At 3.45 pm, the DAX 30 index was flat, adding 1.55 points, or 0.02 pct at 6,688.85 after moving between 6,659.95 and 6,701.60.
The MDAX climbed marginally, up 3.81 points or 0.04 pct to 9,495.34, while the TecDAX lost 2.18 points or 0.28 pct to 768.92.
The DAX futures contract was up, gaining 12.50 points or 0.19 pct at 6,732.00, while bund futures lost a little, down 0.22, or 0.19 pct at 115.28.
The euro last traded at 1.2921 usd, against 1.2905 before.
SAP was sharply lower, losing 3.43 eur or 8.14 pct to 38.83, after the software company released sales figures for the fourth quarter which came well below its own and consensus forecasts, dealers said.
The business software maker warned late Thursday it would not meet its 2006 software license sales goals because of a slowdown in the key US and Asia markets in the fourth quarter, sending its US-traded shares down as much as 10 pct.
Goldman Sachs reacted, taking SAP off its Conviction Buy list.
Merrill Lynch on the other hand reiterated its 'buy' rating, stating the 10 pct share price drop in the US yesterday was an overreaction.
TUI was down 0.23 eur or 1.45 pct to 15.62, as it rejected rumours on Thursday that VW's brand manager Wolfgang Bernhard could move to the tourism giant.
In addition, it announced that its airlines HPX and Hapagfly will officially present themselves as Tuifly as of next Monday.
Metro gained a little after a flat morning, adding 0.52 eur or 1.15 pct to 51.00 after UBS raised its target price to 60 eur from 57 earlier.
RWE and E.ON also hovered around yesterday's close after German Economy Minister Michael Glos told the Financial Times in an interview that the government is open to 'any option' on liberalising energy, including the unbundling of producers from their distribution networks.
RWE dropped 0.31 eur or 0.38 pct to 81.69, while E.ON gained slowly after morning losses, adding 0.25 eur or 0.25 pct to 100.00.
Bayer outperformed the DAX throughout the day with an increase of 1.23 eur, or 2.93 pct to 43.20, after reports suggested that an end to the ongoing dispute between it and Novartis AG regarding multiple sclerosis drug Betaseron could be in sight.
A Frankfurt-based trader said he was 'surprised over the dynamic of the shares', since an agreement was largely expected.
He added that a settlement was inevitable, because it is so important to Bayer.
The details of the agreement will be of greater interest, he said.
Adidas recouped some of its recent losses, increasing 0.51 eur or 1.38 pct to 37.57.
Schwarz Pharma was leading its index higher, gaining 2.70 eur or 2.62 pct to 105.70, after it started talks with Belgian pharmaceuticals group UCB SA to complete the companies' integration.
The agreement will enable the companies to operate as one entity following UCB's takeover bid for Schwarz Pharma.
IVG Immobilien was a clear loser, declining 1.27 eur or 3.56 pct to 34.45, after HSH Nordbank said it will cut its stake to 2.5 pct from 5.1 pct.
On the TecDax, Conergy lost sharply, declining 4.23 eur or 8.67 pct to 44.47 after issuing a profit warning today and receiving a downgrade by WestLB to 'hold' from 'buy' with a reiterated target price of 51 eur.
On Wednesday, AT&S said it was forced to cut its forecast for 2006-07 profit and revenue, blaming under-utilisation of its plants in December and January. EPS guidance was reduced to 1.25 eur from 1.75 eur. newsdesk@afxnews.com pk/har COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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