ZURICH, July 16 (Reuters) - Swiss stocks are set to open slightly higher on Wednesday, recouping only some of Tuesday's hefty losses in line with other European bourses.
Market focus will be on inspection firm SGS and luxury goods group Richemont, which both reported forecast beating results.
The Swiss blue-chip index SMI.SSMI was indicated to open 27 points higher at 6,589 points, data provided by bank Clariden Leu showed.
The following are some of the main factors expected to affect Swiss stocks on Wednesday:
SGS
SGS, the world's largest inspection, testing and certification firm, far surpassed market forecasts with a 61.5 percent rise in first-half net profits, thanks to the resolution of a 2001 receivable issue with the Philippines government.
For related news, click on [SGSN.VX-RTRS-LEN]
RICHEMONT
Richemont said sales in the first three months (April-June) of its financial year rose 13 percent to 1.43 billion euros, beating analysts' forecasts.
For related news, click on [CFR.VX-LEN-RTRS]
ABB
Swiss engineering group ABB said it will acquire U.S. transformer company Kuhlman Electric Corporation from private equity firm Carlyle Group [CYL.UL] for an undisclosed sum.
For related news, click on [ABBN.VX-RTRS-LEN]
CREDIT SUISSE
Erin Callan, demoted as Lehman Brothers Holdings Corp's chief financial officer last month, was hired by Credit Suisse to head its hedge fund business, the Swiss financial services firm said late on Tuesday.
For related news, click on [CSGN.VX-RTRS-LEN]
UBS
Swiss bank UBS said late on Tuesday it may buy back some or all of its $3.5 billion in auction preferred stock, which was once touted as the next best thing to cash until their value plummeted under the weight of the credit crisis.
For related news, click on [UBSN.VX-RTRS-LEN]
COMPANY STATEMENTS [CNR-CH]
* Oerlikon said Joerg Eichkorn, Chief Financial Officer and member of the Oerlikon Executive Board, will leave the company to pursue other opportunities [OERL.VX-LEN]
EQUITY RESEARCH [CH-RCH]
* Deutsche Bank lowers Credit Suisse price target to 62 francs from 68 francs, traders said. [LEN-CSGN.VX]
* Deutsche Bank lowers Julius Baer price target to 60 francs from 70 francs, traders said. [LEN-BAER.VX]
* ING cuts ABB price target to 33 francs from 36 francs. [ABBN.VX-LEN]
FOR COMPANIES TRADING EX-DIVIDEND, PLEASE CLICK ON:
.EX.S for all Swiss stocks
.EXSMI.S for blue chips
.EXNSMI.S for other stocks