EUROPE MARKETS: Allianz Slides; Philips Rises: Europe's Big Stock Moves

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- Here are some of the companies whose shares are making notable moves in Friday's European trading session.

Decliners

Allianz SE slumped 6.2% and shaved off around 3.9 billion euros ($5 billion) from its market cap after news that "bond king" Bill Gross is leaving Pimco to join Janus Capital. Allianz bought Pimco in 2000. Read: It's a tale of two firms: Allianz slides as Gross exits, Janus jumps

Sports Direct International PLC dropped 2.7%, extending Thursday's loss of 3.4%. The retailer, under owner Mike Ashley's direction, made a 43 million pound ($70.1 million) bet via a put-option that shares of embattled Tesco will rise, it said. Tesco shares have slumped 17% this week on the back of an accounting error.

Gainers

U.K. banks advanced and helped lift the FTSE 100 index into positive territory after sources said British regulators were closing in on settling a long-running investigation into foreign-exchange manipulation. Shares of HSBC Holdings PLC (HSBC) climbed 0.6% and Lloyds Banking Group PLC (LYG) added 0.6%.

Shares of British Land Company PLC gained 2.1% after Société Générale lifted the real-estate firm to buy from hold.

Royal Philips NV put on 1.6% after Morgan Stanley upgraded the Dutch conglomerate to overweight from equal weight.

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