cars warned it would miss its earnings forecast this year, blaming "significantly more difficult market conditions". According to pre-market data from brokerage Lang & Schwarz at 0626 GMT, the shares were indicated to fall 1.1 percent to the bottom of Germany's blue-chip DAX index .GDAXI at the start of trading. Daimler said late on Wednesday it expects 8 billion euros ($10.4 billion) in earnings before interest and taxes (EBIT) from its ongoing business in 2012, rather than the original outlook for flat profits of about 9 billion. To combat the slump in western Europe's car market, Daimler said it would cut 2 billion euros in costs by the end of 2014 to support sagging returns at its core Mercedes-Benz Cars division. "We remain highly critical of Mercedes' growth strategy, which in our view has resulted in substantial price pressure and mistakes," Deutsche Bank analysts said.

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