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26 October 2012
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UK Corporate Announcements African Barrick reports Q3 results sales of $265m down from $354m and net income of $29m and sees full year production under the lower end of the expected range Elementis states that it sees many opportunities to grow its specialty products business and confirms its full year targets as operating profit is comfortably ahead Berendsen states that trading in the period has been in line with the expectations |
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UK Market News The FT suggests that Bertelsmann and Pearson are in talks to combine their Penguin and Random House publishing divisions Anglo American announces that its CEO is to step down and will remain in place until a successor is found The OFT announces that it recommends that the Competition Commission release Yell from its Yellow Pages undertakings as they may no longer be appropriate UK business press again highlights market talk of possible M&A activity at Man Group The UK sells up to £2.5bn in Bills at 11:10 |
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UK Analyst Upgrades Drax Group Raised To Buy Vs Neutral At Bofaml Shire Pharmaceutical Added To Ubs’S Uk 1St Xi, Replaces Wpp |
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UK Analyst Cuts ITV Cut To Equalweight Vs Overweight At Morgan Stanley Reckitt Cut To Equalweight Vs Overweight At Morgan Stanley Asos Cut To Hold From Buy At Societe Generale |
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UK Insider Buying Cls Holdings Plc, (CLI), 1 insider(s) bought 2,227 shares, £7.16 Debenhams Plc, (DEB), 2 insider(s) bought 108,650 shares, £0.01 Hydrodec Group Plc, (HYR), 1 insider(s) bought 2,210,326 shares, £0.09 Segro Plc, (SGRO), 1 insider(s) bought 4,200 shares, £2.37 |
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UK Insider Selling Ashtead Group Plc, (AHT), 1 insider(s) sold 372,731 shares, £3.5 Amlin Plc, (AML), insider(s) sold 4,850 shares, £3.79 |
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Major European Companies Reporting Statoil, Holmen, Belgacom, Banco Popular Espanol, CaixaBank |
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European Market Summary An IMF reports suggested yesterday that Greek debt will be above the target of 120% of GDP in 2020, and that the country needs yet more reforms before additional emergency credit can be given The FT suggests that KKR is seen searching through Spanish housing to find interesting investment opportunities as numerous assets are still being sold locally at distressed levels St Gobain states that it expects that the falls in H2 operating profit to be more than previously expected Italy sells up to €3bn in bonds at 11:00 |
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Major US Stock Movers After Hours Carrizo Oil gained 5% as S&P details that it is to replace Overseas Shipholding in its SmallCap 600 Index, while Dow Jones details that Kirby is to replace Overseas Shipholding in its DJ Transportation Average Pandora fell 12% intraday yesterday after Apple announced that it was looking to launch its own online streaming radio service in 2013 Expedia gained over 13% in after hours trading as it announces Q3 numbers well ahead of the expectations and lifts its outlook Deckers Outdoors came off over 20% as it cited lower sales in its main UGG sheepskin boots brand Apple announces that it sees Q1 sales and EPS under the current estimates, as it announces Q4 numbers that also miss the forecasts, the stock sagged 2% after hours on the news and also caused weakness amongst its numerous suppliers and looks to have set the tone for Asian markets overnight Amazon came off 1% in late trading as it too announced disappointing results that just missed the consensus estimates |
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US Market News So far 244 S&P companies have reported, with 36.3% beating the estimates, against the historical average of 62% Bloomberg details how amongst a group of 202 entrepreneurs with at least $10m to invest the SPDR S&P 500 ETF was the second top pick, behind Apple and ahead of Berkshire Hathaway as investors feel less confident in stock picking and just look to track the market Sources suggest that moves by Hertz on Dollar Thrifty Automotive has found some resistance at the US FTC The NY Times suggests that Iran has now almost completed an underground nuclear enrichment facility The NFL continues its international push as the New England Patriots and St Louis Rams play their regular NFL game at Wembley Stadium on Sunday, and a week after confirming that next year Wembley will host two regular NFL games Current forecasts suggest that Hurricane Sandy could grow to be the worst to hit the Northeast of the US for some 100 years Legg Mason, Comcast, Aon, Moody’s Interpublic and Goodyear are amongst the S&P 500 companies reporting today |
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Overnight Market News South Korea announces its Q3 GDP gained 0.2% from Q2 Samsung the largest maker of mobile phones and televisions announced record quarterly profits overnight, and ahead of the forecasts, on net income of 6.56tn won, around $6bn, citing strength from its Galaxy tablets Macquarie Group announces H1 profit gained 18% from last year citing increases in fixed income earnings Japan has announced 750bn yen of additional stimulus (around $10bn) as concerns increase that political arguments continue to disrupt sales of government debt Sharp gained around 10% yesterday following the recent heavy share price falls after reports that it is seeking capital alliances with US technology firms |
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FX Summary The incoming chief of the Bank of New Zealand states that he does want a weaker kiwi but without having to resort to ‘unorthodox policy’ that could impact efforts to contain inflation |
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Commodity Summary Gasoline had fallen every day for the past 11 days, but gained a touch yesterday on fears that Hurricane Sandy could impact on East Coast refineries |
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Economic Data Due 13:30 US Q3 annualised GDP, 1.8% expected, 1.3% previous 14:55 US University of Michigan Confidence, 83.0 exp. 83.1 previous |
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